Royal Bank of Canada Cuts Akamai Technologies (NASDAQ:AKAM) Price Target to $92.00

Akamai Technologies (NASDAQ:AKAM) had its price target reduced by Royal Bank of Canada from $115.00 to $92.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a sector perform rating on the technology infrastructure company’s stock.

Several other analysts have also recently issued reports on AKAM. Piper Sandler dropped their target price on Akamai Technologies from $136.00 to $114.00 and set an overweight rating for the company in a report on Friday. HSBC lowered shares of Akamai Technologies from a hold rating to a reduce rating and dropped their price objective for the company from $109.00 to $96.00 in a report on Thursday, February 15th. KeyCorp lifted their target price on shares of Akamai Technologies from $134.00 to $138.00 and gave the stock an overweight rating in a research note on Friday, January 19th. JPMorgan Chase & Co. increased their price target on shares of Akamai Technologies from $78.00 to $81.00 and gave the company an underweight rating in a research note on Wednesday, February 14th. Finally, Morgan Stanley reduced their price target on shares of Akamai Technologies from $117.00 to $106.00 and set an equal weight rating on the stock in a research report on Friday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Akamai Technologies presently has a consensus rating of Moderate Buy and a consensus target price of $114.00.

Akamai Technologies Stock Performance

NASDAQ:AKAM opened at $91.19 on Friday. The company has a market cap of $13.82 billion, a P/E ratio of 22.68, a P/E/G ratio of 2.57 and a beta of 0.72. Akamai Technologies has a twelve month low of $84.19 and a twelve month high of $129.17. The company’s 50-day moving average price is $105.30 and its 200-day moving average price is $111.93. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.77.

Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.03. The business had revenue of $986.97 million for the quarter, compared to analyst estimates of $989.03 million. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.22%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the company posted $1.01 EPS. On average, sell-side analysts forecast that Akamai Technologies will post 4.79 earnings per share for the current fiscal year.

Insider Transactions at Akamai Technologies

In related news, COO Adam Karon sold 8,394 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $108.26, for a total transaction of $908,734.44. Following the sale, the chief operating officer now directly owns 21,046 shares of the company’s stock, valued at approximately $2,278,439.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Akamai Technologies news, COO Adam Karon sold 8,394 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $108.26, for a total value of $908,734.44. Following the completion of the transaction, the chief operating officer now owns 21,046 shares in the company, valued at $2,278,439.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Anthony P. Williams sold 4,500 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $108.73, for a total value of $489,285.00. Following the completion of the sale, the executive vice president now owns 14,938 shares in the company, valued at $1,624,208.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,753 shares of company stock valued at $3,368,303. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Akamai Technologies

A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Akamai Technologies during the 4th quarter worth approximately $325,242,000. Jericho Capital Asset Management L.P. purchased a new stake in shares of Akamai Technologies during the 3rd quarter worth $218,201,000. Los Angeles Capital Management LLC grew its stake in shares of Akamai Technologies by 123.8% during the third quarter. Los Angeles Capital Management LLC now owns 736,236 shares of the technology infrastructure company’s stock worth $78,439,000 after purchasing an additional 407,321 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Akamai Technologies by 40.7% in the third quarter. Hsbc Holdings PLC now owns 790,376 shares of the technology infrastructure company’s stock valued at $84,387,000 after buying an additional 228,529 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in Akamai Technologies by 22.0% in the third quarter. Canada Pension Plan Investment Board now owns 1,266,406 shares of the technology infrastructure company’s stock valued at $134,923,000 after buying an additional 228,200 shares in the last quarter. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Akamai Technologies Company Profile

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.