Akamai Technologies (NASDAQ:AKAM) Price Target Cut to $102.00 by Analysts at Citigroup

Akamai Technologies (NASDAQ:AKAM) had its price objective reduced by Citigroup from $104.00 to $102.00 in a report published on Friday morning,Benzinga reports. They currently have a neutral rating on the technology infrastructure company’s stock.

AKAM has been the topic of several other research reports. Evercore ISI reissued an “outperform” rating and issued a $110.00 price target on shares of Akamai Technologies in a report on Tuesday, December 17th. HSBC upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 target price on the stock in a research note on Monday, November 11th. Hsbc Global Res upgraded shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Oppenheimer upgraded shares of Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price objective on the stock in a research report on Monday, December 2nd. Finally, UBS Group began coverage on shares of Akamai Technologies in a research report on Monday, December 16th. They issued a “neutral” rating and a $110.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $116.10.

Akamai Technologies Stock Performance

Shares of NASDAQ AKAM opened at $91.01 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. The firm’s 50-day moving average price is $94.02 and its two-hundred day moving average price is $97.27. Akamai Technologies has a 52-week low of $84.70 and a 52-week high of $129.17. The stock has a market capitalization of $13.67 billion, a P/E ratio of 26.93, a P/E/G ratio of 3.17 and a beta of 0.64.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $88.61, for a total value of $221,525.00. Following the completion of the sale, the chief technology officer now directly owns 19,510 shares of the company’s stock, valued at approximately $1,728,781.10. This represents a 11.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Edward J. Mcgowan sold 10,782 shares of Akamai Technologies stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $98.71, for a total transaction of $1,064,291.22. Following the completion of the transaction, the chief financial officer now directly owns 12,716 shares in the company, valued at $1,255,196.36. This represents a 45.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,282 shares of company stock valued at $2,099,996 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Akamai Technologies

Several large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Akamai Technologies by 25.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock worth $156,088,000 after purchasing an additional 347,626 shares during the period. Geode Capital Management LLC increased its stake in Akamai Technologies by 5.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock worth $423,066,000 after purchasing an additional 202,746 shares in the last quarter. Empyrean Capital Partners LP acquired a new stake in Akamai Technologies during the 2nd quarter worth about $15,314,000. Distillate Capital Partners LLC acquired a new stake in Akamai Technologies during the 2nd quarter worth about $14,130,000. Finally, Retirement Systems of Alabama boosted its holdings in shares of Akamai Technologies by 20.0% in the third quarter. Retirement Systems of Alabama now owns 837,155 shares of the technology infrastructure company’s stock worth $84,511,000 after buying an additional 139,760 shares during the period. 94.28% of the stock is owned by institutional investors.

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.