Scotiabank Cuts Akamai Technologies (NASDAQ:AKAM) Price Target to $107.00

Akamai Technologies (NASDAQ:AKAM) had its target price reduced by Scotiabank from $115.00 to $107.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the technology infrastructure company’s stock. Scotiabank’s target price points to a potential upside of 29.98% from the stock’s current price.

A number of other equities research analysts also recently weighed in on AKAM. Piper Sandler downgraded shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and cut their price target for the company from $112.00 to $100.00 in a report on Friday. Susquehanna decreased their price objective on shares of Akamai Technologies from $110.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday. Citigroup dropped their price objective on Akamai Technologies from $104.00 to $102.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Oppenheimer raised shares of Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price objective for the company in a research report on Monday, December 2nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research report on Friday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $108.40.

Akamai Technologies Price Performance

Shares of NASDAQ:AKAM traded down $15.71 on Friday, reaching $82.32. 8,376,693 shares of the company were exchanged, compared to its average volume of 1,933,814. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average of $96.60 and a 200-day moving average of $97.96. Akamai Technologies has a 1-year low of $82.15 and a 1-year high of $113.36. The firm has a market cap of $12.37 billion, a price-to-earnings ratio of 24.38, a price-to-earnings-growth ratio of 3.58 and a beta of 0.65.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). Akamai Technologies had a net margin of 13.27% and a return on equity of 14.63%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Equities analysts forecast that Akamai Technologies will post 4.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Edward J. Mcgowan sold 10,782 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $98.71, for a total value of $1,064,291.22. Following the transaction, the chief financial officer now directly owns 12,716 shares of the company’s stock, valued at approximately $1,255,196.36. This trade represents a 45.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total value of $366,280.00. Following the completion of the sale, the executive vice president now owns 23,104 shares in the company, valued at approximately $2,115,633.28. The trade was a 14.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,782 shares of company stock worth $1,523,951. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Akamai Technologies

A number of institutional investors have recently modified their holdings of AKAM. Norges Bank acquired a new stake in Akamai Technologies during the fourth quarter worth about $477,454,000. First Trust Advisors LP lifted its stake in shares of Akamai Technologies by 15.6% in the 4th quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company’s stock valued at $489,383,000 after purchasing an additional 690,341 shares during the period. National Pension Service boosted its holdings in Akamai Technologies by 595.3% during the fourth quarter. National Pension Service now owns 318,912 shares of the technology infrastructure company’s stock worth $30,504,000 after buying an additional 273,043 shares in the last quarter. Hsbc Holdings PLC grew its position in Akamai Technologies by 43.4% during the fourth quarter. Hsbc Holdings PLC now owns 778,208 shares of the technology infrastructure company’s stock valued at $74,473,000 after buying an additional 235,394 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Akamai Technologies by 5.1% in the third quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock worth $423,066,000 after acquiring an additional 202,746 shares during the period. 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.