Piper Sandler Boosts Akamai Technologies (NASDAQ:AKAM) Price Target to $122.00

Akamai Technologies (NASDAQ:AKAM) had its price objective raised by Piper Sandler from $119.00 to $122.00 in a research note published on Wednesday morning, BenzingaRatingsTable reports. The firm currently has an overweight rating on the technology infrastructure company’s stock.

A number of other analysts also recently weighed in on the stock. Tigress Financial reaffirmed a buy rating on shares of Akamai Technologies in a research report on Tuesday, May 26th. William Blair reaffirmed a buy rating on shares of Akamai Technologies in a research report on Thursday, April 9th. Nomura Securities reissued a hold rating and set a $115.00 price objective (up from $100.00) on shares of Akamai Technologies in a research report on Wednesday, April 15th. Oppenheimer reissued a buy rating and set a $130.00 price objective on shares of Akamai Technologies in a research report on Monday, May 4th. Finally, Cowen raised shares of Akamai Technologies from a market perform rating to an outperform rating and increased their price objective for the company from $107.00 to $150.00 in a research report on Thursday, July 2nd. Eight equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $117.00.

NASDAQ:AKAM opened at $112.44 on Wednesday. The firm’s 50-day moving average price is $108.31 and its 200-day moving average price is $99.29. The company has a market capitalization of $17.93 billion, a PE ratio of 34.07, a P/E/G ratio of 2.28 and a beta of 0.34. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.34 and a quick ratio of 3.20. Akamai Technologies has a 1-year low of $75.18 and a 1-year high of $116.39.

Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Tuesday, July 28th. The technology infrastructure company reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.17. The firm had revenue of $794.72 million for the quarter, compared to the consensus estimate of $767.38 million. Akamai Technologies had a net margin of 17.82% and a return on equity of 17.37%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 EPS. Equities analysts anticipate that Akamai Technologies will post 3.93 EPS for the current fiscal year.

In related news, CFO Edward J. Mcgowan sold 2,516 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $116.00, for a total value of $291,856.00. Following the completion of the transaction, the chief financial officer now directly owns 5,129 shares of the company’s stock, valued at $594,964. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Rick M. Mcconnell sold 11,120 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $96.00, for a total transaction of $1,067,520.00. Following the completion of the transaction, the insider now directly owns 38,747 shares of the company’s stock, valued at $3,719,712. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,992 shares of company stock valued at $3,849,989. 2.40% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of AKAM. Bay Harbor Wealth Management LLC boosted its stake in Akamai Technologies by 19.0% during the second quarter. Bay Harbor Wealth Management LLC now owns 570 shares of the technology infrastructure company’s stock worth $61,000 after buying an additional 91 shares during the period. Louisiana State Employees Retirement System boosted its stake in Akamai Technologies by 1.4% during the second quarter. Louisiana State Employees Retirement System now owns 7,000 shares of the technology infrastructure company’s stock worth $750,000 after buying an additional 100 shares during the period. Ellevest Inc. boosted its stake in Akamai Technologies by 16.2% during the second quarter. Ellevest Inc. now owns 725 shares of the technology infrastructure company’s stock worth $78,000 after buying an additional 101 shares during the period. Koshinski Asset Management Inc. boosted its stake in Akamai Technologies by 1.2% during the first quarter. Koshinski Asset Management Inc. now owns 10,071 shares of the technology infrastructure company’s stock worth $921,000 after buying an additional 115 shares during the period. Finally, Slow Capital Inc. boosted its stake in Akamai Technologies by 0.5% during the first quarter. Slow Capital Inc. now owns 24,594 shares of the technology infrastructure company’s stock worth $2,250,000 after buying an additional 119 shares during the period. 86.99% of the stock is owned by hedge funds and other institutional investors.

About Akamai Technologies

Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.

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Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

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