Akamai Technologies (NASDAQ:AKAM) had its price objective reduced by Deutsche Bank from $73.00 to $66.00 in a report released on Tuesday. They currently have a hold rating on the technology infrastructure company’s stock.
A number of other research firms have also commented on AKAM. Credit Suisse Group reissued a neutral rating and issued a $84.00 target price (down previously from $88.00) on shares of Akamai Technologies in a report on Monday, August 13th. SunTrust Banks raised Akamai Technologies from a hold rating to a buy rating and lifted their target price for the stock from $78.00 to $82.00 in a report on Tuesday. B. Riley lifted their target price on Akamai Technologies from $97.00 to $105.00 and gave the stock a buy rating in a report on Tuesday. TheStreet lowered Akamai Technologies from a b- rating to a c+ rating in a report on Friday, August 10th. Finally, ValuEngine lowered Akamai Technologies from a buy rating to a hold rating in a report on Monday, July 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $80.29.
Shares of NASDAQ:AKAM opened at $72.55 on Tuesday. The firm has a market cap of $10.50 billion, a price-to-earnings ratio of 38.18, a P/E/G ratio of 1.72 and a beta of 0.47. Akamai Technologies has a 12-month low of $51.79 and a 12-month high of $83.08. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.19 and a quick ratio of 2.19.
Akamai Technologies announced that its Board of Directors has approved a stock buyback program on Monday, October 29th that permits the company to repurchase $1.10 billion in shares. This repurchase authorization permits the technology infrastructure company to reacquire up to 10.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, SVP Aaron Ahola sold 1,123 shares of Akamai Technologies stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $73.63, for a total value of $82,686.49. Following the completion of the sale, the senior vice president now owns 4,035 shares of the company’s stock, valued at $297,097.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Blumofe sold 4,000 shares of Akamai Technologies stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $71.20, for a total value of $284,800.00. Following the completion of the sale, the executive vice president now directly owns 19,951 shares of the company’s stock, valued at approximately $1,420,511.20. The disclosure for this sale can be found here. Insiders sold 44,215 shares of company stock valued at $3,306,814 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Regentatlantic Capital LLC lifted its position in Akamai Technologies by 31.7% during the third quarter. Regentatlantic Capital LLC now owns 6,066 shares of the technology infrastructure company’s stock valued at $444,000 after purchasing an additional 1,461 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in Akamai Technologies by 291.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,762 shares of the technology infrastructure company’s stock valued at $128,000 after purchasing an additional 1,312 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in Akamai Technologies during the third quarter valued at $512,000. Assenagon Asset Management S.A. lifted its position in Akamai Technologies by 106.0% during the third quarter. Assenagon Asset Management S.A. now owns 340,537 shares of the technology infrastructure company’s stock valued at $24,910,000 after purchasing an additional 175,232 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in Akamai Technologies by 83.5% during the third quarter. Oppenheimer & Co. Inc. now owns 32,585 shares of the technology infrastructure company’s stock valued at $2,384,000 after purchasing an additional 14,827 shares in the last quarter. 85.82% of the stock is owned by institutional investors.
About Akamai Technologies
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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