Akamai Technologies (NASDAQ:AKAM) Price Target Raised to $131.00 at TD Cowen

Akamai Technologies (NASDAQ:AKAM) had its price target boosted by TD Cowen from $129.00 to $131.00 in a report published on Friday morning, Benzinga reports. They currently have a buy rating on the technology infrastructure company’s stock.

Other equities analysts have also issued reports about the stock. Raymond James cut their price objective on shares of Akamai Technologies from $138.00 to $115.00 and set an outperform rating for the company in a research report on Friday, May 10th. Guggenheim upgraded shares of Akamai Technologies from a neutral rating to a buy rating and set a $128.00 target price on the stock in a research note on Monday, July 29th. Susquehanna reduced their price target on shares of Akamai Technologies from $150.00 to $135.00 and set a positive rating for the company in a research report on Friday, May 10th. Needham & Company LLC reiterated a hold rating on shares of Akamai Technologies in a research report on Friday. Finally, HSBC upgraded Akamai Technologies from a reduce rating to a hold rating and set a $96.00 target price for the company in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $116.00.

Akamai Technologies Stock Performance

AKAM traded up $9.94 on Friday, hitting $101.51. The company’s stock had a trading volume of 6,536,607 shares, compared to its average volume of 1,703,274. Akamai Technologies has a 12 month low of $87.59 and a 12 month high of $129.17. The firm has a market cap of $15.46 billion, a P/E ratio of 25.25, a price-to-earnings-growth ratio of 4.57 and a beta of 0.67. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. The company’s 50 day simple moving average is $92.46 and its 200-day simple moving average is $102.04.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.05. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. The firm had revenue of $979.60 million during the quarter, compared to analyst estimates of $977.67 million. During the same period last year, the company earned $1.01 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts forecast that Akamai Technologies will post 4.38 EPS for the current year.

Akamai Technologies announced that its board has authorized a share buyback program on Thursday, May 9th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the technology infrastructure company to buy up to 13.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $88.34, for a total value of $265,020.00. Following the completion of the sale, the chief technology officer now owns 24,729 shares in the company, valued at approximately $2,184,559.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the completion of the sale, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Anthony P. Williams sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total transaction of $467,900.00. Following the completion of the sale, the executive vice president now directly owns 9,938 shares in the company, valued at approximately $929,998.04. The disclosure for this sale can be found here. Insiders sold 9,000 shares of company stock worth $826,460 in the last quarter. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. EntryPoint Capital LLC purchased a new stake in shares of Akamai Technologies in the 1st quarter worth about $31,000. Versant Capital Management Inc raised its stake in Akamai Technologies by 170.8% in the second quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock worth $28,000 after buying an additional 193 shares in the last quarter. Innealta Capital LLC purchased a new stake in Akamai Technologies in the second quarter worth about $28,000. Turtle Creek Wealth Advisors LLC bought a new stake in Akamai Technologies during the 4th quarter valued at approximately $43,000. Finally, Family Firm Inc. purchased a new position in shares of Akamai Technologies during the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

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.