Akamai Technologies (NASDAQ:AKAM) Reaches New 52-Week Low – Should You Sell?

Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $87.13 and last traded at $87.28, with a volume of 602173 shares changing hands. The stock had previously closed at $88.35.

Wall Street Analyst Weigh In

AKAM has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a research note on Friday, August 9th. Hsbc Global Res raised shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price objective on the stock in a research note on Monday, July 29th. Scotiabank reduced their price objective on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating on the stock in a research note on Friday, November 8th. Finally, TD Cowen increased their target price on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.47.

Akamai Technologies Trading Down 1.0 %

The business’s 50-day moving average price is $100.02 and its 200 day moving average price is $96.88. The company has a market cap of $13.14 billion, a P/E ratio of 25.89, a P/E/G ratio of 3.36 and a beta of 0.68. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.33.

Insider Buying and Selling

In related news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the sale, the director now owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. The trade was a 5.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the completion of the sale, the executive vice president now owns 30,703 shares of the company’s stock, valued at $2,987,401.90. This trade represents a 11.53 % decrease in their position. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Akamai Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in AKAM. Dimensional Fund Advisors LP raised its position in shares of Akamai Technologies by 25.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock valued at $156,088,000 after buying an additional 347,626 shares in the last quarter. Champlain Investment Partners LLC increased its position in Akamai Technologies by 19.6% during the 1st quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock worth $147,308,000 after purchasing an additional 222,290 shares in the last quarter. Intech Investment Management LLC increased its position in Akamai Technologies by 409.2% during the 1st quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company’s stock worth $26,977,000 after purchasing an additional 199,334 shares in the last quarter. Empyrean Capital Partners LP acquired a new position in Akamai Technologies during the 2nd quarter worth approximately $15,314,000. Finally, Renaissance Technologies LLC increased its position in Akamai Technologies by 33.3% during the 2nd quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company’s stock worth $58,678,000 after purchasing an additional 162,700 shares in the last quarter. 94.28% of the stock is currently owned by institutional investors and hedge funds.

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.