Scotiabank Cuts Akamai Technologies (NASDAQ:AKAM) Price Target to $105.00

Akamai Technologies (NASDAQ:AKAM) had its target price trimmed by Scotiabank from $107.00 to $105.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the technology infrastructure company’s stock.

Several other equities analysts have also weighed in on AKAM. Piper Sandler restated a “neutral” rating and issued a $88.00 price objective (up from $80.00) on shares of Akamai Technologies in a report on Friday. Citigroup cut their price target on Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, February 24th. Morgan Stanley reduced their price target on Akamai Technologies from $102.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada decreased their price objective on Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating for the company in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. cut their target price on Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating on the stock in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies presently has an average rating of “Moderate Buy” and an average price target of $103.26.

Akamai Technologies Trading Down 10.5%

AKAM stock opened at $76.51 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49. Akamai Technologies has a twelve month low of $67.51 and a twelve month high of $106.80. The company has a market cap of $11.18 billion, a P/E ratio of 23.47, a PEG ratio of 2.74 and a beta of 0.82. The business has a fifty day moving average of $78.85 and a 200-day moving average of $89.26.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.12. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.64 EPS. As a group, equities research analysts expect that Akamai Technologies will post 4.6 EPS for the current year.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Mani Sundaram sold 10,683 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $86.52, for a total transaction of $924,293.16. Following the completion of the transaction, the executive vice president now owns 23,988 shares of the company’s stock, valued at $2,075,441.76. This represents a 30.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Adam Karon sold 3,927 shares of Akamai Technologies stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $85.02, for a total transaction of $333,873.54. Following the completion of the sale, the chief operating officer now owns 10,809 shares in the company, valued at $918,981.18. This trade represents a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,321 shares of company stock worth $2,986,916. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC acquired a new position in Akamai Technologies during the first quarter valued at approximately $1,249,000. Charles Schwab Investment Management Inc. raised its stake in shares of Akamai Technologies by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 940,681 shares of the technology infrastructure company’s stock worth $75,725,000 after purchasing an additional 18,437 shares in the last quarter. ASR Vermogensbeheer N.V. bought a new stake in shares of Akamai Technologies during the 1st quarter worth approximately $1,848,000. Vanguard Group Inc. boosted its holdings in shares of Akamai Technologies by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 18,673,358 shares of the technology infrastructure company’s stock valued at $1,503,205,000 after buying an additional 425,461 shares during the last quarter. Finally, Maxi Investments CY Ltd boosted its holdings in shares of Akamai Technologies by 12.8% in the 1st quarter. Maxi Investments CY Ltd now owns 23,431 shares of the technology infrastructure company’s stock valued at $1,886,000 after buying an additional 2,661 shares during the last quarter. 94.28% of the stock is currently 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.