Akamai Technologies (NASDAQ:AKAM) Price Target Increased to $115.00 by Analysts at Scotiabank

Akamai Technologies (NASDAQ:AKAM) had its price target boosted by Scotiabank from $110.00 to $115.00 in a report issued on Friday, Benzinga reports. They currently have a sector outperform rating on the technology infrastructure company’s stock.

A number of other analysts also recently weighed in on AKAM. Royal Bank of Canada upped their price target on shares of Akamai Technologies from $92.00 to $100.00 and gave the stock a sector perform rating in a report on Friday. HSBC raised Akamai Technologies from a reduce rating to a hold rating and set a $96.00 target price on the stock in a report on Wednesday, July 24th. Piper Sandler lowered their price target on Akamai Technologies from $114.00 to $112.00 and set an overweight rating for the company in a report on Monday, July 15th. KeyCorp reduced their price objective on Akamai Technologies from $138.00 to $119.00 and set an overweight rating on the stock in a research note on Friday, May 10th. Finally, Raymond James lowered their target price on Akamai Technologies from $138.00 to $115.00 and set an outperform rating for the company in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $116.00.

Akamai Technologies Price Performance

NASDAQ:AKAM traded up $9.94 during trading hours on Friday, reaching $101.51. 6,536,607 shares of the company were exchanged, compared to its average volume of 1,703,274. The company has a market capitalization of $15.46 billion, a P/E ratio of 25.25, a P/E/G ratio of 4.57 and a beta of 0.67. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. The business has a 50 day moving average of $92.46 and a 200 day moving average of $102.04. Akamai Technologies has a 1-year low of $87.59 and a 1-year high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.05. The company had revenue of $979.60 million for the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. Akamai Technologies’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 EPS. Research analysts forecast that Akamai Technologies will post 4.38 EPS for the current year.

Akamai Technologies announced that its board has authorized a share buyback plan on Thursday, May 9th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the technology infrastructure company to repurchase up to 13.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $88.34, for a total value of $265,020.00. Following the completion of the sale, the chief technology officer now owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Anthony P. Williams sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now directly owns 9,938 shares of the company’s stock, valued at approximately $929,998.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total value of $265,020.00. Following the sale, the chief technology officer now owns 24,729 shares in the company, valued at approximately $2,184,559.86. The disclosure for this sale can be found here. Insiders sold a total of 9,000 shares of company stock valued at $826,460 in the last three months. Insiders own 1.80% of the company’s stock.

Institutional Trading of Akamai Technologies

Hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in Akamai Technologies by 170.8% in the second quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock worth $28,000 after purchasing an additional 193 shares during the period. Innealta Capital LLC acquired a new position in shares of Akamai Technologies during the second quarter valued at about $28,000. EntryPoint Capital LLC bought a new position in shares of Akamai Technologies during the 1st quarter worth about $31,000. Family Firm Inc. acquired a new stake in shares of Akamai Technologies in the 2nd quarter valued at about $35,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in Akamai Technologies in the 4th quarter valued at about $43,000. Institutional investors own 94.28% of the company’s stock.

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.