Royal Bank of Canada Raises Akamai Technologies (NASDAQ:AKAM) Price Target to $105.00

Akamai Technologies (NASDAQ:AKAM) had its price objective increased by Royal Bank of Canada from $94.00 to $105.00 in a report issued on Wednesday, The Fly reports.

Other research analysts have also issued research reports about the stock. B. Riley increased their target price on shares of Akamai Technologies from $120.00 to $125.00 and gave the stock a buy rating in a research report on Wednesday, April 29th. Craig Hallum increased their price objective on shares of Akamai Technologies from $120.00 to $130.00 and gave the company a buy rating in a research note on Wednesday. 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 note on Thursday, July 2nd. Nomura Securities reissued a hold rating and issued a $115.00 price objective (up previously from $100.00) on shares of Akamai Technologies in a research note on Wednesday, April 15th. Finally, Needham & Company LLC increased their price objective on shares of Akamai Technologies from $112.00 to $135.00 and gave the company a buy rating in a research note on Wednesday, July 22nd. Eight analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $117.00.

Shares of AKAM opened at $112.44 on Wednesday. Akamai Technologies has a 52 week low of $75.18 and a 52 week high of $116.39. The firm has a market cap of $17.93 billion, a P/E ratio of 34.07, a price-to-earnings-growth ratio of 2.28 and a beta of 0.34. The firm’s 50-day simple moving average is $108.31 and its 200 day simple moving average is $99.29. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.20 and a current ratio of 3.34.

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

In related news, CFO Edward J. Mcgowan sold 2,516 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $116.00, for a total transaction of $291,856.00. Following 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rick M. Mcconnell sold 11,120 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 38,747 shares in the company, valued at $3,719,712. The disclosure for this sale can be found here. Insiders have sold 37,992 shares of company stock worth $3,849,989 over the last three months. 2.40% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CENTRAL TRUST Co bought a new position in shares of Akamai Technologies during the first quarter valued at about $25,000. Ballast Advisors LLC bought a new stake in Akamai Technologies in the first quarter worth about $27,000. Baystate Wealth Management LLC bought a new stake in Akamai Technologies in the first quarter worth about $27,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Akamai Technologies in the first quarter worth about $27,000. Finally, Creative Financial Designs Inc. ADV bought a new stake in Akamai Technologies in the second quarter worth about $35,000. 86.99% of the stock is currently owned by 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.

See Also: Beige Book

The Fly

Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

Receive News & Ratings for Akamai Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akamai Technologies and related companies with MarketBeat.com's FREE daily email newsletter.