Royal Bank of Canada Lowers Akamai Technologies (NASDAQ:AKAM) Price Target to $90.00

Akamai Technologies (NASDAQ:AKAM) had its price target dropped by research analysts at Royal Bank of Canada from $100.00 to $90.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the technology infrastructure company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 13.77% from the company’s previous close.

A number of other equities analysts also recently commented on AKAM. Piper Sandler downgraded shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $112.00 to $100.00 in a research report on Friday. Scotiabank cut their price objective on shares of Akamai Technologies from $115.00 to $107.00 and set a “sector outperform” rating for the company in a research report on Friday. Evercore ISI reiterated an “outperform” rating and issued a $110.00 price target on shares of Akamai Technologies in a report on Tuesday, December 17th. Robert W. Baird cut their price target on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, UBS Group started coverage on shares of Akamai Technologies in a report on Monday, December 16th. They issued a “neutral” rating and a $110.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Akamai Technologies has an average rating of “Moderate Buy” and an average price target of $107.90.

Akamai Technologies Stock Performance

AKAM stock traded down $18.93 on Friday, hitting $79.11. The company’s stock had a trading volume of 11,372,253 shares, compared to its average volume of 2,033,373. The stock has a market cap of $11.88 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 3.58 and a beta of 0.65. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. Akamai Technologies has a 1 year low of $79.84 and a 1 year high of $113.36. The firm has a 50 day moving average of $96.60 and a two-hundred day moving average of $97.96.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Thursday, February 20th. The technology infrastructure company reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Akamai Technologies had a return on equity of 14.63% and a net margin of 13.27%. Equities analysts predict that Akamai Technologies will post 4.28 EPS for the current fiscal year.

Insider Transactions at Akamai Technologies

In other news, CFO Edward J. Mcgowan sold 10,782 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $98.71, for a total transaction of $1,064,291.22. Following 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William Raymond Wagner sold 1,000 shares of the 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 transaction, the director now owns 15,719 shares in the company, valued at approximately $1,467,840.22. The trade was a 5.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,782 shares of company stock worth $1,523,951 in the last three months. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AKAM. Farther Finance Advisors LLC raised its holdings in Akamai Technologies by 85.7% in the third quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock valued at $25,000 after buying an additional 114 shares during the period. Itau Unibanco Holding S.A. raised its holdings in Akamai Technologies by 99.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 469 shares of the technology infrastructure company’s stock valued at $45,000 after buying an additional 234 shares during the period. SBI Securities Co. Ltd. purchased a new position in Akamai Technologies in the fourth quarter valued at approximately $49,000. Bruce G. Allen Investments LLC raised its holdings in Akamai Technologies by 38.8% in the fourth quarter. Bruce G. Allen Investments LLC now owns 554 shares of the technology infrastructure company’s stock valued at $53,000 after buying an additional 155 shares during the period. Finally, Wolverine Asset Management LLC purchased a new position in Akamai Technologies in the fourth quarter valued at approximately $57,000. Hedge funds and other 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.