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Akamai Technologies (NASDAQ:AKAM) Raised to Buy at Wall Street Zen

Akamai Technologies logo with Computer and Technology background

Akamai Technologies (NASDAQ:AKAM - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

Other research analysts have also issued research reports about the company. Morgan Stanley reduced their price target on Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. KeyCorp initiated coverage on Akamai Technologies in a research report on Friday, June 6th. They set an "underweight" rating and a $63.00 price target for the company. UBS Group boosted their price target on Akamai Technologies from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Piper Sandler reiterated a "neutral" rating and set a $88.00 price target (up previously from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. Finally, Scotiabank dropped their price objective 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. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Akamai Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $101.25.

View Our Latest Report on AKAM

Akamai Technologies Trading Down 2.6%

NASDAQ:AKAM opened at $77.38 on Friday. Akamai Technologies has a 12-month low of $67.51 and a 12-month high of $106.80. The firm has a market capitalization of $11.31 billion, a P/E ratio of 26.05, a P/E/G ratio of 2.51 and a beta of 0.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50 day simple moving average of $78.55 and a 200 day simple moving average of $83.80.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.12. Akamai Technologies had a return on equity of 14.09% and a net margin of 11.26%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm posted $1.64 EPS. The business's revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts predict that Akamai Technologies will post 4.6 EPS for the current year.

Insiders Place Their Bets

In other news, COO Adam Karon sold 3,927 shares of the business's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $85.02, for a total transaction of $333,873.54. Following the sale, the chief operating officer directly owned 10,809 shares of the company's stock, valued at $918,981.18. The trade was a 26.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total value of $1,004,273.81. Following the transaction, the executive vice president owned 43,575 shares in the company, valued at $3,326,079.75. This represents a 23.19% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Brighton Jones LLC grew its stake in Akamai Technologies by 101.4% in the fourth quarter. Brighton Jones LLC now owns 4,016 shares of the technology infrastructure company's stock valued at $384,000 after purchasing an additional 2,022 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Akamai Technologies by 443.2% in the fourth quarter. Jones Financial Companies Lllp now owns 804 shares of the technology infrastructure company's stock valued at $77,000 after purchasing an additional 656 shares in the last quarter. Atria Investments Inc grew its stake in Akamai Technologies by 5.6% in the fourth quarter. Atria Investments Inc now owns 5,497 shares of the technology infrastructure company's stock valued at $526,000 after purchasing an additional 293 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in Akamai Technologies by 19.2% in the fourth quarter. Avantax Advisory Services Inc. now owns 23,352 shares of the technology infrastructure company's stock valued at $2,234,000 after purchasing an additional 3,763 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Akamai Technologies in the fourth quarter valued at about $617,000. Hedge funds and other institutional investors own 94.28% of the company's stock.

Akamai Technologies Company Profile

(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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Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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