Akamai Technologies (NASDAQ:AKAM) Rating Increased to Sector Weight at KeyCorp

Akamai Technologies (NASDAQ:AKAM) was upgraded by equities researchers at KeyCorp from an “underweight” rating to a “sector weight” rating in a note issued to investors on Thursday, March 15th, Marketbeat Ratings reports. The firm presently has a $57.00 target price on the technology infrastructure company’s stock. KeyCorp’s price target would suggest a potential downside of 17.80% from the stock’s previous close. KeyCorp also issued estimates for Akamai Technologies’ Q2 2018 earnings at $0.56 EPS.

A number of other equities analysts have also weighed in on AKAM. JPMorgan Chase upgraded shares of Akamai Technologies from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $44.65 to $75.19 in a research report on Friday, March 9th. Royal Bank of Canada upped their price target on shares of Akamai Technologies to $70.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 7th. Robert W. Baird boosted their target price on shares of Akamai Technologies from $62.00 to $72.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. DA Davidson boosted their target price on shares of Akamai Technologies from $57.00 to $64.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Finally, William Blair reissued an “outperform” rating on shares of Akamai Technologies in a report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $69.96.

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AKAM opened at $69.34 on Thursday. The company has a market capitalization of $12,291.58, a price-to-earnings ratio of 36.49, a PEG ratio of 2.54 and a beta of 0.67. Akamai Technologies has a 1-year low of $44.65 and a 1-year high of $78.28. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.82 and a quick ratio of 2.82.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, February 6th. The technology infrastructure company reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. The business had revenue of $663.50 million during the quarter, compared to analyst estimates of $649.08 million. Akamai Technologies had a net margin of 8.72% and a return on equity of 9.90%. The company’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.72 earnings per share. equities research analysts anticipate that Akamai Technologies will post 2.22 earnings per share for the current fiscal year.

Akamai Technologies announced that its board has initiated a share buyback plan on Thursday, March 8th that allows the company to buyback $417.00 million in outstanding shares. This buyback authorization allows the technology infrastructure company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other Akamai Technologies news, insider Rick M. Mcconnell sold 12,618 shares of the business’s stock in a transaction on Wednesday, April 4th. The shares were sold at an average price of $69.76, for a total transaction of $880,231.68. Following the transaction, the insider now owns 32,434 shares in the company, valued at $2,262,595.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William Wheaton sold 5,000 shares of the business’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the insider now owns 39,465 shares in the company, valued at approximately $2,762,550. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,427 shares of company stock worth $2,388,359. 3.20% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Clearbridge Investments LLC increased its position in Akamai Technologies by 5.5% during the fourth quarter. Clearbridge Investments LLC now owns 9,105,713 shares of the technology infrastructure company’s stock valued at $592,236,000 after acquiring an additional 474,271 shares during the last quarter. King Luther Capital Management Corp increased its position in Akamai Technologies by 4.5% during the fourth quarter. King Luther Capital Management Corp now owns 2,160,085 shares of the technology infrastructure company’s stock valued at $140,492,000 after acquiring an additional 92,520 shares during the last quarter. Geode Capital Management LLC increased its position in Akamai Technologies by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 1,885,681 shares of the technology infrastructure company’s stock valued at $122,397,000 after acquiring an additional 24,367 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its position in Akamai Technologies by 0.8% during the fourth quarter. Disciplined Growth Investors Inc. MN now owns 1,643,075 shares of the technology infrastructure company’s stock valued at $106,866,000 after acquiring an additional 13,472 shares during the last quarter. Finally, Sterling Capital Management LLC increased its position in Akamai Technologies by 1.3% during the third quarter. Sterling Capital Management LLC now owns 1,439,744 shares of the technology infrastructure company’s stock valued at $70,144,000 after acquiring an additional 17,892 shares during the last quarter. Institutional investors and hedge funds own 89.09% of the company’s stock.

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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.

Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

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