Akamai Technologies (NASDAQ:AKAM) Shares Gap Down Following Analyst Downgrade

Akamai Technologies, Inc. (NASDAQ:AKAM)’s share price gapped down before the market opened on Friday after Scotiabank lowered their price target on the stock from $115.00 to $112.00. The stock had previously closed at $104.40, but opened at $97.91. Scotiabank currently has a sector outperform rating on the stock. Akamai Technologies shares last traded at $94.20, with a volume of 529,470 shares.

Several other research firms have also recently weighed in on AKAM. HSBC upgraded Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective on the stock in a report on Wednesday, July 24th. Craig Hallum upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and upped their price target for the company from $110.00 to $125.00 in a report on Friday, August 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective on shares of Akamai Technologies in a research report on Thursday, August 15th. Hsbc Global Res raised shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, DA Davidson reiterated a “buy” rating and set a $115.00 target price on shares of Akamai Technologies in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $116.29.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the transaction, the chief technology officer now directly owns 22,010 shares in the company, valued at $2,216,186.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the sale, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the sale, the chief technology officer now owns 22,010 shares of the company’s stock, valued at $2,216,186.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,500 shares of company stock valued at $741,655. Insiders own 1.80% of the company’s stock.

Institutional Trading of Akamai Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its stake in shares of Akamai Technologies by 85.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock worth $25,000 after acquiring an additional 114 shares during the period. Versant Capital Management Inc lifted its holdings in Akamai Technologies by 170.8% during the 2nd quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock valued at $28,000 after purchasing an additional 193 shares during the last quarter. Innealta Capital LLC bought a new position in Akamai Technologies during the second quarter worth $28,000. EntryPoint Capital LLC acquired a new position in shares of Akamai Technologies in the first quarter valued at $31,000. Finally, Family Firm Inc. bought a new position in shares of Akamai Technologies in the second quarter valued at about $35,000. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Trading Down 14.4 %

The company has a market cap of $13.54 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 3.36 and a beta of 0.68. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average price is $100.87 and its 200-day moving average price is $97.19.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.05. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The firm had revenue of $979.60 million during the quarter, compared to the consensus estimate of $977.67 million. During the same period last year, the business posted $1.01 earnings per share. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts anticipate that Akamai Technologies, Inc. will post 4.42 EPS for the current fiscal year.

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.