Akamai Technologies (AKAM) Rating Lowered to Strong Sell at BidaskClub

Akamai Technologies (NASDAQ:AKAM) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Thursday.

AKAM has been the subject of a number of other research reports. Deutsche Bank reduced their price objective on shares of Akamai Technologies and set a “hold” rating for the company in a research report on Thursday, October 4th. Piper Jaffray Companies restated a “buy” rating on shares of Akamai Technologies in a research report on Monday, October 1st. B. Riley reduced their price objective on shares of 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. Robert W. Baird restated a “hold” rating and issued a $77.00 price objective on shares of Akamai Technologies in a research report on Wednesday, August 1st. Finally, ValuEngine upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, October 31st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $80.29.

Shares of NASDAQ:AKAM opened at $70.94 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.03 and a quick ratio of 2.19. The stock has a market capitalization of $12.13 billion, a P/E ratio of 37.34, a PEG ratio of 1.83 and a beta of 0.56. Akamai Technologies has a 52 week low of $53.08 and a 52 week high of $83.08.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Monday, October 29th. The technology infrastructure company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.11. The firm had revenue of $669.63 million during the quarter, compared to the consensus estimate of $664.17 million. Akamai Technologies had a net margin of 8.39% and a return on equity of 12.06%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 earnings per share. On average, sell-side analysts anticipate that Akamai Technologies will post 2.66 earnings per share for the current fiscal year.

Akamai Technologies announced that its board has initiated a share buyback plan on Monday, October 29th that authorizes the company to buyback $1.10 billion in shares. This buyback authorization authorizes the technology infrastructure company to repurchase up to 10.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

In other news, insider William Wheaton sold 3,922 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $71.73, for a total transaction of $281,325.06. Following the completion of the sale, the insider now directly owns 26,820 shares in the company, valued at approximately $1,923,798.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Robert Blumofe sold 4,000 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $73.34, for a total transaction of $293,360.00. Following the sale, the executive vice president now owns 15,951 shares of the company’s stock, valued at $1,169,846.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,545 shares of company stock valued at $4,567,902. Insiders own 3.20% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of Akamai Technologies by 1.5% during the 1st quarter. Principal Financial Group Inc. now owns 260,048 shares of the technology infrastructure company’s stock worth $18,458,000 after purchasing an additional 3,904 shares in the last quarter. DnB Asset Management AS increased its stake in shares of Akamai Technologies by 6.1% during the 2nd quarter. DnB Asset Management AS now owns 17,306 shares of the technology infrastructure company’s stock worth $1,267,000 after purchasing an additional 1,000 shares in the last quarter. IFM Investors Pty Ltd increased its stake in shares of Akamai Technologies by 42.1% during the 2nd quarter. IFM Investors Pty Ltd now owns 8,398 shares of the technology infrastructure company’s stock worth $615,000 after purchasing an additional 2,490 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Akamai Technologies by 46.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 49,674 shares of the technology infrastructure company’s stock worth $3,636,000 after purchasing an additional 15,860 shares in the last quarter. Finally, Addenda Capital Inc. increased its stake in shares of Akamai Technologies by 91.5% during the 2nd quarter. Addenda Capital Inc. now owns 75,014 shares of the technology infrastructure company’s stock worth $5,405,000 after purchasing an additional 35,840 shares in the last quarter. Institutional investors own 86.27% of the company’s stock.

Akamai Technologies Company Profile

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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Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

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