Citigroup Cuts Akamai Technologies (NASDAQ:AKAM) Price Target to $102.00

Akamai Technologies (NASDAQ:AKAM) had its price objective dropped by equities researchers at Citigroup from $104.00 to $102.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology infrastructure company’s stock. Citigroup’s target price would suggest a potential upside of 10.97% from the stock’s current price.

Several other research firms have also recently issued reports on AKAM. Evercore ISI reissued an “outperform” rating and issued a $110.00 price objective on shares of Akamai Technologies in a research report on Tuesday, December 17th. UBS Group started coverage on shares of Akamai Technologies in a research report on Monday, December 16th. They issued a “neutral” rating and a $110.00 price objective on the stock. Robert W. Baird reduced their target price on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. HSBC upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective on the stock in a research report on Monday, November 11th. Finally, Oppenheimer upgraded Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price objective for the company in a research report on Monday, December 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Akamai Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $116.10.

Akamai Technologies Trading Up 1.6 %

Shares of NASDAQ:AKAM traded up $1.42 during trading hours on Friday, hitting $91.92. 832,329 shares of the company’s stock traded hands, compared to its average volume of 1,464,720. The firm has a market capitalization of $13.81 billion, a P/E ratio of 27.21, a price-to-earnings-growth ratio of 3.17 and a beta of 0.64. The business has a fifty day moving average price of $93.99 and a 200-day moving average price of $97.26. Akamai Technologies has a 1 year low of $84.70 and a 1 year high of $129.17. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33.

Insider Activity

In other news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $88.61, for a total transaction of $221,525.00. Following the sale, the chief technology officer now directly owns 19,510 shares in the company, valued at approximately $1,728,781.10. This represents a 11.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $93.38, for a total transaction of $93,380.00. Following the completion of the sale, the director now owns 15,719 shares in the company, valued at approximately $1,467,840.22. This represents a 5.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,282 shares of company stock worth $2,099,996 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Akamai Technologies

A number of institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC increased its stake in shares of Akamai Technologies by 85.7% during the third quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock valued at $25,000 after acquiring an additional 114 shares during the period. Bruce G. Allen Investments LLC increased its position in shares of Akamai Technologies by 38.8% during the 4th quarter. Bruce G. Allen Investments LLC now owns 554 shares of the technology infrastructure company’s stock valued at $53,000 after purchasing an additional 155 shares during the period. Eastern Bank bought a new stake in shares of Akamai Technologies in the 3rd quarter worth $71,000. Covestor Ltd lifted its holdings in shares of Akamai Technologies by 67.7% in the third quarter. Covestor Ltd now owns 887 shares of the technology infrastructure company’s stock valued at $90,000 after buying an additional 358 shares during the period. Finally, Catalyst Capital Advisors LLC bought a new position in Akamai Technologies during the third quarter valued at about $102,000. 94.28% of the stock is owned by institutional investors and hedge funds.

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.