Akamai Technologies (NASDAQ:AKAM) Cut to Neutral at Bank of America

Bank of America downgraded shares of Akamai Technologies (NASDAQ:AKAM) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, Marketbeat reports. The brokerage currently has $100.00 target price on the technology infrastructure company’s stock, down from their previous target price of $125.00.

AKAM has been the subject of several other research reports. Citigroup lowered their price objective on shares of Akamai Technologies from $104.00 to $102.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Robert W. Baird lowered their price objective on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. 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. Evercore ISI reiterated an “outperform” rating and set a $110.00 target price on shares of Akamai Technologies in a research note on Tuesday, December 17th. Finally, Piper Sandler cut Akamai Technologies from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $112.00 to $100.00 in a research note on Friday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Akamai Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $107.90.

Akamai Technologies Stock Down 21.7 %

AKAM opened at $76.73 on Friday. The firm has a 50 day moving average price of $96.15 and a 200 day moving average price of $97.94. The company has a market cap of $11.53 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 3.50 and a beta of 0.65. Akamai Technologies has a 1 year low of $76.50 and a 1 year high of $113.36. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.33.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.52 by ($0.33). Akamai Technologies had a net margin of 12.65% and a return on equity of 14.47%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. Sell-side analysts expect that Akamai Technologies will post 4.6 earnings per share for the current year.

Insider Buying and Selling at Akamai Technologies

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the firm’s 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 sale, the executive vice president now directly owns 23,104 shares in the company, valued at approximately $2,115,633.28. This trade represents a 14.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Edward J. Mcgowan sold 10,782 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $98.71, for a total value of $1,064,291.22. Following the completion of the sale, the chief financial officer now owns 12,716 shares in the company, valued at $1,255,196.36. The trade was a 45.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,782 shares of company stock worth $1,523,951. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. First Trust Advisors LP increased its holdings in shares of Akamai Technologies by 15.6% during the fourth 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. Norges Bank acquired a new position in shares of Akamai Technologies during the fourth quarter valued at $477,454,000. Geode Capital Management LLC increased its holdings in shares of Akamai Technologies by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock valued at $423,066,000 after purchasing an additional 202,746 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Akamai Technologies by 3.5% during the fourth quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company’s stock valued at $232,198,000 after purchasing an additional 81,744 shares during the period. Finally, Earnest Partners LLC increased its holdings in shares of Akamai Technologies by 2.7% during the fourth quarter. Earnest Partners LLC now owns 2,215,735 shares of the technology infrastructure company’s stock valued at $211,935,000 after purchasing an additional 58,013 shares during the period. 94.28% of the stock is owned by institutional investors and hedge funds.

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.