Akamai Technologies (NASDAQ:AKAM) Cut to “Neutral” at Piper Sandler

Piper Sandler lowered shares of Akamai Technologies (NASDAQ:AKAM) from an overweight rating to a neutral rating in a research report released on Friday, Marketbeat Ratings reports. The firm currently has $100.00 price target on the technology infrastructure company’s stock, down from their previous price target of $112.00.

A number of other analysts have also recently issued reports on AKAM. Robert W. Baird reduced 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 note 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 note on Monday, December 2nd. Evercore ISI reissued an “outperform” rating and issued a $110.00 price objective on shares of Akamai Technologies in a research note on Tuesday, December 17th. Scotiabank reduced their price objective on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. Finally, HSBC raised shares of Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Akamai Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $107.90.

Akamai Technologies Stock Down 21.7 %

Shares of Akamai Technologies stock opened at $76.73 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. Akamai Technologies has a twelve month low of $76.50 and a twelve month high of $113.36. The company has a market cap of $11.53 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 3.50 and a beta of 0.65. The company’s 50 day moving average is $96.15 and its 200 day moving average is $97.94.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly 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 return on equity of 14.47% and a net margin of 12.65%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. Research analysts anticipate that Akamai Technologies will post 4.6 EPS for the current year.

Insiders Place Their Bets

In other Akamai Technologies news, CFO Edward J. Mcgowan sold 10,782 shares of Akamai Technologies 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 transaction, the chief financial officer now directly owns 12,716 shares of the company’s stock, valued at $1,255,196.36. This trade represents a 45.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total transaction of $366,280.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,782 shares of company stock valued at $1,523,951 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in AKAM. Mackenzie Financial Corp lifted its holdings in shares of Akamai Technologies by 3.5% in the 4th quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company’s stock worth $232,198,000 after acquiring an additional 81,744 shares during the last quarter. Forum Financial Management LP bought a new stake in shares of Akamai Technologies in the 4th quarter worth about $252,000. Woodline Partners LP bought a new stake in shares of Akamai Technologies in the 4th quarter worth about $458,000. Two Sigma Advisers LP lifted its holdings in shares of Akamai Technologies by 23.5% in the 4th quarter. Two Sigma Advisers LP now owns 78,900 shares of the technology infrastructure company’s stock worth $7,547,000 after acquiring an additional 15,000 shares during the last quarter. Finally, Texas Bank & Trust Co bought a new stake in shares of Akamai Technologies in the 4th quarter worth about $316,000. 94.28% of the stock is 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.