Zacks Investment Research upgraded shares of Akamai Technologies (NASDAQ:AKAM) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $73.00 target price on the technology infrastructure company’s stock.
According to Zacks, “Akamai, a leading provider of content delivery network (CDN) is benefiting from growing adoption of cloud-based security solutions. Management is also optimistic about robust over-the top (OTT) content viewing. The acquisition of Nominum is anticipated to benefit the company’s flagship Enterprise Threat Protector solution. With increased adoption of mobile data/apps and growing mobile data traffic Akamai is well positioned for long-term growth. Additionally, strong balance sheet and cash flow will help the company in future acquisitions and share repurchase. However, top-line growth continues to be negatively impacted by lower revenues from the large Internet Platform group companies. Moreover, we expect the newly launched products to take some more time to generate meaningful growth.”
A number of other research analysts have also recently weighed in on AKAM. Credit Suisse Group initiated coverage on shares of Akamai Technologies in a research note on Tuesday, September 5th. They issued a neutral rating and a $50.00 target price on the stock. Instinet reiterated a neutral rating and issued a $47.00 target price (down from $48.00) on shares of Akamai Technologies in a research note on Tuesday, September 5th. Nomura dropped their target price on shares of Akamai Technologies from $48.00 to $47.00 and set a neutral rating on the stock in a research note on Tuesday, September 5th. Vetr upgraded shares of Akamai Technologies from a buy rating to a strong-buy rating and set a $52.07 target price on the stock in a research note on Wednesday, September 6th. Finally, Stifel Nicolaus reiterated a hold rating and issued a $56.00 target price on shares of Akamai Technologies in a research note on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $63.22.
Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Tuesday, October 24th. The technology infrastructure company reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. The firm had revenue of $621.00 million for the quarter, compared to analysts’ expectations of $610.66 million. Akamai Technologies had a net margin of 11.84% and a return on equity of 10.28%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.68 earnings per share. sell-side analysts expect that Akamai Technologies will post 1.89 EPS for the current year.
In other news, insider William Wheaton sold 10,000 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $66.29, for a total value of $662,900.00. Following the transaction, the insider now owns 32,319 shares of the company’s stock, valued at approximately $2,142,426.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Rick M. Mcconnell sold 7,579 shares of the stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $51.00, for a total transaction of $386,529.00. The disclosure for this sale can be found here. In the last three months, insiders bought 55,752 shares of company stock worth $2,999,371 and sold 79,550 shares worth $4,528,171. 3.20% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. Advisory Services Network LLC increased its holdings in shares of Akamai Technologies by 9.0% in the 2nd quarter. Advisory Services Network LLC now owns 2,025 shares of the technology infrastructure company’s stock worth $101,000 after buying an additional 168 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in shares of Akamai Technologies during the 2nd quarter valued at $117,000. BB&T Investment Services Inc. bought a new position in shares of Akamai Technologies during the 2nd quarter valued at $119,000. FTB Advisors Inc. grew its holdings in shares of Akamai Technologies by 2.4% during the 2nd quarter. FTB Advisors Inc. now owns 2,538 shares of the technology infrastructure company’s stock valued at $125,000 after purchasing an additional 59 shares during the last quarter. Finally, Griffin Asset Management Inc. bought a new position in shares of Akamai Technologies during the 2nd quarter valued at $209,000. 86.33% of the stock is currently owned by hedge funds and other institutional investors.
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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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