Akamai Technologies (NASDAQ:AKAM) Hits New 1-Year Low – Here’s Why

Akamai Technologies, Inc. (NASDAQ:AKAM)’s stock price hit a new 52-week low during trading on Friday . The stock traded as low as $87.13 and last traded at $87.28, with a volume of 602173 shares trading hands. The stock had previously closed at $88.35.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Craig Hallum upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and raised their price target for the company from $110.00 to $125.00 in a research note on Friday, August 9th. Hsbc Global Res upgraded shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday. DA Davidson restated a “buy” rating and issued a $115.00 price target on shares of Akamai Technologies in a research note on Friday, August 9th. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price target on shares of Akamai Technologies in a research note on Thursday, August 15th. Finally, TD Cowen raised their price target on shares of Akamai Technologies from $129.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Akamai Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $117.47.

Akamai Technologies Stock Performance

The firm has a market cap of $13.14 billion, a price-to-earnings ratio of 25.89, a price-to-earnings-growth ratio of 3.36 and a beta of 0.68. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.33. The firm’s 50 day moving average is $100.02 and its 200-day moving average is $96.88.

Insider Buying and Selling

In other news, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the transaction, the director now owns 16,719 shares in the company, valued at approximately $1,684,104.87. The trade was a 5.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the transaction, the executive vice president now owns 30,703 shares in the company, valued at approximately $2,987,401.90. The trade was a 11.53 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC raised its position in Akamai Technologies by 19.6% in the first quarter. Janus Henderson Group PLC now owns 41,034 shares of the technology infrastructure company’s stock worth $4,462,000 after purchasing an additional 6,724 shares in the last quarter. Principal Financial Group Inc. grew its stake in Akamai Technologies by 3.5% during the third quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company’s stock worth $20,236,000 after buying an additional 6,785 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in Akamai Technologies by 15.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 211,820 shares of the technology infrastructure company’s stock worth $23,038,000 after buying an additional 28,304 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Akamai Technologies by 17.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 185,101 shares of the technology infrastructure company’s stock worth $20,132,000 after buying an additional 27,484 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in Akamai Technologies during the first quarter worth about $1,093,000. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Company Profile

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.