Royal Bank of Canada Cuts Akamai Technologies (NASDAQ:AKAM) Price Target to $90.00

Akamai Technologies (NASDAQ:AKAM) had its price target reduced by Royal Bank of Canada from $100.00 to $90.00 in a research report sent to investors on Friday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the technology infrastructure company’s stock.

Several other brokerages have also recently issued reports on AKAM. HSBC raised Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a report on Monday, November 11th. Raymond James cut their price target on Akamai Technologies from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Friday. Oppenheimer raised Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price target for the company in a report on Monday, December 2nd. Hsbc Global Res raised Akamai Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Bank of America cut Akamai Technologies from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $100.00 in a report on Friday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $107.90.

Akamai Technologies Trading Down 21.7 %

Shares of AKAM stock opened at $76.73 on Friday. The business’s 50 day moving average is $96.15 and its two-hundred day moving average is $97.94. Akamai Technologies has a twelve month low of $76.50 and a twelve month high of $113.36. The company has a market capitalization of $11.53 billion, a P/E ratio of 23.54, a price-to-earnings-growth ratio of 3.50 and a beta of 0.65. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share 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 company 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 4.6 EPS for the current year.

Insider Buying and Selling at Akamai Technologies

In other news, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total value of $93,380.00. Following the completion of the sale, the director now owns 15,719 shares of the company’s stock, valued at $1,467,840.22. This represents a 5.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction dated 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 directly owns 23,104 shares of the company’s stock, valued at $2,115,633.28. The trade was a 14.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,782 shares of company stock valued at $1,523,951. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp boosted its holdings in Akamai Technologies by 3.5% in 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 last quarter. Forum Financial Management LP purchased a new position in Akamai Technologies in the fourth quarter valued at about $252,000. Woodline Partners LP purchased a new position in Akamai Technologies in the fourth quarter valued at about $458,000. Two Sigma Advisers LP boosted its holdings in Akamai Technologies by 23.5% in the fourth quarter. Two Sigma Advisers LP now owns 78,900 shares of the technology infrastructure company’s stock valued at $7,547,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Texas Bank & Trust Co acquired a new stake in Akamai Technologies during the fourth quarter valued at approximately $316,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

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.