Akamai Technologies (NASDAQ:AKAM) Downgraded by Craig Hallum to Hold

Craig Hallum cut shares of Akamai Technologies (NASDAQ:AKAM) from a buy rating to a hold rating in a report issued on Friday morning, Marketbeat Ratings reports. The brokerage currently has $90.00 price target on the technology infrastructure company’s stock.

A number of other research analysts have also recently weighed in on the stock. Bank of America cut shares of Akamai Technologies from a “buy” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $100.00 in a research note on Friday. Citigroup lowered their price objective on Akamai Technologies from $104.00 to $102.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. TD Cowen lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating and decreased their price target for the stock from $125.00 to $98.00 in a report on Friday. Robert W. Baird cut their target price on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $110.00 target price on shares of Akamai Technologies in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.90.

Akamai Technologies Stock Performance

AKAM stock opened at $76.73 on Friday. Akamai Technologies has a 1-year low of $76.50 and a 1-year high of $113.36. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average price of $96.15 and a 200-day moving average price of $97.86. The firm has a market cap of $11.53 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 3.58 and a beta of 0.65.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.52 by ($0.33). The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. Akamai Technologies had a return on equity of 14.63% and a net margin of 13.27%. As a group, equities research analysts expect that Akamai Technologies will post 4.28 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $91.57, for a total transaction of $366,280.00. Following the completion of the transaction, the executive vice president now directly owns 23,104 shares of the company’s stock, valued at $2,115,633.28. This trade represents a 14.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total transaction of $93,380.00. Following the sale, the director now directly owns 15,719 shares in the company, valued at $1,467,840.22. The trade was a 5.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,782 shares of company stock worth $1,523,951 over the last three months. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

Several large investors have recently made changes to their positions in AKAM. Mackenzie Financial Corp grew its stake in shares of Akamai Technologies by 3.5% in the 4th quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company’s stock worth $232,198,000 after buying an additional 81,744 shares during the last quarter. Forum Financial Management LP bought a new stake in Akamai Technologies in the fourth quarter worth $252,000. Woodline Partners LP purchased a new stake in shares of Akamai Technologies in the fourth quarter worth $458,000. Two Sigma Advisers LP increased its holdings in shares of Akamai Technologies by 23.5% during the fourth quarter. Two Sigma Advisers LP now owns 78,900 shares of the technology infrastructure company’s stock valued at $7,547,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Texas Bank & Trust Co purchased a new position in shares of Akamai Technologies in the 4th quarter worth about $316,000. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

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.