Akamai Technologies (NASDAQ:AKAM) Price Target Lowered to $117.00 at Citigroup

Akamai Technologies (NASDAQ:AKAM) had its target price lowered by Citigroup from $140.00 to $117.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the technology infrastructure company’s stock.

Several other research firms have also weighed in on AKAM. JPMorgan Chase & Co. raised their price objective on shares of Akamai Technologies from $78.00 to $81.00 and gave the stock an underweight rating in a report on Wednesday, February 14th. Robert W. Baird raised shares of Akamai Technologies from a neutral rating to an outperform rating and raised their price objective for the stock from $128.00 to $135.00 in a report on Thursday, March 7th. Piper Sandler increased their price target on shares of Akamai Technologies from $130.00 to $136.00 and gave the company an overweight rating in a research note on Wednesday, February 14th. HSBC cut shares of Akamai Technologies from a hold rating to a reduce rating and decreased their price target for the company from $109.00 to $96.00 in a research note on Thursday, February 15th. Finally, KeyCorp increased their price target on shares of Akamai Technologies from $134.00 to $138.00 and gave the company an overweight rating in a research note on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies presently has an average rating of Moderate Buy and a consensus target price of $121.60.

Akamai Technologies Stock Performance

NASDAQ:AKAM opened at $101.79 on Thursday. Akamai Technologies has a 12-month low of $76.85 and a 12-month high of $129.17. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $15.42 billion, a PE ratio of 28.84, a price-to-earnings-growth ratio of 2.87 and a beta of 0.72. The firm has a 50-day moving average price of $107.12 and a 200 day moving average price of $112.30.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Tuesday, February 13th. The technology infrastructure company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.10. The company had revenue of $995.00 million during the quarter, compared to analyst estimates of $999.09 million. Akamai Technologies had a net margin of 14.37% and a return on equity of 14.90%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the business posted $1.01 earnings per share. Research analysts anticipate that Akamai Technologies will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Kim Salem-Jackson sold 2,600 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $123.30, for a total transaction of $320,580.00. Following the sale, the chief marketing officer now directly owns 27,663 shares in the company, valued at $3,410,847.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CMO Kim Salem-Jackson sold 2,600 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $123.30, for a total transaction of $320,580.00. Following the sale, the chief marketing officer now directly owns 27,663 shares in the company, valued at $3,410,847.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Adam Karon sold 14,349 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $109.78, for a total transaction of $1,575,233.22. Following the sale, the chief operating officer now owns 6,697 shares in the company, valued at $735,196.66. The disclosure for this sale can be found here. Insiders have sold a total of 33,353 shares of company stock worth $3,688,883 over the last ninety days. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. increased its position in shares of Akamai Technologies by 0.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,816 shares of the technology infrastructure company’s stock valued at $4,120,000 after acquiring an additional 97 shares during the last quarter. Manchester Capital Management LLC raised its holdings in Akamai Technologies by 6.4% during the fourth quarter. Manchester Capital Management LLC now owns 1,622 shares of the technology infrastructure company’s stock worth $192,000 after acquiring an additional 97 shares in the last quarter. ORG Partners LLC raised its holdings in Akamai Technologies by 16.7% during the fourth quarter. ORG Partners LLC now owns 700 shares of the technology infrastructure company’s stock worth $83,000 after acquiring an additional 100 shares in the last quarter. Private Trust Co. NA raised its holdings in Akamai Technologies by 17.9% during the fourth quarter. Private Trust Co. NA now owns 711 shares of the technology infrastructure company’s stock worth $84,000 after acquiring an additional 108 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Akamai Technologies by 0.7% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,625 shares of the technology infrastructure company’s stock worth $1,968,000 after acquiring an additional 108 shares in the last quarter. 94.28% of the stock is owned by institutional investors.

About Akamai Technologies

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.