Royal Bank of Canada Lowers Akamai Technologies (NASDAQ:AKAM) Price Target to $90.00

Akamai Technologies (NASDAQ:AKAM) had its price objective cut by investment analysts at Royal Bank of Canada from $100.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the technology infrastructure company’s stock. Royal Bank of Canada’s target price points to a potential upside of 13.77% from the company’s previous close.

A number of other research firms have also recently issued reports on AKAM. Evercore ISI reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Akamai Technologies in a report on Tuesday, December 17th. Craig Hallum cut shares of Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 target price for the company. in a report on Friday. Scotiabank reduced their target price on shares of Akamai Technologies from $115.00 to $107.00 and set a “sector outperform” rating for the company in a report on Friday. Robert W. Baird reduced their target price on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, Piper Sandler cut shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $112.00 to $100.00 in a report on Friday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $107.90.

Akamai Technologies Stock Performance

Shares of NASDAQ AKAM traded down $18.93 during midday trading on Friday, reaching $79.11. The company had a trading volume of 11,372,253 shares, compared to its average volume of 2,033,373. The business’s 50-day simple moving average is $96.60 and its 200 day simple moving average is $97.96. The stock has a market cap of $11.88 billion, a P/E ratio of 23.61, a P/E/G ratio of 3.58 and a beta of 0.65. Akamai Technologies has a 1 year low of $79.84 and a 1 year high of $113.36. 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 (NASDAQ:AKAM) last posted its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Akamai Technologies had a return on equity of 14.63% and a net margin of 13.27%. On average, analysts forecast that Akamai Technologies will post 4.28 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $91.57, for a total value of $366,280.00. Following the completion of the transaction, the executive vice president now owns 23,104 shares in the company, valued at approximately $2,115,633.28. The trade was a 14.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 15,719 shares of the company’s stock, valued at $1,467,840.22. This trade represents a 5.98 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,782 shares of company stock valued at $1,523,951. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AKAM. Allspring Global Investments Holdings LLC grew its holdings in Akamai Technologies by 14.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 102,175 shares of the technology infrastructure company’s stock worth $10,315,000 after acquiring an additional 12,913 shares in the last quarter. Signaturefd LLC grew its holdings in Akamai Technologies by 10.1% during the 3rd quarter. Signaturefd LLC now owns 1,402 shares of the technology infrastructure company’s stock worth $142,000 after acquiring an additional 129 shares in the last quarter. Eastern Bank acquired a new position in shares of Akamai Technologies in the 3rd quarter valued at $71,000. Private Advisor Group LLC boosted its holdings in shares of Akamai Technologies by 8.0% in the 3rd quarter. Private Advisor Group LLC now owns 6,477 shares of the technology infrastructure company’s stock valued at $654,000 after buying an additional 477 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Akamai Technologies in the 3rd quarter valued at $30,470,000. Institutional investors and hedge funds 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.