Credit Suisse Group restated their outperform rating on shares of Akamai Technologies (NASDAQ:AKAM) in a research note published on Friday morning. They currently have a $88.00 price objective on the technology infrastructure company’s stock, up from their previous price objective of $78.00.
A number of other equities analysts have also recently commented on the company. TheStreet upgraded Akamai Technologies from a c rating to a b- rating in a report on Tuesday, November 14th. Morgan Stanley reiterated a sell rating and issued a $52.00 target price on shares of Akamai Technologies in a report on Wednesday, December 27th. JPMorgan Chase & Co. reiterated a neutral rating and issued a $75.00 target price (up previously from $58.00) on shares of Akamai Technologies in a report on Wednesday, January 10th. Vetr cut Akamai Technologies from a buy rating to a hold rating and set a $68.08 target price for the company. in a report on Monday, January 22nd. Finally, BidaskClub upgraded Akamai Technologies from a buy rating to a strong-buy rating in a report on Tuesday, January 30th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Akamai Technologies has a consensus rating of Buy and a consensus price target of $69.84.
Akamai Technologies (AKAM) traded up $0.99 during trading hours on Friday, reaching $76.07. The company’s stock had a trading volume of 3,664,828 shares, compared to its average volume of 1,980,000. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.20. Akamai Technologies has a 1-year low of $44.65 and a 1-year high of $78.28. The company has a market cap of $13,040.00, a P/E ratio of 53.95, a price-to-earnings-growth ratio of 2.68 and a beta of 0.68.
Akamai Technologies declared that its board has initiated a share buyback plan on Thursday, March 8th that allows the company to buyback $417.00 million in shares. This buyback authorization allows the technology infrastructure company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, insider Rick M. Mcconnell sold 48,369 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $56.83, for a total transaction of $2,748,810.27. Following the completion of the transaction, the insider now owns 45,974 shares in the company, valued at approximately $2,612,702.42. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William Wheaton sold 5,000 shares of the business’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $70.00, for a total value of $350,000.00. Following the transaction, the insider now owns 39,465 shares of the company’s stock, valued at approximately $2,762,550. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,799 shares of company stock valued at $4,326,520. 3.20% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of AKAM. Alyeska Investment Group L.P. purchased a new stake in shares of Akamai Technologies in the 3rd quarter worth $65,270,000. Hexavest Inc. purchased a new stake in shares of Akamai Technologies in the 4th quarter worth $39,344,000. Clearbridge Investments LLC lifted its holdings in shares of Akamai Technologies by 5.5% in the 4th quarter. Clearbridge Investments LLC now owns 9,105,713 shares of the technology infrastructure company’s stock worth $592,236,000 after buying an additional 474,271 shares during the period. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Akamai Technologies by 374.8% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 583,988 shares of the technology infrastructure company’s stock worth $37,983,000 after buying an additional 460,980 shares during the period. Finally, Element Capital Management LLC purchased a new stake in shares of Akamai Technologies in the 4th quarter worth $24,754,000. Institutional investors and hedge funds own 88.94% of the company’s stock.
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About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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