Akamai Technologies (NASDAQ:AKAM) Downgraded to “Neutral” Rating by Bank of America

Bank of America lowered shares of Akamai Technologies (NASDAQ:AKAM) from a buy rating to a neutral rating in a research report sent to investors on Friday, Marketbeat Ratings reports. Bank of America currently has $100.00 price target on the technology infrastructure company’s stock, down from their prior price target of $125.00.

Several other equities research analysts also recently weighed in on AKAM. UBS Group assumed coverage on Akamai Technologies in a report on Monday, December 16th. They set a “neutral” rating and a $110.00 price target on the stock. Hsbc Global Res upgraded shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. TD Cowen downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating and decreased their price target for the stock from $125.00 to $98.00 in a research note on Friday. Piper Sandler downgraded shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $112.00 to $100.00 in a research report on Friday. Finally, Citigroup reduced their price objective on shares of Akamai Technologies from $104.00 to $102.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Akamai Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.90.

Akamai Technologies Trading Down 21.7 %

NASDAQ AKAM opened at $76.73 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market cap of $11.53 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 3.58 and a beta of 0.65. The firm has a 50 day simple moving average of $96.15 and a 200-day simple moving average of $97.86. Akamai Technologies has a one year low of $76.50 and a one year high of $113.36.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.33). Akamai Technologies had a net margin of 13.27% and a return on equity of 14.63%. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Equities research analysts anticipate that Akamai Technologies will post 4.28 EPS for the current fiscal year.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, CFO Edward J. Mcgowan sold 10,782 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $98.71, for a total value of $1,064,291.22. Following the completion of the transaction, the chief financial officer now owns 12,716 shares in the company, valued at approximately $1,255,196.36. This represents a 45.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total transaction of $93,380.00. Following the sale, the director now owns 15,719 shares in the company, valued at $1,467,840.22. The trade was a 5.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,782 shares of company stock worth $1,523,951 in the last quarter. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

A number of large investors have recently made changes to their positions in AKAM. Banque Cantonale Vaudoise grew its position in Akamai Technologies by 86.9% during the third quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company’s stock worth $4,481,000 after buying an additional 20,633 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Akamai Technologies by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company’s stock worth $20,236,000 after acquiring an additional 6,785 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Akamai Technologies by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company’s stock worth $90,083,000 after acquiring an additional 11,272 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in Akamai Technologies by 32.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company’s stock valued at $19,018,000 after purchasing an additional 46,335 shares in the last quarter. Finally, Cascade Investment Advisors Inc. acquired a new position in Akamai Technologies during the fourth quarter worth $827,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

About Akamai Technologies

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.