Citigroup Cuts Akamai Technologies (NASDAQ:AKAM) Price Target to $102.00

Akamai Technologies (NASDAQ:AKAM) had its price objective reduced by analysts at Citigroup from $104.00 to $102.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the technology infrastructure company’s stock. Citigroup’s target price indicates a potential upside of 10.97% from the company’s previous close.

A number of other brokerages have also recently issued reports on AKAM. UBS Group initiated coverage on Akamai Technologies in a research note on Monday, December 16th. They set a “neutral” rating and a $110.00 price objective for the company. Scotiabank dropped their price target on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating on the stock in a research note on Friday, November 8th. Oppenheimer raised shares of Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price objective on the stock in a research report on Monday, December 2nd. Robert W. Baird decreased their target price on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, Hsbc Global Res upgraded shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Akamai Technologies has an average rating of “Moderate Buy” and an average target price of $116.10.

Akamai Technologies Stock Up 1.6 %

AKAM traded up $1.42 during midday trading on Friday, reaching $91.92. The company’s stock had a trading volume of 832,329 shares, compared to its average volume of 1,464,720. The stock’s 50-day moving average is $93.99 and its 200-day moving average is $97.26. Akamai Technologies has a 1 year low of $84.70 and a 1 year high of $129.17. The firm has a market capitalization of $13.81 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 3.17 and a beta of 0.64. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Insiders Place Their Bets

In related news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total transaction of $366,280.00. Following the completion of the transaction, the executive vice president now directly owns 23,104 shares in the company, valued at approximately $2,115,633.28. The trade was a 14.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Edward J. Mcgowan sold 10,782 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $98.71, for a total transaction of $1,064,291.22. Following the completion of the transaction, the chief financial officer now owns 12,716 shares of the company’s stock, valued at approximately $1,255,196.36. The trade was a 45.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,282 shares of company stock worth $2,099,996. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

Several hedge funds have recently modified their holdings of the stock. Davis Capital Management raised its position in shares of Akamai Technologies by 8.9% during the 4th quarter. Davis Capital Management now owns 7,863 shares of the technology infrastructure company’s stock valued at $752,000 after buying an additional 641 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in Akamai Technologies by 5.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 12,296 shares of the technology infrastructure company’s stock valued at $1,177,000 after purchasing an additional 586 shares during the period. Addenda Capital Inc. lifted its stake in shares of Akamai Technologies by 7.7% in the 4th quarter. Addenda Capital Inc. now owns 92,329 shares of the technology infrastructure company’s stock valued at $8,831,000 after purchasing an additional 6,564 shares during the last quarter. Koshinski Asset Management Inc. boosted its holdings in shares of Akamai Technologies by 1.5% in the 4th quarter. Koshinski Asset Management Inc. now owns 7,867 shares of the technology infrastructure company’s stock worth $752,000 after purchasing an additional 116 shares during the period. Finally, Delta Capital Management LLC increased its position in shares of Akamai Technologies by 4.5% during the 4th quarter. Delta Capital Management LLC now owns 2,790 shares of the technology infrastructure company’s stock valued at $267,000 after purchasing an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Company Profile

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.