Citigroup Lowers Akamai Technologies (NASDAQ:AKAM) Price Target to $102.00

Akamai Technologies (NASDAQ:AKAM - Get Free Report) had its target price dropped by investment analysts at Citigroup from $104.00 to $102.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology infrastructure company's stock. Citigroup's price objective points to a potential upside of 12.08% from the stock's previous close.

AKAM has been the topic of a number of other research reports. UBS Group started coverage on Akamai Technologies in a research note on Monday, December 16th. They issued a "neutral" rating and a $110.00 price objective on the stock. Evercore ISI reissued an "outperform" rating and set a $110.00 price objective on shares of Akamai Technologies in a report on Tuesday, December 17th. Scotiabank dropped their target price on shares of Akamai Technologies from $115.00 to $112.00 and set a "sector outperform" rating for the company in a research note on Friday, November 8th. Hsbc Global Res raised shares of Akamai Technologies from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 11th. Finally, HSBC raised shares of Akamai Technologies from a "hold" rating to a "buy" rating and set a $121.00 price target for the company in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $116.10.

Akamai Technologies Price Performance

Shares of AKAM traded up $0.51 on Friday, hitting $91.01. The company's stock had a trading volume of 2,346,395 shares, compared to its average volume of 1,235,796. The company has a market capitalization of $13.67 billion, a PE ratio of 26.93, a PEG ratio of 3.17 and a beta of 0.64. Akamai Technologies has a fifty-two week low of $84.70 and a fifty-two week high of $129.17. The company has a 50 day moving average price of $94.02 and a 200 day moving average price of $97.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33.

Insiders Place Their Bets

In other news, EVP Paul C. Joseph sold 4,000 shares of the 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 in the company, valued at $2,115,633.28. This represents a 14.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Edward J. Mcgowan sold 10,782 shares of Akamai Technologies stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $98.71, for a total value of $1,064,291.22. Following the completion of the sale, the chief financial officer now directly owns 12,716 shares in the company, valued at approximately $1,255,196.36. This represents a 45.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,282 shares of company stock worth $2,099,996. Corporate insiders own 2.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AKAM. Banque Cantonale Vaudoise boosted its holdings in shares of Akamai Technologies by 86.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company's stock valued at $4,481,000 after buying an additional 20,633 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Akamai Technologies by 3.5% in the third quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company's stock valued at $20,236,000 after acquiring an additional 6,785 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Akamai Technologies by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company's stock valued at $90,083,000 after acquiring an additional 11,272 shares during the period. Teachers Retirement System of The State of Kentucky grew its position in shares of Akamai Technologies by 32.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company's stock valued at $19,018,000 after acquiring an additional 46,335 shares during the period. Finally, Sompo Asset Management Co. Ltd. raised its holdings in shares of Akamai Technologies by 148.4% in the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 19,900 shares of the technology infrastructure company's stock valued at $2,009,000 after purchasing an additional 11,890 shares during the period. 94.28% of the stock is currently owned by 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.