Zacks Investment Research upgraded shares of Akamai Technologies, Inc. (NASDAQ:AKAM) from a sell rating to a hold rating in a report published on Monday.
According to Zacks, “Akamai’s third-quarter 2017 benefited from strong media division traffic and growing adoption of cloud-based security solutions. Management is also optimistic about robust over-the top (OTT) content viewing. The acquisition of Nominum, which is expected to be completed in the later part of the year, is anticipated to benefit the company’s flagship Enterprise Threat Protector solution. However, top-line growth continues to be negatively impacted by lower revenues from the large Internet Platform group companies. Moreover, we expect the newly launched products to take some more time to generate meaningful growth. Additionally, the integration of SOASTA and Nominum is anticipated to negatively impact EBITDA margins in the near term. Notably, the company has underperformed the industry on a year-to-date basis.”
A number of other analysts have also recently commented on AKAM. Piper Jaffray Companies reaffirmed a buy rating and set a $60.00 target price on shares of Akamai Technologies in a report on Wednesday, October 25th. Nomura upped their target price on shares of Akamai Technologies from $47.00 to $50.00 and gave the company a neutral rating in a report on Wednesday, October 25th. Deutsche Bank AG reaffirmed a buy rating and set a $75.00 target price on shares of Akamai Technologies in a report on Wednesday, October 25th. Cowen and Company reaffirmed a hold rating and set a $59.00 target price on shares of Akamai Technologies in a report on Friday. Finally, SunTrust Banks, Inc. reaffirmed a hold rating on shares of Akamai Technologies in a report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company. Akamai Technologies presently has a consensus rating of Hold and a consensus price target of $60.73.
Shares of Akamai Technologies (NASDAQ:AKAM) traded down 0.44% during midday trading on Monday, hitting $52.23. 938,585 shares of the stock traded hands. The company’s 50-day moving average is $49.73 and its 200 day moving average is $49.91. Akamai Technologies has a 52 week low of $44.65 and a 52 week high of $71.64. The firm has a market capitalization of $8.95 billion, a PE ratio of 29.83 and a beta of 0.65.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Tuesday, October 24th. The technology infrastructure company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. Akamai Technologies had a net margin of 11.84% and a return on equity of 10.28%. The firm had revenue of $621.00 million during the quarter, compared to analysts’ expectations of $610.66 million. During the same period in the previous year, the company earned $0.68 earnings per share. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. Analysts anticipate that Akamai Technologies will post $2.49 earnings per share for the current year.
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In other news, insider William Wheaton sold 10,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $49.81, for a total value of $498,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO F Thomson Leighton bought 21,554 shares of the stock in a transaction dated Tuesday, August 15th. The stock was purchased at an average price of $46.91 per share, with a total value of $1,011,098.14. The disclosure for this purchase can be found here. Insiders have sold 21,545 shares of company stock valued at $1,099,547 in the last quarter. 3.20% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC lifted its holdings in shares of Akamai Technologies by 9.0% in the 2nd quarter. Advisory Services Network LLC now owns 2,025 shares of the technology infrastructure company’s stock worth $101,000 after acquiring an additional 168 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in shares of Akamai Technologies in the 2nd quarter worth about $117,000. BB&T Investment Services Inc. bought a new stake in shares of Akamai Technologies in the 2nd quarter worth about $119,000. FTB Advisors Inc. lifted its holdings in shares of Akamai Technologies by 2.4% in the 2nd quarter. FTB Advisors Inc. now owns 2,538 shares of the technology infrastructure company’s stock worth $125,000 after acquiring an additional 59 shares during the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. lifted its holdings in shares of Akamai Technologies by 79.4% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,332 shares of the technology infrastructure company’s stock worth $139,000 after acquiring an additional 1,032 shares during the last quarter. Hedge funds and other institutional investors own 84.28% of the company’s stock.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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