Raymond James Has Lowered Expectations for Akamai Technologies (NASDAQ:AKAM) Stock Price

Akamai Technologies (NASDAQ:AKAM) had its price target dropped by research analysts at Raymond James from $115.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the technology infrastructure company’s stock. Raymond James’ price objective indicates a potential upside of 33.63% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Craig Hallum cut shares of Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 price objective on the stock. in a report on Friday. JPMorgan Chase & Co. cut their target price on shares of Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating for the company in a research report on Friday. Piper Sandler downgraded shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $112.00 to $100.00 in a research note on Friday. HSBC upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective on the stock in a research report on Monday, November 11th. Finally, Hsbc Global Res raised Akamai Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.40.

Akamai Technologies Stock Performance

Shares of AKAM stock traded down $15.71 during trading hours on Friday, reaching $82.32. 8,376,693 shares of the company’s stock were exchanged, compared to its average volume of 1,933,814. 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 $82.15 and a 1 year high of $113.36. The company has a market cap of $12.37 billion, a P/E ratio of 24.38, a price-to-earnings-growth ratio of 3.58 and a beta of 0.65. The company’s 50 day moving average is $96.60 and its two-hundred day moving average is $97.96.

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

Insider Activity at Akamai Technologies

In other news, CFO Edward J. Mcgowan sold 10,782 shares of Akamai Technologies stock in a transaction dated 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 transaction, the chief financial officer now directly owns 12,716 shares of the company’s stock, valued at $1,255,196.36. The trade was a 45.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Paul C. Joseph sold 4,000 shares of the 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 in the company, valued at $2,115,633.28. The trade was a 14.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,782 shares of company stock valued at $1,523,951 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

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

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.