Craig Hallum Downgrades Akamai Technologies (NASDAQ:AKAM) to Hold

Craig Hallum cut shares of Akamai Technologies (NASDAQ:AKAM) from a buy rating to a hold rating in a report released on Friday, Marketbeat reports. The brokerage currently has $90.00 price objective on the technology infrastructure company’s stock.

AKAM has been the subject of several other reports. Robert W. Baird dropped their price target on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Scotiabank dropped their price objective on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a report on Friday, November 8th. Bank of America cut Akamai Technologies from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $125.00 to $100.00 in a report on Friday. Evercore ISI reissued an “outperform” rating and set a $110.00 price target on shares of Akamai Technologies in a research note on Tuesday, December 17th. Finally, Piper Sandler lowered shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and cut their target price for the company from $112.00 to $100.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $107.90.

Akamai Technologies Stock Down 21.7 %

AKAM stock opened at $76.73 on Friday. The stock has a market capitalization of $11.53 billion, a P/E ratio of 22.70, a P/E/G ratio of 3.58 and a beta of 0.65. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33. Akamai Technologies has a 1-year low of $76.50 and a 1-year high of $113.36. The business has a fifty day moving average price of $96.15 and a 200-day moving average price of $97.86.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. Akamai Technologies had a net margin of 13.27% and a return on equity of 14.63%. Equities analysts forecast that Akamai Technologies will post 4.28 earnings per share for the current fiscal year.

Insider Activity at Akamai Technologies

In related news, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total transaction of $366,280.00. Following the transaction, the executive vice president now directly owns 23,104 shares of the company’s stock, valued at $2,115,633.28. This represents a 14.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Edward J. Mcgowan sold 10,782 shares of the 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 owns 12,716 shares of the company’s stock, valued at approximately $1,255,196.36. This trade represents a 45.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,782 shares of company stock valued at $1,523,951 over the last 90 days. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AKAM. First Trust Advisors LP grew its holdings in shares of Akamai Technologies by 15.6% during the fourth quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company’s stock valued at $489,383,000 after buying an additional 690,341 shares during the last quarter. Norges Bank purchased a new stake in Akamai Technologies during the 4th quarter valued at about $477,454,000. Geode Capital Management LLC grew its stake in Akamai Technologies by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock valued at $423,066,000 after purchasing an additional 202,746 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Akamai Technologies by 3.5% in the fourth quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company’s stock valued at $232,198,000 after purchasing an additional 81,744 shares during the period. Finally, Earnest Partners LLC raised its stake in shares of Akamai Technologies by 2.7% in the fourth quarter. Earnest Partners LLC now owns 2,215,735 shares of the technology infrastructure company’s stock worth $211,935,000 after purchasing an additional 58,013 shares during the last quarter. Institutional investors and hedge funds own 94.28% of the company’s stock.

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.