Scotiabank Issues Pessimistic Forecast for Akamai Technologies (NASDAQ:AKAM) Stock Price

Akamai Technologies (NASDAQ:AKAM - Free Report) had its price target trimmed by Scotiabank from $115.00 to $112.00 in a report published on Friday,Benzinga reports. The firm currently has a sector outperform rating on the technology infrastructure company's stock.

AKAM has been the topic of several other reports. DA Davidson reiterated 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 note on Friday, August 9th. Tigress Financial reissued a "strong-buy" rating and issued a $140.00 target price on shares of Akamai Technologies in a report on Thursday, August 29th. TD Cowen lifted their price target on shares of Akamai Technologies from $129.00 to $131.00 and gave the company a "buy" rating in a report on Friday, August 9th. Finally, Guggenheim upgraded shares of Akamai Technologies from a "neutral" rating to a "buy" rating and set a $128.00 price objective on the stock in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $116.29.

Akamai Technologies Stock Down 14.4 %

AKAM stock traded down $15.03 during midday trading on Friday, hitting $89.37. The stock had a trading volume of 8,970,720 shares, compared to its average volume of 1,633,592. Akamai Technologies has a 52-week low of $87.59 and a 52-week high of $129.17. The business has a 50-day moving average of $101.12 and a two-hundred day moving average of $97.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market cap of $13.54 billion, a price-to-earnings ratio of 23.28, a price-to-earnings-growth ratio of 3.21 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.05. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The business had revenue of $979.60 million for the quarter, compared to analysts' expectations of $977.67 million. During the same period last year, the firm posted $1.01 earnings per share. The business's revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Akamai Technologies will post 4.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Akamai Technologies

In other news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the transaction, the chief technology officer now directly owns 22,010 shares of the company's stock, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Paul C. Joseph sold 4,000 shares of the company's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the transaction, the executive vice president now directly owns 30,703 shares in the company, valued at approximately $2,987,401.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Robert Blumofe sold 2,500 shares of the company's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the transaction, the chief technology officer now owns 22,010 shares in the company, valued at $2,216,186.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,500 shares of company stock worth $741,655. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Akamai Technologies

Several hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in Akamai Technologies by 25.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company's stock worth $156,088,000 after purchasing an additional 347,626 shares in the last quarter. Champlain Investment Partners LLC grew its position in shares of Akamai Technologies by 19.6% during the first quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company's stock worth $147,308,000 after acquiring an additional 222,290 shares during the last quarter. Intech Investment Management LLC raised its position in Akamai Technologies by 409.2% in the 1st quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company's stock valued at $26,977,000 after purchasing an additional 199,334 shares during the last quarter. Empyrean Capital Partners LP acquired a new stake in Akamai Technologies during the 2nd quarter worth $15,314,000. Finally, Renaissance Technologies LLC grew its position in Akamai Technologies by 33.3% during the 2nd quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company's stock worth $58,678,000 after purchasing an additional 162,700 shares during the last quarter. 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.