Akamai Technologies’ (AKAM) Sector Perform Rating Reiterated at Royal Bank Of Canada
Royal Bank Of Canada restated their sector perform rating on shares of Akamai Technologies, Inc. (NASDAQ:AKAM) in a research report sent to investors on Wednesday. Royal Bank Of Canada currently has a $54.00 target price on the technology infrastructure company’s stock, down from their prior target price of $58.00.
A number of other research analysts have also commented on the company. Zacks Investment Research lowered Akamai Technologies from a hold rating to a strong sell rating in a report on Monday, May 8th. BidaskClub raised Akamai Technologies from a buy rating to a strong-buy rating in a report on Tuesday, June 27th. Stifel Nicolaus reissued a hold rating and set a $58.00 target price (down from $62.00) on shares of Akamai Technologies in a report on Wednesday, May 3rd. Morgan Stanley lowered Akamai Technologies from an equal weight rating to an underweight rating and reduced their target price for the stock from $68.00 to $54.00 in a report on Thursday, April 27th. Finally, TheStreet lowered Akamai Technologies from a b- rating to a c rating in a report on Wednesday, May 31st. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Akamai Technologies has a consensus rating of Hold and an average target price of $62.76.
Akamai Technologies (NASDAQ AKAM) opened at 46.89 on Wednesday. The company has a market capitalization of $8.07 billion, a PE ratio of 26.78 and a beta of 0.67. Akamai Technologies has a 12 month low of $45.41 and a 12 month high of $71.64. The company has a 50-day moving average price of $49.99 and a 200 day moving average price of $57.61.
Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Tuesday, July 25th. The technology infrastructure company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Akamai Technologies had a return on equity of 10.97% and a net margin of 12.67%. The firm had revenue of $608.90 million for the quarter, compared to analyst estimates of $604.51 million. During the same period in the prior year, the firm posted $0.64 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities research analysts forecast that Akamai Technologies will post $2.52 EPS for the current fiscal year.
In other news, CEO F Thomson Leighton bought 19,817 shares of the company’s stock in a transaction on Friday, July 14th. The stock was purchased at an average cost of $50.45 per share, for a total transaction of $999,767.65. Following the completion of the transaction, the chief executive officer now owns 205,861 shares of the company’s stock, valued at $10,385,687.45. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frederic V. Salerno bought 5,000 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was purchased at an average price of $46.83 per share, with a total value of $234,150.00. Following the completion of the transaction, the director now directly owns 62,192 shares of the company’s stock, valued at approximately $2,912,451.36. The disclosure for this purchase can be found here. Insiders acquired 66,410 shares of company stock valued at $3,233,594 over the last quarter. Corporate insiders own 3.20% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. DnB Asset Management AS increased its position in shares of Akamai Technologies by 14.0% in the first quarter. DnB Asset Management AS now owns 13,006 shares of the technology infrastructure company’s stock worth $776,000 after buying an additional 1,600 shares during the period. Bank of Montreal Can increased its position in shares of Akamai Technologies by 85.3% in the first quarter. Bank of Montreal Can now owns 126,646 shares of the technology infrastructure company’s stock worth $7,561,000 after buying an additional 58,293 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Akamai Technologies by 17.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,916 shares of the technology infrastructure company’s stock worth $831,000 after buying an additional 2,076 shares during the period. Two Sigma Securities LLC bought a new position in shares of Akamai Technologies during the first quarter worth about $230,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Akamai Technologies during the fourth quarter worth about $374,000. Hedge funds and other institutional investors own 87.15% of the company’s stock.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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