Akamai Technologies (NASDAQ:AKAM) Sets New 52-Week Low - Here's Why

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

Analyst Ratings Changes

AKAM has been the topic of several analyst reports. Scotiabank cut their price target on shares of Akamai Technologies from $115.00 to $112.00 and set a "sector outperform" rating on the stock in a report on Friday, November 8th. Tigress Financial reiterated a "strong-buy" rating and issued a $140.00 price target on shares of Akamai Technologies in a report on Thursday, August 29th. Guggenheim raised Akamai Technologies from a "neutral" rating to a "buy" rating and set a $128.00 price target for the company in a research note on Monday, July 29th. DA Davidson reaffirmed a "buy" rating and issued a $115.00 price objective on shares of Akamai Technologies in a research report on Friday, August 9th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Akamai Technologies in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $117.47.

Akamai Technologies Stock Down 1.0 %

The business's 50 day moving average is $99.84 and its 200 day moving average is $96.76. The company has a quick ratio of 1.32, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market cap of $13.13 billion, a P/E ratio of 25.87, a P/E/G ratio of 3.36 and a beta of 0.68.

Insider Activity

In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total value of $100,730.00. Following the completion of the sale, the director now directly owns 16,719 shares in the company, valued at $1,684,104.87. This trade represents a 5.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the company's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $88.61, for a total value of $221,525.00. Following the transaction, the chief technology officer now directly owns 19,510 shares in the company, valued at approximately $1,728,781.10. The trade was a 11.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,500 shares of company stock worth $1,065,975. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Akamai Technologies

Institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its holdings in shares of Akamai Technologies by 85.7% during the third quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company's stock valued at $25,000 after acquiring an additional 114 shares in the last quarter. EntryPoint Capital LLC purchased a new position in shares of Akamai Technologies in the first quarter worth $31,000. Versant Capital Management Inc lifted its stake in shares of Akamai Technologies by 170.8% during the second quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company's stock worth $28,000 after buying an additional 193 shares during the period. Innealta Capital LLC purchased a new stake in shares of Akamai Technologies during the second quarter valued at $28,000. Finally, Family Firm Inc. purchased a new stake in shares of Akamai Technologies during the second quarter valued at $35,000. Institutional investors and hedge funds own 94.28% of the company's stock.

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.