Akamai Technologies (NASDAQ:AKAM) Shares Gap Down on Analyst Downgrade

Shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Get Free Report) gapped down before the market opened on Friday after Scotiabank lowered their price target on the stock from $115.00 to $112.00. The stock had previously closed at $104.40, but opened at $97.91. Scotiabank currently has a sector outperform rating on the stock. Akamai Technologies shares last traded at $94.20, with a volume of 529,470 shares changing hands.

AKAM has been the subject of several other research reports. Piper Sandler decreased their target price on Akamai Technologies from $114.00 to $112.00 and set an "overweight" rating for the company in a research report on Monday, July 15th. Tigress Financial reaffirmed a "strong-buy" rating and set a $140.00 target price on shares of Akamai Technologies in a research note on Thursday, August 29th. DA Davidson reissued a "buy" rating and issued a $115.00 price target on shares of Akamai Technologies in a research report on Friday, August 9th. Needham & Company LLC reaffirmed a "hold" rating on shares of Akamai Technologies in a research report on Friday, August 9th. Finally, Hsbc Global Res raised shares of Akamai Technologies from a "moderate sell" rating to a "hold" rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $116.29.

Insider Activity at Akamai Technologies

In other news, CTO Robert Blumofe sold 2,500 shares of the company's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the transaction, the chief technology officer now directly owns 22,010 shares in the company, valued at $2,216,186.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the firm's stock in a transaction 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 sale, the director now directly owns 16,719 shares in the company, valued at $1,684,104.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the business's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $100.69, for a total transaction of $251,725.00. Following the transaction, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,500 shares of company stock worth $741,655 in the last 90 days. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Akamai Technologies

Several large investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Akamai Technologies by 28.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,333 shares of the technology infrastructure company's stock valued at $580,000 after purchasing an additional 1,176 shares in the last quarter. Norden Group LLC acquired a new stake in shares of Akamai Technologies during the 1st quarter valued at about $362,000. Janney Montgomery Scott LLC increased its stake in Akamai Technologies by 14.8% in the first quarter. Janney Montgomery Scott LLC now owns 18,816 shares of the technology infrastructure company's stock valued at $2,046,000 after acquiring an additional 2,421 shares during the period. Geneos Wealth Management Inc. raised its position in Akamai Technologies by 17.8% in the first quarter. Geneos Wealth Management Inc. now owns 7,273 shares of the technology infrastructure company's stock worth $791,000 after purchasing an additional 1,099 shares in the last quarter. Finally, Empirical Finance LLC lifted its stake in Akamai Technologies by 3.3% during the first quarter. Empirical Finance LLC now owns 5,681 shares of the technology infrastructure company's stock worth $618,000 after purchasing an additional 181 shares during the period. Institutional investors and hedge funds own 94.28% of the company's stock.

Akamai Technologies Stock Down 14.4 %

The company has a market capitalization of $13.54 billion, a price-to-earnings ratio of 23.28, a P/E/G ratio of 3.21 and a beta of 0.68. The business has a fifty day simple moving average of $101.12 and a two-hundred day simple moving average of $97.31. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.50.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.53 by $0.05. The business had revenue of $979.60 million for the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. Akamai Technologies's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 EPS. Equities analysts expect that Akamai Technologies, Inc. will post 4.42 EPS for the current year.

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.