Akamai Technologies (NASDAQ:AKAM) Price Target Cut to $102.00 by Analysts at Citigroup

Akamai Technologies (NASDAQ:AKAM) had its price objective decreased by Citigroup from $104.00 to $102.00 in a research report report published on Friday,Benzinga reports. Citigroup currently has a neutral rating on the technology infrastructure company’s stock.

Several other analysts have also recently commented on AKAM. UBS Group started coverage on shares of Akamai Technologies in a report on Monday, December 16th. They set a “neutral” rating and a $110.00 price target for the company. Hsbc Global Res upgraded shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Robert W. Baird dropped their price target on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. Oppenheimer raised 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. Finally, HSBC raised Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 target price on the stock in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Akamai Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.10.

Akamai Technologies Stock Up 0.6 %

Shares of Akamai Technologies stock opened at $91.01 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. Akamai Technologies has a 1 year low of $84.70 and a 1 year high of $129.17. The stock has a 50-day moving average price of $94.02 and a 200 day moving average price of $97.27. The company has a market cap of $13.67 billion, a P/E ratio of 26.93, a P/E/G ratio of 3.17 and a beta of 0.64.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $88.63, for a total value of $354,520.00. Following the completion of the sale, the executive vice president now directly owns 26,703 shares of the company’s stock, valued at $2,366,686.89. This represents a 13.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Edward J. Mcgowan sold 10,782 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $98.71, for a total transaction of $1,064,291.22. Following the completion of the sale, the chief financial officer now owns 12,716 shares in the company, valued at $1,255,196.36. This represents a 45.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,282 shares of company stock valued at $2,099,996 in the last quarter. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

Several hedge funds have recently made changes to their positions in AKAM. Dimensional Fund Advisors LP lifted its position in shares of Akamai Technologies by 25.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock worth $156,088,000 after acquiring an additional 347,626 shares during the period. Geode Capital Management LLC grew its holdings in shares of Akamai Technologies by 5.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock worth $423,066,000 after purchasing an additional 202,746 shares during the last quarter. Empyrean Capital Partners LP acquired a new position in Akamai Technologies in the second quarter valued at about $15,314,000. Distillate Capital Partners LLC bought a new stake in Akamai Technologies during the second quarter worth about $14,130,000. Finally, Retirement Systems of Alabama increased its holdings in shares of Akamai Technologies by 20.0% during the third quarter. Retirement Systems of Alabama now owns 837,155 shares of the technology infrastructure company’s stock worth $84,511,000 after buying an additional 139,760 shares in the last quarter. 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.