Instinet Reiterates “Neutral” Rating for Akamai Technologies, Inc. (AKAM)

Akamai Technologies, Inc. (NASDAQ:AKAM)‘s stock had its “neutral” rating reissued by equities research analysts at Instinet in a note issued to investors on Friday. They currently have a $47.00 price objective on the technology infrastructure company’s stock. Instinet’s price objective indicates a potential downside of 7.17% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. B. Riley reaffirmed a “buy” rating and issued a $60.00 price target on shares of Akamai Technologies in a research note on Friday, July 28th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $57.00 price target on shares of Akamai Technologies in a research note on Wednesday, July 26th. BidaskClub downgraded shares of Akamai Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 19th. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $53.00 to $54.00 in a research note on Monday, October 2nd. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $60.00 price target on shares of Akamai Technologies in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Akamai Technologies presently has an average rating of “Hold” and an average target price of $60.28.

Akamai Technologies (NASDAQ:AKAM) opened at 50.63 on Friday. The firm’s 50-day moving average price is $47.26 and its 200-day moving average price is $51.10. The company has a market cap of $8.68 billion, a PE ratio of 28.91 and a beta of 0.65. Akamai Technologies has a 12-month low of $44.65 and a 12-month high of $71.64.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, July 25th. The technology infrastructure company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. Akamai Technologies had a net margin of 12.67% and a return on equity of 10.97%. The firm had revenue of $608.90 million during the quarter, compared to the consensus estimate of $604.51 million. During the same period in the previous year, the firm posted $0.64 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. Equities research analysts forecast that Akamai Technologies will post $2.52 earnings per share for the current fiscal year.

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In related news, insider William Wheaton sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $49.81, for a total transaction of $498,100.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO F Thomson Leighton purchased 19,817 shares of the company’s stock in a transaction that occurred on Friday, July 14th. The shares were acquired at an average price of $50.45 per share, for a total transaction of $999,767.65. Following the completion of the purchase, the chief executive officer now directly owns 205,861 shares in the company, valued at approximately $10,385,687.45. The disclosure for this purchase can be found here. Insiders have purchased a total of 46,371 shares of company stock worth $2,245,016 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in AKAM. Pacer Advisors Inc. lifted its stake in shares of Akamai Technologies by 4.2% during the 1st quarter. Pacer Advisors Inc. now owns 5,189 shares of the technology infrastructure company’s stock valued at $310,000 after buying an additional 208 shares in the last quarter. Neuberger Berman Group LLC purchased a new stake in shares of Akamai Technologies during the 1st quarter valued at approximately $304,000. Cadence Capital Management LLC lifted its stake in shares of Akamai Technologies by 37.6% during the 1st quarter. Cadence Capital Management LLC now owns 4,703 shares of the technology infrastructure company’s stock valued at $281,000 after buying an additional 1,286 shares in the last quarter. OppenheimerFunds Inc. lifted its stake in shares of Akamai Technologies by 15.7% during the 1st quarter. OppenheimerFunds Inc. now owns 4,454 shares of the technology infrastructure company’s stock valued at $266,000 after buying an additional 606 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Akamai Technologies by 0.6% during the 1st quarter. Principal Financial Group Inc. now owns 276,381 shares of the technology infrastructure company’s stock valued at $16,500,000 after buying an additional 1,738 shares in the last quarter. Institutional investors own 84.49% of the company’s stock.

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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