Akamai Technologies, Inc. (NASDAQ:AKAM) shares dropped 5.8% during trading on Wednesday . The company traded as low as $83.24 and last traded at $84.16, approximately 4,473,553 shares were traded during mid-day trading. An increase of 245% from the average daily volume of 1,297,531 shares. The stock had previously closed at $89.37.
AKAM has been the subject of a number of research analyst reports. Royal Bank of Canada set a $83.00 target price on Akamai Technologies and gave the company a “hold” rating in a research note on Wednesday, July 31st. Zacks Investment Research upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $84.00 target price for the company in a research note on Tuesday, June 25th. ValuEngine cut Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. DA Davidson reiterated a “buy” rating and set a $95.00 price objective on shares of Akamai Technologies in a research note on Friday, June 14th. Finally, Evercore ISI reiterated a “hold” rating and set a $70.00 price objective on shares of Akamai Technologies in a research note on Thursday, June 13th. Two equities 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 company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $87.81.
The business’s 50 day simple moving average is $83.88. The company has a market cap of $14.31 billion, a price-to-earnings ratio of 30.49, a PEG ratio of 1.86 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.19 and a current ratio of 2.95.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Tuesday, July 30th. The technology infrastructure company reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.30. The business had revenue of $705.07 million during the quarter, compared to analysts’ expectations of $695.88 million. Akamai Technologies had a return on equity of 16.32% and a net margin of 15.12%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 earnings per share. As a group, equities research analysts expect that Akamai Technologies, Inc. will post 3.29 EPS for the current fiscal year.
In other Akamai Technologies news, EVP Adam Karon sold 3,500 shares of Akamai Technologies stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $85.00, for a total value of $297,500.00. Following the completion of the sale, the executive vice president now owns 9,418 shares of the company’s stock, valued at approximately $800,530. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Edward J. Mcgowan sold 3,247 shares of Akamai Technologies stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $89.08, for a total value of $289,242.76. Following the completion of the sale, the chief financial officer now directly owns 8,795 shares of the company’s stock, valued at approximately $783,458.60. The disclosure for this sale can be found here. In the last three months, insiders sold 21,247 shares of company stock valued at $1,715,963. Corporate insiders own 2.40% of the company’s stock.
Several institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. grew its holdings in shares of Akamai Technologies by 259.3% in the second quarter. Bessemer Group Inc. now owns 1,581 shares of the technology infrastructure company’s stock worth $126,000 after acquiring an additional 1,141 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in shares of Akamai Technologies by 0.9% in the first quarter. Nomura Asset Management Co. Ltd. now owns 42,139 shares of the technology infrastructure company’s stock worth $3,022,000 after acquiring an additional 377 shares during the period. Wakefield Asset Management LLLP grew its holdings in shares of Akamai Technologies by 9.7% in the first quarter. Wakefield Asset Management LLLP now owns 33,902 shares of the technology infrastructure company’s stock worth $2,431,000 after acquiring an additional 3,007 shares during the period. Advisor Group Inc. grew its holdings in shares of Akamai Technologies by 20.6% in the first quarter. Advisor Group Inc. now owns 56,209 shares of the technology infrastructure company’s stock worth $4,030,000 after acquiring an additional 9,617 shares during the period. Finally, S&CO Inc. bought a new stake in shares of Akamai Technologies in the first quarter worth $513,000. 87.24% of the stock is owned by institutional investors and hedge funds.
Akamai Technologies Company Profile (NASDAQ:AKAM)
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.
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