Akamai Technologies (NASDAQ:AKAM) PT Raised to $115.00 at Scotiabank

Akamai Technologies (NASDAQ:AKAM) had its target price lifted by investment analysts at Scotiabank from $110.00 to $115.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the technology infrastructure company’s stock. Scotiabank’s price target suggests a potential upside of 13.29% from the stock’s current price.

A number of other brokerages have also recently issued reports on AKAM. Guggenheim raised Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price objective on the stock in a research note on Monday, July 29th. Susquehanna dropped their price target on Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company in a research note on Friday, May 10th. KeyCorp cut their target price on shares of Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Piper Sandler decreased their target price on Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Finally, StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Akamai Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $116.00.

Akamai Technologies Price Performance

Akamai Technologies stock traded up $9.94 during mid-day trading on Friday, hitting $101.51. 6,536,607 shares of the company traded hands, compared to its average volume of 1,703,274. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. Akamai Technologies has a one year low of $87.59 and a one year high of $129.17. The stock has a market cap of $15.46 billion, a price-to-earnings ratio of 25.25, a price-to-earnings-growth ratio of 4.57 and a beta of 0.67. The stock has a fifty day moving average price of $92.46 and a 200-day moving average price of $102.04.

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

Akamai Technologies announced that its board has initiated a stock repurchase plan on Thursday, May 9th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology infrastructure company to buy up to 13.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Akamai Technologies

In related news, EVP Anthony P. Williams sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total transaction of $467,900.00. Following the completion of the transaction, the executive vice president now directly owns 9,938 shares of the company’s stock, valued at $929,998.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Akamai Technologies news, CEO F Thomson Leighton purchased 22,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $92.68 per share, with a total value of $2,038,960.00. Following the purchase, the chief executive officer now owns 2,342,621 shares of the company’s stock, valued at $217,114,114.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Anthony P. Williams sold 5,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the completion of the sale, the executive vice president now owns 9,938 shares in the company, valued at approximately $929,998.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,000 shares of company stock valued at $826,460. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Akamai Technologies

A number of hedge funds have recently added to or reduced their stakes in AKAM. Lmcg Investments LLC boosted its holdings in shares of Akamai Technologies by 0.5% in the second quarter. Lmcg Investments LLC now owns 100,518 shares of the technology infrastructure company’s stock valued at $9,055,000 after purchasing an additional 460 shares during the period. Renaissance Technologies LLC grew its holdings in Akamai Technologies by 33.3% during the 2nd quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company’s stock worth $58,678,000 after acquiring an additional 162,700 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Akamai Technologies by 25.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock worth $156,088,000 after buying an additional 347,626 shares in the last quarter. Rock Point Advisors LLC bought a new stake in Akamai Technologies during the 2nd quarter valued at $3,199,000. Finally, Garrison Asset Management LLC raised its position in shares of Akamai Technologies by 0.6% in the 2nd quarter. Garrison Asset Management LLC now owns 21,264 shares of the technology infrastructure company’s stock worth $1,915,000 after acquiring an additional 120 shares in the last quarter. 94.28% of the stock is currently 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.