Akamai Technologies (AKAM) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Akamai Technologies (NASDAQ:AKAM) from a buy rating to a hold rating in a research report sent to investors on Thursday, January 4th.

According to Zacks, “Akamai, a leading provider of content delivery network (CDN) is benefiting from growing adoption of cloud-based security solutions. Management is also optimistic about robust over-the top (OTT) content viewing. The acquisition of Nominum is anticipated to benefit the company’s flagship Enterprise Threat Protector solution. With increased adoption of mobile data/apps and growing mobile data traffic Akamai is well positioned for long-term growth.  Additionally, strong balance sheet and cash flow will help the company in future acquisitions and share repurchase. However, top-line growth continues to be negatively impacted by lower revenues from the large Internet Platform group companies. Moreover, we expect the newly launched products to take some more time to generate meaningful growth. Notably, the shares have underperformed the industry over the past one year.”

Other research analysts have also issued research reports about the company. Piper Jaffray Companies reissued a buy rating and set a $60.00 price target on shares of Akamai Technologies in a research note on Wednesday, October 25th. SunTrust Banks reissued a hold rating on shares of Akamai Technologies in a research note on Wednesday, October 25th. Deutsche Bank reissued a buy rating and set a $75.00 price target on shares of Akamai Technologies in a research note on Wednesday, January 3rd. Wells Fargo & Co reissued a market perform rating and set a $62.00 price target (up previously from $57.00) on shares of Akamai Technologies in a research note on Wednesday, October 25th. Finally, DA Davidson set a $57.00 price objective on Akamai Technologies and gave the stock a hold rating in a report on Thursday, October 12th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $63.20.

Akamai Technologies (NASDAQ AKAM) traded up $0.31 during mid-day trading on Thursday, reaching $65.52. The company had a trading volume of 1,083,300 shares, compared to its average volume of 2,044,078. Akamai Technologies has a 12-month low of $44.65 and a 12-month high of $71.34. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.20. The stock has a market cap of $11,080.00, a price-to-earnings ratio of 39.23, a P/E/G ratio of 2.65 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Tuesday, October 24th. The technology infrastructure company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. Akamai Technologies had a return on equity of 10.28% and a net margin of 11.84%. The company had revenue of $621.00 million for the quarter, compared to analyst estimates of $610.66 million. During the same quarter in the prior year, the company posted $0.68 EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. analysts anticipate that Akamai Technologies will post 1.89 EPS for the current year.

In other news, SVP Aaron Ahola sold 2,893 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $52.44, for a total transaction of $151,708.92. Following the completion of the sale, the senior vice president now directly owns 8,046 shares in the company, valued at $421,932.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rick M. Mcconnell sold 3,966 shares of the firm’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $54.19, for a total value of $214,917.54. Following the sale, the insider now owns 39,753 shares of the company’s stock, valued at $2,154,215.07. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,971 shares of company stock valued at $4,141,642. 3.20% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the company. Legal & General Group Plc grew its stake in shares of Akamai Technologies by 3.9% during the third quarter. Legal & General Group Plc now owns 844,744 shares of the technology infrastructure company’s stock valued at $41,155,000 after acquiring an additional 31,911 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Akamai Technologies by 23.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 809,014 shares of the technology infrastructure company’s stock worth $39,416,000 after purchasing an additional 151,399 shares during the last quarter. Swiss National Bank lifted its position in shares of Akamai Technologies by 2.8% during the second quarter. Swiss National Bank now owns 631,319 shares of the technology infrastructure company’s stock worth $31,446,000 after purchasing an additional 17,300 shares during the last quarter. Carret Asset Management LLC lifted its position in shares of Akamai Technologies by 17.3% during the third quarter. Carret Asset Management LLC now owns 14,550 shares of the technology infrastructure company’s stock worth $709,000 after purchasing an additional 2,150 shares during the last quarter. Finally, FIL Ltd lifted its position in shares of Akamai Technologies by 63.5% during the second quarter. FIL Ltd now owns 1,859,231 shares of the technology infrastructure company’s stock worth $92,609,000 after purchasing an additional 722,170 shares during the last quarter. Institutional investors own 86.36% of the company’s stock.

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Akamai Technologies Company Profile

Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.

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