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

Akamai Technologies (NASDAQ:AKAM) had its price target cut by analysts at Scotiabank from $115.00 to $107.00 in a report released on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the technology infrastructure company’s stock. Scotiabank’s price target suggests a potential upside of 29.98% from the stock’s previous close.

AKAM has been the topic of several other research reports. Bank of America cut shares of Akamai Technologies from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $125.00 to $100.00 in a research report on Friday. TD Cowen downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating and lowered their target price for the company from $125.00 to $98.00 in a research note on Friday. Oppenheimer raised Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price objective on the stock in a report on Monday, December 2nd. JPMorgan Chase & Co. cut their price objective on shares of Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating for the company in a report on Friday. Finally, Evercore ISI reiterated an “outperform” rating and set a $110.00 price target on shares of Akamai Technologies in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.40.

Akamai Technologies Trading Down 16.0 %

AKAM stock traded down $15.71 during midday trading on Friday, hitting $82.32. The company had a trading volume of 8,376,693 shares, compared to its average volume of 1,933,814. The stock has a market cap of $12.37 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 3.58 and a beta of 0.65. Akamai Technologies has a 52 week low of $82.15 and a 52 week high of $113.36. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The stock’s 50 day moving average price is $96.60 and its 200 day moving average price is $97.96.

Akamai Technologies (NASDAQ:AKAM) last posted 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 for the quarter, compared to the consensus estimate of $1.02 billion. As a group, equities research analysts expect that Akamai Technologies will post 4.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total transaction of $93,380.00. Following the completion of the sale, the director now owns 15,719 shares in the company, valued at approximately $1,467,840.22. This represents a 5.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $91.57, for a total value of $366,280.00. Following the sale, the executive vice president now directly owns 23,104 shares in the company, valued at $2,115,633.28. This trade represents a 14.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,782 shares of company stock worth $1,523,951 in the last 90 days. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

A number of institutional investors and hedge funds have recently modified their holdings of AKAM. Allspring Global Investments Holdings LLC boosted its position in Akamai Technologies by 14.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 102,175 shares of the technology infrastructure company’s stock worth $10,315,000 after purchasing an additional 12,913 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Akamai Technologies by 10.1% in the 3rd quarter. Signaturefd LLC now owns 1,402 shares of the technology infrastructure company’s stock valued at $142,000 after buying an additional 129 shares during the period. Eastern Bank acquired a new position in shares of Akamai Technologies during the third quarter worth about $71,000. Private Advisor Group LLC increased its stake in shares of Akamai Technologies by 8.0% during the third quarter. Private Advisor Group LLC now owns 6,477 shares of the technology infrastructure company’s stock worth $654,000 after buying an additional 477 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Akamai Technologies in the third quarter worth approximately $30,470,000. Institutional investors and hedge funds 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.