Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) have received an average rating of “Buy” from the twenty-five ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, fourteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $80.30.
Several brokerages recently issued reports on AKAM. ValuEngine raised Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, July 25th. B. Riley lowered their target price on Akamai Technologies from $99.00 to $97.00 and set a “$79.75” rating for the company in a research report on Monday, July 23rd. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $89.00 target price on shares of Akamai Technologies in a research report on Friday, July 20th. Deutsche Bank lowered Akamai Technologies from a “buy” rating to a “hold” rating and lowered their target price for the stock from $90.00 to $80.00 in a research report on Wednesday, August 1st. Finally, BidaskClub lowered Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st.
NASDAQ:AKAM traded down $0.53 during trading hours on Monday, hitting $71.76. 1,841,927 shares of the company were exchanged, compared to its average volume of 2,643,656. The firm has a market cap of $12.25 billion, a P/E ratio of 37.77, a P/E/G ratio of 1.96 and a beta of 0.56. The company has a quick ratio of 2.19, a current ratio of 2.03 and a debt-to-equity ratio of 0.27. Akamai Technologies has a one year low of $52.02 and a one year high of $83.08.
Akamai Technologies declared that its board has authorized a stock buyback program on Monday, October 29th that allows the company to repurchase $1.10 billion in shares. This repurchase authorization allows the technology infrastructure company to purchase up to 10.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In other news, EVP Robert Blumofe sold 4,000 shares of Akamai Technologies stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $73.34, for a total value of $293,360.00. Following the completion of the transaction, the executive vice president now directly owns 15,951 shares of the company’s stock, valued at approximately $1,169,846.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Aaron Ahola sold 1,123 shares of Akamai Technologies stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $73.63, for a total value of $82,686.49. Following the completion of the transaction, the senior vice president now directly owns 4,035 shares of the company’s stock, valued at $297,097.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,215 shares of company stock valued at $3,315,374. Corporate insiders own 3.20% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Exane Derivatives acquired a new stake in shares of Akamai Technologies in the 3rd quarter valued at about $101,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Akamai Technologies in the 2nd quarter valued at about $102,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Akamai Technologies by 291.6% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,762 shares of the technology infrastructure company’s stock valued at $128,000 after buying an additional 1,312 shares during the period. Whittier Trust Co. grew its stake in shares of Akamai Technologies by 61.7% in the 2nd quarter. Whittier Trust Co. now owns 2,266 shares of the technology infrastructure company’s stock valued at $138,000 after buying an additional 865 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Akamai Technologies in the 2nd quarter valued at about $142,000. 85.82% of the stock is owned by hedge funds and other institutional investors.
About Akamai Technologies
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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