Tigress Financial Reiterates “Strong-Buy” Rating for Akamai Technologies (NASDAQ:AKAM)

Tigress Financial reissued their strong-buy rating on shares of Akamai Technologies (NASDAQ:AKAM) in a report published on Thursday morning, Benzinga reports. Tigress Financial currently has a $140.00 target price on the technology infrastructure company’s stock.

AKAM has been the subject of several other reports. Piper Sandler reduced their price objective on Akamai Technologies from $114.00 to $112.00 and set an overweight rating for the company in a report on Monday, July 15th. Hsbc Global Res upgraded shares of Akamai Technologies from a moderate sell rating to a hold rating in a research note on Wednesday, July 24th. Needham & Company LLC restated a hold rating on shares of Akamai Technologies in a research report on Friday, August 9th. Craig Hallum raised shares of Akamai Technologies from a hold rating to a buy rating and lifted their target price for the stock from $110.00 to $125.00 in a research report on Friday, August 9th. Finally, Susquehanna decreased their target price on shares of Akamai Technologies from $150.00 to $135.00 and set a positive rating for the company in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies has a consensus rating of Moderate Buy and an average target price of $116.47.

Akamai Technologies Stock Performance

Shares of AKAM stock opened at $101.84 on Thursday. The company has a market capitalization of $15.51 billion, a price-to-earnings ratio of 25.33, a price-to-earnings-growth ratio of 3.27 and a beta of 0.67. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32. Akamai Technologies has a one year low of $87.59 and a one year high of $129.17. The company’s 50-day moving average is $95.95 and its 200 day moving average is $99.43.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results 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 for the quarter, compared to the consensus estimate of $977.67 million. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. Sell-side analysts expect that Akamai Technologies will post 4.41 EPS for the current fiscal year.

Akamai Technologies announced that its board has approved a share repurchase program on Thursday, May 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the technology infrastructure company to reacquire up to 13.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Akamai Technologies

In other news, CTO Robert Blumofe sold 3,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the sale, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director William Raymond Wagner sold 1,000 shares of the business’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 value of $100,730.00. Following the transaction, the director now directly owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the sale, the chief technology officer now directly owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The disclosure for this sale can be found here. Insiders have sold 6,500 shares of company stock valued at $617,475 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Akamai Technologies

Hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc lifted its stake 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 purchasing an additional 193 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Akamai Technologies in the second quarter worth about $28,000. EntryPoint Capital LLC bought a new position in Akamai Technologies during the first quarter valued at approximately $31,000. Family Firm Inc. purchased a new position in Akamai Technologies during the 2nd quarter valued at approximately $35,000. Finally, Covestor Ltd grew its holdings in Akamai Technologies by 224.6% during the 1st quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock valued at $48,000 after buying an additional 310 shares in the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

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.