Scotiabank Has Lowered Expectations for Akamai Technologies (NASDAQ:AKAM) Stock Price

Key Points

• Scotiabank has lowered its price target for Akamai Technologies (NASDAQ:AKAM) from $105.00 to $95.00, indicating a potential upside of 35.80% from the stock's current price.
• Akamai Technologies' stock price experienced a decline of 6.4% recently, trading at $69.96 per share.
• Multiple analysts have varied ratings on the stock, with a consensus rating of "Hold" and a target price of $97.42 according to MarketBeat.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) had its price target lowered by investment analysts at Scotiabank from $105.00 to $95.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the technology infrastructure company's stock. Scotiabank's price target would indicate a potential upside of 35.80% from the stock's current price.

Several other equities analysts have also issued reports on AKAM. UBS Group lifted their price target on shares of Akamai Technologies from $85.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Morgan Stanley lowered shares of Akamai Technologies from an "equal weight" rating to an "underweight" rating and set a $85.00 price objective on the stock. in a report on Tuesday. Raymond James Financial dropped their price objective on shares of Akamai Technologies from $110.00 to $84.00 and set an "outperform" rating on the stock in a report on Friday. Piper Sandler dropped their price objective on shares of Akamai Technologies from $88.00 to $83.00 and set a "neutral" rating on the stock in a report on Friday. Finally, Wall Street Zen lowered shares of Akamai Technologies from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Akamai Technologies presently has a consensus rating of "Hold" and a consensus target price of $97.42.

Akamai Technologies Stock Down 6.4%

NASDAQ AKAM traded down $4.80 on Friday, hitting $69.96. The stock had a trading volume of 3,722,233 shares, compared to its average volume of 2,406,920. The business's fifty day moving average price is $78.22 and its 200 day moving average price is $81.75. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 1.18. Akamai Technologies has a 52-week low of $67.51 and a 52-week high of $106.80. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of 23.55, a price-to-earnings-growth ratio of 2.36 and a beta of 0.76.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology infrastructure company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.18. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the previous year, the company earned $1.58 earnings per share. The business's revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts anticipate that Akamai Technologies will post 4.6 earnings per share for the current year.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, EVP Kim Salem-Jackson sold 13,157 shares of the company's stock in a transaction dated 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 completion of the transaction, the executive vice president owned 43,575 shares in the company, valued at approximately $3,326,079.75. This represents a 23.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Paul C. Joseph sold 5,000 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $77.74, for a total transaction of $388,700.00. Following the completion of the transaction, the executive vice president owned 32,349 shares of the company's stock, valued at approximately $2,514,811.26. This trade represents a 13.39% decrease in their position. The disclosure for this sale can be found here. Corporate 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 business. Alyeska Investment Group L.P. increased its holdings in shares of Akamai Technologies by 1,001.4% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,753,400 shares of the technology infrastructure company's stock worth $141,149,000 after buying an additional 1,594,206 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Akamai Technologies by 1,663.2% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,027,175 shares of the technology infrastructure company's stock worth $81,927,000 after purchasing an additional 968,919 shares during the period. Vontobel Holding Ltd. boosted its position in shares of Akamai Technologies by 147.0% during the 2nd quarter. Vontobel Holding Ltd. now owns 1,471,281 shares of the technology infrastructure company's stock worth $117,349,000 after purchasing an additional 875,712 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Akamai Technologies during the 2nd quarter worth approximately $56,821,000. Finally, First Trust Advisors LP boosted its position in shares of Akamai Technologies by 15.6% during the 4th quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company's stock worth $489,383,000 after purchasing an additional 690,341 shares during the period. Hedge funds and other institutional investors own 94.28% of the company's stock.

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.

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.