Akamai Technologies (NASDAQ:AKAM) Price Target Raised to $96.00 at Morgan Stanley

Akamai Technologies (NASDAQ:AKAM) had its price objective hoisted by Morgan Stanley from $94.00 to $96.00 in a research report report published on Wednesday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the technology infrastructure company’s stock.

A number of other equities research analysts have also issued reports on the stock. Needham & Company LLC assumed coverage on shares of Akamai Technologies in a report on Monday, April 22nd. They set a buy rating and a $95.00 price target on the stock. BidaskClub lowered shares of Akamai Technologies from a buy rating to a hold rating in a report on Saturday, July 27th. ValuEngine upgraded shares of Akamai Technologies from a hold rating to a buy rating in a report on Tuesday, July 2nd. DA Davidson restated a buy rating and set a $95.00 price target on shares of Akamai Technologies in a report on Friday, June 14th. Finally, Evercore ISI restated a hold rating and set a $70.00 price target on shares of Akamai Technologies in a report on Thursday, June 13th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $87.81.

Shares of NASDAQ AKAM traded down $1.79 during midday trading on Wednesday, reaching $88.32. The company’s stock had a trading volume of 1,730,401 shares, compared to its average volume of 1,116,764. The company has a current ratio of 2.95, a quick ratio of 3.19 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average price of $81.69. Akamai Technologies has a one year low of $57.18 and a one year high of $90.76. The stock has a market capitalization of $14.49 billion, a P/E ratio of 32.00, a price-to-earnings-growth ratio of 1.86 and a beta of 0.62.

Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Tuesday, July 30th. The technology infrastructure company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.30. Akamai Technologies had a net margin of 15.12% and a return on equity of 16.32%. The business had revenue of $705.07 million for the quarter, compared to the consensus estimate of $695.88 million. During the same period in the previous year, the firm earned $0.83 EPS. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. Research analysts anticipate that Akamai Technologies will post 3.23 EPS for the current year.

In related news, CFO Edward J. Mcgowan sold 3,247 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $89.08, for a total transaction of $289,242.76. Following the transaction, the chief financial officer now directly owns 8,795 shares of the company’s stock, valued at $783,458.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Adam Karon sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $85.00, for a total transaction of $297,500.00. Following the transaction, the executive vice president now directly owns 9,418 shares in the company, valued at $800,530. The disclosure for this sale can be found here. Insiders have sold 21,247 shares of company stock worth $1,715,963 over the last ninety days. 2.40% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in AKAM. Signaturefd LLC grew its position in Akamai Technologies by 11.3% in the second quarter. Signaturefd LLC now owns 1,130 shares of the technology infrastructure company’s stock worth $91,000 after acquiring an additional 115 shares in the last quarter. World Asset Management Inc grew its position in Akamai Technologies by 1.2% in the second quarter. World Asset Management Inc now owns 11,701 shares of the technology infrastructure company’s stock worth $938,000 after acquiring an additional 136 shares in the last quarter. Fulton Bank N.A. grew its position in Akamai Technologies by 3.0% in the second quarter. Fulton Bank N.A. now owns 4,695 shares of the technology infrastructure company’s stock worth $377,000 after acquiring an additional 137 shares in the last quarter. S&CO Inc. grew its position in Akamai Technologies by 2.1% in the second quarter. S&CO Inc. now owns 7,301 shares of the technology infrastructure company’s stock worth $585,000 after acquiring an additional 149 shares in the last quarter. Finally, CAPROCK Group Inc. grew its position in Akamai Technologies by 3.2% in the first quarter. CAPROCK Group Inc. now owns 4,864 shares of the technology infrastructure company’s stock worth $349,000 after acquiring an additional 151 shares in the last quarter. 87.72% of the stock is currently owned by hedge funds and other institutional investors.

About Akamai Technologies

Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.

See Also: Liquidity

Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

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