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

Akamai Technologies (NASDAQ:AKAM) had its price target decreased by equities research analysts at Scotiabank from $115.00 to $112.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the technology infrastructure company’s stock. Scotiabank’s price objective would suggest a potential upside of 7.28% from the stock’s current price.

AKAM has been the topic of several other reports. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a research note on Thursday, August 15th. Tigress Financial reissued a “strong-buy” rating and set a $140.00 price target on shares of Akamai Technologies in a research note on Thursday, August 29th. DA Davidson reissued a “buy” rating and set a $115.00 price target on shares of Akamai Technologies in a research note on Friday, August 9th. Piper Sandler decreased their price target on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research note on Friday, August 9th. 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.com, Akamai Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $116.29.

Akamai Technologies Trading Down 0.3 %

Shares of AKAM opened at $104.40 on Friday. The firm’s 50 day simple moving average is $101.12 and its 200 day simple moving average is $97.31. The company has a market capitalization of $15.82 billion, a P/E ratio of 25.84, a P/E/G ratio of 3.21 and a beta of 0.68. 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 has a 1-year low of $87.59 and a 1-year high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.05. The business had revenue of $979.60 million for the quarter, compared to the consensus estimate of $977.67 million. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. Akamai Technologies’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $1.01 earnings per share. Sell-side analysts forecast that Akamai Technologies will post 4.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Akamai Technologies

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies 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 transaction, the chief technology officer now owns 22,010 shares of the company’s stock, valued at $2,216,186.90. 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 valued at $741,655. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Akamai Technologies

Hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in Akamai Technologies by 85.7% in 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 last quarter. Versant Capital Management Inc raised its holdings in Akamai Technologies by 170.8% in the 2nd quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock worth $28,000 after acquiring an additional 193 shares during the last quarter. Innealta Capital LLC purchased a new position in Akamai Technologies in the 2nd quarter worth approximately $28,000. EntryPoint Capital LLC purchased a new position in Akamai Technologies in the 1st quarter worth approximately $31,000. Finally, Family Firm Inc. purchased a new position in Akamai Technologies in the 2nd quarter worth approximately $35,000. 94.28% of the stock is currently owned by hedge funds and other 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.