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Raymond James Financial Has Lowered Expectations for Akamai Technologies (NASDAQ:AKAM) Stock Price

Akamai Technologies logo with Computer and Technology background

Key Points

  • Analysts at Raymond James Financial have cut their price target for Akamai Technologies from $110.00 to $84.00, suggesting a potential upside of 16.97% from its current trading price.
  • The company had a net margin of 11.26% and reported revenue of $1.04 billion for the last quarter, surpassing analysts' expectations of $1.02 billion.
  • Akamai Technologies has seen mixed ratings from various brokerages, with three analysts rating the stock as a sell, while eight have given it a buy rating.
  • Want stock alerts on Akamai Technologies? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Akamai Technologies (NASDAQ:AKAM - Free Report) had its price objective decreased by Raymond James Financial from $110.00 to $84.00 in a report issued on Friday morning,Benzinga reports. Raymond James Financial currently has an outperform rating on the technology infrastructure company's stock.

A number of other research analysts have also recently issued reports on the company. UBS Group raised their price objective on Akamai Technologies from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. KeyCorp started coverage on Akamai Technologies in a research note on Friday, June 6th. They set an "underweight" rating and a $63.00 price objective on the stock. Morgan Stanley cut Akamai Technologies from an "equal weight" rating to an "underweight" rating and set a $85.00 price objective on the stock. in a research note on Tuesday, August 5th. Piper Sandler cut their target price on Akamai Technologies from $88.00 to $83.00 and set a "neutral" rating on the stock in a research note on Friday. Finally, Scotiabank cut their target price on Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating on the stock in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $96.44.

Read Our Latest Analysis on Akamai Technologies

Akamai Technologies Trading Down 5.7%

Shares of NASDAQ:AKAM traded down $4.23 on Friday, reaching $70.53. 5,400,278 shares of the company traded hands, compared to its average volume of 1,866,010. The business's 50-day simple moving average is $78.12 and its 200 day simple moving average is $81.39. Akamai Technologies has a 52 week low of $67.51 and a 52 week high of $106.80. The stock has a market capitalization of $10.31 billion, a P/E ratio of 25.01, a price-to-earnings-growth ratio of 2.23 and a beta of 0.76. The company has a current ratio of 2.31, a quick ratio of 1.18 and a debt-to-equity ratio of 0.92.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology infrastructure company reported $1.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.55 by $0.18. Akamai Technologies had a return on equity of 14.26% and a net margin of 10.40%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.02 billion. During the same period last year, the firm earned $1.58 earnings per share. The company's revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts anticipate that Akamai Technologies will post 4.6 EPS for the current fiscal year.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $76.33, for a total transaction of $1,004,273.81. Following the sale, the executive vice president directly owned 43,575 shares of the company's stock, valued at approximately $3,326,079.75. The trade was a 23.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Paul C. Joseph sold 5,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $77.74, for a total value of $388,700.00. Following the sale, the executive vice president directly owned 32,349 shares in the company, valued at approximately $2,514,811.26. The trade was a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

Institutional Trading of Akamai Technologies

Several large investors have recently bought and sold shares of the company. Beverly Hills Private Wealth LLC lifted its holdings in shares of Akamai Technologies by 4.7% during the first quarter. Beverly Hills Private Wealth LLC now owns 2,828 shares of the technology infrastructure company's stock valued at $228,000 after purchasing an additional 126 shares during the last quarter. Opes Wealth Management LLC lifted its holdings in shares of Akamai Technologies by 2.7% during the first quarter. Opes Wealth Management LLC now owns 4,872 shares of the technology infrastructure company's stock valued at $392,000 after purchasing an additional 128 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Akamai Technologies by 50.8% during the second quarter. UMB Bank n.a. now owns 395 shares of the technology infrastructure company's stock valued at $32,000 after purchasing an additional 133 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Akamai Technologies by 0.5% during the first quarter. Amalgamated Bank now owns 29,080 shares of the technology infrastructure company's stock valued at $2,341,000 after purchasing an additional 139 shares during the last quarter. Finally, Horizon Investments LLC lifted its holdings in shares of Akamai Technologies by 7.2% during the first quarter. Horizon Investments LLC now owns 2,220 shares of the technology infrastructure company's stock valued at $179,000 after purchasing an additional 149 shares during the last quarter. 94.28% of the stock is owned by institutional investors.

About Akamai Technologies

(Get Free Report)

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.

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