Akamai Technologies, Inc. (AKAM) Shares Gap Up on Analyst Upgrade

Akamai Technologies, Inc. (NASDAQ:AKAM) shares gapped up prior to trading on Thursday after Credit Suisse Group raised their price target on the stock from $50.00 to $55.00. The stock had previously closed at $52.35, but opened at $54.00. Credit Suisse Group currently has a neutral rating on the stock. Akamai Technologies shares last traded at $53.49, with a volume of 1,552,171 shares trading hands.

AKAM has been the subject of a number of other reports. Vetr upgraded Akamai Technologies from a “buy” rating to a “strong-buy” rating and set a $52.07 price target for the company in a research note on Wednesday, September 6th. Goldman Sachs Group, Inc. (The) restated a “sell” rating and issued a $46.00 price target (down from $52.00) on shares of Akamai Technologies in a research note on Friday, June 30th. Instinet restated a “neutral” rating and issued a $47.00 price target (down from $48.00) on shares of Akamai Technologies in a research note on Tuesday, September 5th. Wells Fargo & Company set a $57.00 price target on Akamai Technologies and gave the company a “hold” rating in a research note on Tuesday, October 10th. Finally, Zacks Investment Research downgraded Akamai Technologies from a “hold” rating to a “sell” rating in a research note on Monday, October 16th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $60.73.

In related news, CEO F Thomson Leighton acquired 21,554 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was purchased at an average cost of $46.91 per share, with a total value of $1,011,098.14. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Rick M. Mcconnell sold 7,579 shares of Akamai Technologies stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $51.00, for a total value of $386,529.00. The disclosure for this sale can be found here. 3.20% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in AKAM. First Trust Advisors LP raised its holdings in Akamai Technologies by 41.8% in the 2nd quarter. First Trust Advisors LP now owns 4,849,323 shares of the technology infrastructure company’s stock valued at $241,545,000 after acquiring an additional 1,428,886 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Akamai Technologies by 5,158.8% in the 2nd quarter. Janus Henderson Group PLC now owns 1,202,110 shares of the technology infrastructure company’s stock valued at $59,877,000 after acquiring an additional 1,179,251 shares in the last quarter. Fairpointe Capital LLC raised its holdings in Akamai Technologies by 44.0% in the 2nd quarter. Fairpointe Capital LLC now owns 3,212,227 shares of the technology infrastructure company’s stock valued at $160,001,000 after acquiring an additional 981,069 shares in the last quarter. ETF Managers Group LLC acquired a new position in Akamai Technologies in the 2nd quarter valued at $45,156,000. Finally, Thrivent Financial For Lutherans raised its holdings in Akamai Technologies by 83.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 1,908,864 shares of the technology infrastructure company’s stock valued at $95,080,000 after acquiring an additional 867,795 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

The firm’s 50-day moving average is $49.19 and its 200 day moving average is $50.10. The company has a market capitalization of $9.14 billion, a PE ratio of 30.46 and a beta of 0.65.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, October 24th. The technology infrastructure company reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.03. Akamai Technologies had a return on equity of 10.28% and a net margin of 11.84%. The firm had revenue of $621.00 million during the quarter, compared to analyst estimates of $610.66 million. During the same period last year, the company earned $0.68 earnings per share. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. Equities analysts anticipate that Akamai Technologies, Inc. will post $2.56 earnings per share for the current fiscal year.

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About Akamai Technologies

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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