Akamai Technologies (AKAM) Cut to Buy at BidaskClub

Akamai Technologies (NASDAQ:AKAM) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued on Tuesday, May 7th, BidAskClub reports.

Several other analysts also recently commented on AKAM. Zacks Investment Research downgraded shares of Akamai Technologies from a “buy” rating to a “sell” rating in a report on Tuesday, April 16th. ValuEngine raised shares of Akamai Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Piper Jaffray Companies lifted their target price on shares of Akamai Technologies from $85.00 to $96.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Tigress Financial reissued a “strong-buy” rating on shares of Akamai Technologies in a report on Thursday, April 4th. Finally, Needham & Company LLC began coverage on shares of Akamai Technologies in a report on Monday, April 22nd. They issued a “buy” rating and a $95.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Akamai Technologies currently has a consensus rating of “Buy” and a consensus target price of $82.47.

AKAM stock traded down $1.45 during midday trading on Tuesday, hitting $75.36. The company’s stock had a trading volume of 960,944 shares, compared to its average volume of 1,265,993. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.36. Akamai Technologies has a twelve month low of $57.18 and a twelve month high of $86.19. The firm has a market capitalization of $12.70 billion, a P/E ratio of 27.30, a PEG ratio of 1.64 and a beta of 0.60.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Tuesday, April 30th. The technology infrastructure company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.09. The company had revenue of $706.51 million for the quarter, compared to analyst estimates of $698.33 million. Akamai Technologies had a net margin of 12.78% and a return on equity of 15.29%. Akamai Technologies’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 EPS. As a group, equities research analysts forecast that Akamai Technologies will post 3.21 EPS for the current fiscal year.

In other news, EVP Robert Blumofe sold 5,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $80.95, for a total value of $404,750.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Rick M. Mcconnell sold 2,264 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $72.00, for a total transaction of $163,008.00. Following the completion of the sale, the insider now directly owns 24,269 shares in the company, valued at $1,747,368. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,838 shares of company stock valued at $5,509,056. 2.40% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc boosted its stake in Akamai Technologies by 0.4% during the third quarter. Vanguard Group Inc now owns 17,093,767 shares of the technology infrastructure company’s stock worth $1,250,409,000 after acquiring an additional 63,759 shares in the last quarter. Clearbridge Investments LLC boosted its stake in Akamai Technologies by 5.1% during the first quarter. Clearbridge Investments LLC now owns 8,392,790 shares of the technology infrastructure company’s stock worth $601,847,000 after acquiring an additional 410,681 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Akamai Technologies by 10.9% during the fourth quarter. Canada Pension Plan Investment Board now owns 4,719,117 shares of the technology infrastructure company’s stock worth $288,219,000 after acquiring an additional 465,230 shares in the last quarter. AQR Capital Management LLC boosted its stake in Akamai Technologies by 12.3% during the first quarter. AQR Capital Management LLC now owns 4,396,606 shares of the technology infrastructure company’s stock worth $314,006,000 after acquiring an additional 481,574 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Akamai Technologies by 4.1% during the first quarter. First Trust Advisors LP now owns 4,313,126 shares of the technology infrastructure company’s stock worth $309,294,000 after acquiring an additional 171,774 shares in the last quarter. 87.69% of the stock is currently owned by institutional investors.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.

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Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

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