Scotiabank Has Lowered Expectations for Akamai Technologies (NASDAQ:AKAM) Stock Price

Akamai Technologies (NASDAQ:AKAM) had its price target reduced by investment analysts at Scotiabank from $115.00 to $112.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the technology infrastructure company’s stock. Scotiabank’s price objective would indicate a potential upside of 25.32% from the stock’s previous close.

Other analysts have also issued research reports about the stock. DA Davidson restated a “buy” rating and set a $115.00 price target on shares of Akamai Technologies in a research report on Friday, August 9th. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. HSBC upgraded shares of Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price target on the stock in a research report on Wednesday, July 24th. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a research report on Thursday, August 15th. Finally, Tigress Financial restated a “strong-buy” rating and set a $140.00 price target on shares of Akamai Technologies in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.29.

Akamai Technologies Stock Down 14.4 %

NASDAQ:AKAM opened at $89.37 on Friday. The firm has a market capitalization of $13.54 billion, a P/E ratio of 22.12, a PEG ratio of 3.36 and a beta of 0.68. Akamai Technologies has a 1-year low of $87.59 and a 1-year high of $129.17. The company’s fifty day moving average price is $100.87 and its 200-day moving average price is $97.19. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32.

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

Insider Transactions at Akamai Technologies

In other news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the transaction, the chief technology officer now directly owns 22,010 shares in the company, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the sale, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at $2,216,186.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total transaction of $100,730.00. Following the sale, the director now directly owns 16,719 shares in the company, valued at approximately $1,684,104.87. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,500 shares of company stock worth $741,655. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Akamai Technologies

Large investors have recently added to or reduced their stakes in the business. Moors & Cabot Inc. purchased a new stake in shares of Akamai Technologies in the 3rd quarter valued at approximately $345,000. First Horizon Advisors Inc. increased its position in shares of Akamai Technologies by 14.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 149,253 shares of the technology infrastructure company’s stock valued at $15,067,000 after purchasing an additional 18,422 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Akamai Technologies by 2.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 14,018 shares of the technology infrastructure company’s stock valued at $1,415,000 after purchasing an additional 354 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Akamai Technologies in the 3rd quarter valued at approximately $1,303,000. Finally, Banque Cantonale Vaudoise increased its position in shares of Akamai Technologies by 86.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company’s stock valued at $4,481,000 after purchasing an additional 20,633 shares during the last quarter. 94.28% of the stock is owned by hedge funds and other institutional investors.

Akamai Technologies Company Profile

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.