Akamai Technologies (NASDAQ:AKAM) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Akamai Technologies (NASDAQ:AKAM) in a report released on Wednesday, MarketBeat reports. The brokerage issued a sell rating and a $67.00 price objective on the technology infrastructure company’s stock.

Several other research firms have also recently weighed in on AKAM. UBS Group boosted their price objective on shares of Akamai Technologies from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Wall Street Zen raised shares of Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Raymond James Financial decreased their target price on shares of Akamai Technologies from $110.00 to $84.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. Piper Sandler dropped their price target on Akamai Technologies from $88.00 to $83.00 and set a “neutral” rating on the stock in a research note on Friday, August 8th. Finally, Morgan Stanley cut Akamai Technologies from an “equal weight” rating to an “underweight” rating and set a $85.00 price objective for the company. in a research report on Tuesday, August 5th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $94.89.

Akamai Technologies Stock Up 4.8%

Akamai Technologies stock opened at $75.44 on Wednesday. Akamai Technologies has a 12 month low of $67.51 and a 12 month high of $106.80. The stock has a fifty day simple moving average of $77.88 and a two-hundred day simple moving average of $81.09. The company has a current ratio of 2.31, a quick ratio of 1.18 and a debt-to-equity ratio of 0.92. The firm has a market cap of $10.82 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 2.79 and a beta of 0.76.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Thursday, August 7th. The technology infrastructure company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.55 by $0.18. Akamai Technologies had a return on equity of 14.26% and a net margin of 10.40%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the company earned $1.58 EPS. Akamai Technologies’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities analysts predict that Akamai Technologies will post 4.6 EPS for the current fiscal year.

Insider Activity at Akamai Technologies

In other news, EVP Kim Salem-Jackson sold 13,157 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total value of $1,004,273.81. Following the completion of the sale, the executive vice president directly owned 43,575 shares of the company’s stock, valued at $3,326,079.75. This represents a 23.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Paul C. Joseph sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $77.74, for a total transaction of $388,700.00. Following the sale, the executive vice president owned 32,349 shares in the company, valued at $2,514,811.26. The trade was a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

A number of institutional investors have recently bought and sold shares of AKAM. Jump Financial LLC purchased a new position in shares of Akamai Technologies in the second quarter valued at about $216,000. Flow Traders U.S. LLC purchased a new stake in shares of Akamai Technologies during the second quarter worth about $284,000. Cresset Asset Management LLC bought a new stake in Akamai Technologies during the 2nd quarter valued at approximately $2,515,000. Baird Financial Group Inc. lifted its holdings in Akamai Technologies by 1.7% in the 2nd quarter. Baird Financial Group Inc. now owns 59,975 shares of the technology infrastructure company’s stock worth $4,784,000 after purchasing an additional 991 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Akamai Technologies by 4.9% in the 2nd quarter. First Trust Advisors LP now owns 6,061,962 shares of the technology infrastructure company’s stock worth $483,502,000 after purchasing an additional 281,526 shares in the last quarter. Hedge funds and other 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.