Credit Suisse Group Upgrades Akamai Technologies (AKAM) to Outperform
Akamai Technologies (NASDAQ:AKAM) was upgraded by equities researchers at Credit Suisse Group from a “neutral” rating to an “outperform” rating in a report released on Monday. The firm currently has a $75.00 target price on the technology infrastructure company’s stock. Credit Suisse Group’s price target would suggest a potential upside of 12.24% from the company’s current price.
Several other research firms have also weighed in on AKAM. Wells Fargo & Company set a $57.00 price target on Akamai Technologies and gave the company a “hold” rating in a report on Tuesday, October 10th. B. Riley restated a “buy” rating and set a $66.00 price target on shares of Akamai Technologies in a report on Thursday, October 12th. Nomura increased their price target on Akamai Technologies from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Vetr upgraded Akamai Technologies from a “buy” rating to a “strong-buy” rating and set a $52.07 price target on the stock in a report on Wednesday, September 6th. Finally, SunTrust Banks restated a “hold” rating and set a $60.00 price target on shares of Akamai Technologies in a report on Thursday, December 7th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Akamai Technologies currently has a consensus rating of “Hold” and a consensus target price of $62.09.
Shares of Akamai Technologies (AKAM) opened at $66.82 on Monday. The stock has a market capitalization of $11,108.19, a P/E ratio of 34.20, a PEG ratio of 2.60 and a beta of 0.68. Akamai Technologies has a twelve month low of $44.65 and a twelve month high of $71.64. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.20.
In related news, EVP Robert Blumofe sold 4,000 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $53.11, for a total transaction of $212,440.00. Following the completion of the sale, the executive vice president now directly owns 22,364 shares in the company, valued at approximately $1,187,752.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William Wheaton sold 10,000 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $66.29, for a total value of $662,900.00. Following the sale, the insider now owns 32,319 shares of the company’s stock, valued at $2,142,426.51. The disclosure for this sale can be found here. In the last three months, insiders have bought 55,752 shares of company stock worth $2,999,371 and have sold 89,550 shares worth $5,026,271. 3.20% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. purchased a new stake in Akamai Technologies in the third quarter valued at about $65,270,000. Janus Henderson Group PLC raised its stake in Akamai Technologies by 5,158.8% in the second quarter. Janus Henderson Group PLC now owns 1,202,110 shares of the technology infrastructure company’s stock valued at $59,877,000 after buying an additional 1,179,251 shares during the last quarter. Fairpointe Capital LLC raised its stake in Akamai Technologies by 44.0% in the second quarter. Fairpointe Capital LLC now owns 3,212,227 shares of the technology infrastructure company’s stock valued at $160,001,000 after buying an additional 981,069 shares during the last quarter. ETF Managers Group LLC purchased a new stake in Akamai Technologies in the second quarter valued at about $45,156,000. Finally, Thrivent Financial For Lutherans raised its stake in Akamai Technologies by 83.4% in the second quarter. Thrivent Financial For Lutherans now owns 1,908,864 shares of the technology infrastructure company’s stock valued at $95,080,000 after buying an additional 867,795 shares during the last quarter. Hedge funds and other institutional investors own 86.33% of the company’s stock.
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Akamai Technologies Company Profile
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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