Citigroup Has Lowered Expectations for Akamai Technologies (NASDAQ:AKAM) Stock Price

Akamai Technologies (NASDAQ:AKAM) had its target price cut by equities research analysts at Citigroup from $104.00 to $102.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology infrastructure company’s stock. Citigroup’s price target would suggest a potential upside of 12.08% from the stock’s current price.

A number of other research analysts also recently commented on the stock. HSBC raised shares of Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective on the stock in a research report on Monday, November 11th. UBS Group initiated coverage on shares of Akamai Technologies in a research note on Monday, December 16th. They issued a “neutral” rating and a $110.00 target price for the company. Oppenheimer upgraded shares of Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price target on the stock in a research note on Monday, December 2nd. Robert W. Baird lowered their price target on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Finally, Hsbc Global Res raised Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $116.10.

Akamai Technologies Stock Up 0.6 %

NASDAQ AKAM opened at $91.01 on Friday. The company’s 50 day simple moving average is $94.02 and its 200 day simple moving average is $97.32. The company has a market capitalization of $13.67 billion, a P/E ratio of 26.93, a PEG ratio of 3.17 and a beta of 0.64. Akamai Technologies has a 12 month low of $84.70 and a 12 month high of $129.17. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33.

Insider Activity

In other news, CFO Edward J. Mcgowan sold 10,782 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $98.71, for a total value of $1,064,291.22. Following the completion of the transaction, the chief financial officer now directly owns 12,716 shares in the company, valued at approximately $1,255,196.36. The trade was a 45.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total value of $366,280.00. Following the sale, the executive vice president now owns 23,104 shares of the company’s stock, valued at $2,115,633.28. The trade was a 14.76 % 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. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings 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 purchasing an additional 347,626 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Akamai Technologies by 10.3% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,628 shares of the technology infrastructure company’s stock worth $417,000 after buying an additional 433 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its stake in Akamai Technologies by 0.9% in the second quarter. Elo Mutual Pension Insurance Co now owns 13,904 shares of the technology infrastructure company’s stock valued at $1,252,000 after purchasing an additional 122 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in shares of Akamai Technologies by 2.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 5,253 shares of the technology infrastructure company’s stock valued at $473,000 after buying an additional 118 shares during the period. Finally, AE Wealth Management LLC grew its stake in shares of Akamai Technologies by 20.1% during the 2nd quarter. AE Wealth Management LLC now owns 24,474 shares of the technology infrastructure company’s stock worth $2,205,000 after acquiring an additional 4,092 shares during the period. 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.