Akamai Technologies (NASDAQ:AKAM) Price Target Cut to $95.00 by Analysts at Citigroup

Akamai Technologies (NASDAQ:AKAM) had its price objective trimmed by Citigroup from $102.00 to $95.00 in a research note published on Monday,Benzinga reports. The firm currently has a neutral rating on the technology infrastructure company’s stock.

A number of other analysts have also recently issued reports on the company. HSBC raised Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a research note on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Akamai Technologies in a report on Friday, February 21st. UBS Group began coverage on Akamai Technologies in a research report on Monday, December 16th. They issued a “neutral” rating and a $110.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on shares of Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating for the company in a research note on Friday, February 21st. Finally, Piper Sandler lowered shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $112.00 to $100.00 in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.55.

Akamai Technologies Stock Performance

Shares of AKAM stock opened at $79.58 on Monday. The stock has a 50-day moving average of $95.08 and a 200-day moving average of $97.55. Akamai Technologies has a one year low of $75.50 and a one year high of $113.36. The stock has a market cap of $11.96 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 2.74 and a beta of 0.65. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.23 and a quick ratio of 1.33.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share 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 return on equity of 14.35% and a net margin of 12.65%. As a group, sell-side analysts expect that Akamai Technologies will post 4.6 earnings per share for the current year.

Insider Transactions at Akamai Technologies

In other news, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total transaction of $366,280.00. Following the completion of the sale, the executive vice president now directly owns 23,104 shares in the company, valued at approximately $2,115,633.28. This represents a 14.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Edward J. Mcgowan sold 10,782 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $98.71, for a total value of $1,064,291.22. Following the completion of the transaction, the chief financial officer now owns 12,716 shares in the company, valued at $1,255,196.36. The trade was a 45.88 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new position in shares of Akamai Technologies during the 4th quarter worth $367,000. Mackenzie Financial Corp boosted its stake in shares of Akamai Technologies by 3.5% in the 4th 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 in the last quarter. Forum Financial Management LP bought a new stake in shares of Akamai Technologies during the 4th quarter valued at approximately $252,000. Woodline Partners LP acquired a new position in Akamai Technologies during the 4th quarter worth approximately $458,000. Finally, Two Sigma Advisers LP lifted its stake in Akamai Technologies by 23.5% in the 4th quarter. Two Sigma Advisers LP now owns 78,900 shares of the technology infrastructure company’s stock valued at $7,547,000 after purchasing an additional 15,000 shares during the last quarter. 94.28% of the stock is 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.