Akamai Technologies (NASDAQ:AKAM) Price Target Cut to $90.00 by Analysts at Morgan Stanley

Akamai Technologies (NASDAQ:AKAM) had its price objective decreased by Morgan Stanley from $102.00 to $90.00 in a research report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology infrastructure company’s stock.

Several other equities analysts also recently commented on AKAM. Bank of America downgraded Akamai Technologies from a “buy” rating to a “neutral” rating and cut their price objective for the company from $125.00 to $100.00 in a research report on Friday, February 21st. Royal Bank of Canada cut their price target on shares of Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating on the stock in a report on Friday, February 21st. TD Cowen lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating and decreased their price objective for the company from $125.00 to $98.00 in a report on Friday, February 21st. Piper Sandler dropped their target price on shares of Akamai Technologies from $100.00 to $80.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $104.75.

Akamai Technologies Stock Down 0.9 %

NASDAQ AKAM opened at $73.81 on Wednesday. Akamai Technologies has a 52 week low of $67.51 and a 52 week high of $106.80. The firm has a market capitalization of $10.78 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 2.74 and a beta of 0.80. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average of $82.69 and a two-hundred day moving average of $92.25.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 EPS for the quarter, missing the consensus estimate 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 12.65% and a return on equity of 14.35%. On average, analysts predict that Akamai Technologies will post 4.6 earnings per share for the current year.

Insider Activity

In other Akamai Technologies news, CEO F Thomson Leighton purchased 37,670 shares of Akamai Technologies stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $79.58 per share, with a total value of $2,997,778.60. Following the completion of the transaction, the chief executive officer now owns 137,342 shares in the company, valued at approximately $10,929,676.36. This trade represents a 37.79 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mani Sundaram sold 10,683 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $86.52, for a total value of $924,293.16. Following the completion of the sale, the executive vice president now directly owns 23,988 shares of the company’s stock, valued at $2,075,441.76. The trade was a 30.81 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,394 shares of company stock worth $2,653,043. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AKAM. First Trust Advisors LP grew its stake 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 worth $489,383,000 after acquiring an additional 690,341 shares during the last quarter. Norges Bank purchased a new stake in Akamai Technologies during the 4th quarter worth approximately $477,454,000. Mackenzie Financial Corp increased its stake in Akamai Technologies by 3.5% during 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. Earnest Partners LLC raised its holdings 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 buying an additional 58,013 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of Akamai Technologies by 6.9% during the fourth quarter. Nordea Investment Management AB now owns 2,140,257 shares of the technology infrastructure company’s stock worth $205,743,000 after buying an additional 138,380 shares during the period. 94.28% of the stock is owned by institutional investors and hedge funds.

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.