Akamai Technologies’ (AKAM) “Overweight” Rating Reaffirmed at Piper Jaffray Companies

Akamai Technologies (NASDAQ:AKAM)‘s stock had its “overweight” rating reaffirmed by equities researchers at Piper Jaffray Companies in a research report issued to clients and investors on Wednesday, MarketBeat reports. They currently have a $85.00 price target on the technology infrastructure company’s stock, up from their prior price target of $84.00. Piper Jaffray Companies’ price target indicates a potential upside of 20.79% from the company’s previous close.

Several other brokerages have also weighed in on AKAM. ValuEngine raised Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, October 31st. BidaskClub cut Akamai Technologies from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. Credit Suisse Group decreased their price target on Akamai Technologies from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $76.00 price target (down previously from $77.00) on shares of Akamai Technologies in a research note on Wednesday. Finally, Deutsche Bank decreased their price target on Akamai Technologies from $73.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, October 30th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $81.88.

Shares of NASDAQ AKAM opened at $70.37 on Wednesday. Akamai Technologies has a 1-year low of $57.18 and a 1-year high of $83.08. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of 37.04, a P/E/G ratio of 1.51 and a beta of 0.69.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, February 12th. The technology infrastructure company reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.07. Akamai Technologies had a return on equity of 12.06% and a net margin of 8.39%. The firm had revenue of $713.36 million for the quarter, compared to analyst estimates of $703.74 million. During the same period last year, the company earned $0.69 earnings per share. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. Sell-side analysts anticipate that Akamai Technologies will post 2.66 EPS for the current fiscal year.

Akamai Technologies declared that its Board of Directors has authorized a stock buyback plan on Monday, October 29th that permits the company to buyback $1.10 billion in shares. This buyback authorization permits the technology infrastructure company to reacquire up to 10.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

In related news, SVP Aaron Ahola sold 1,122 shares of the firm’s stock in a transaction dated Thursday, December 6th. The stock was sold at an average price of $67.81, for a total transaction of $76,082.82. Following the completion of the transaction, the senior vice president now owns 4,035 shares of the company’s stock, valued at $273,613.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.20% of the company’s stock.

A number of hedge funds have recently made changes to their positions in AKAM. Focused Wealth Management Inc bought a new position in Akamai Technologies during the fourth quarter valued at about $29,000. Oregon Public Employees Retirement Fund boosted its stake in Akamai Technologies by 5,021.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,029,933 shares of the technology infrastructure company’s stock valued at $33,000 after buying an additional 1,990,300 shares in the last quarter. Private Capital Group LLC boosted its stake in Akamai Technologies by 148.5% during the fourth quarter. Private Capital Group LLC now owns 661 shares of the technology infrastructure company’s stock valued at $40,000 after buying an additional 395 shares in the last quarter. Fort L.P. bought a new position in Akamai Technologies during the fourth quarter valued at about $82,000. Finally, Exane Derivatives bought a new position in Akamai Technologies during the third quarter valued at about $101,000. 89.93% of the stock is owned by institutional investors and hedge funds.

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. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.

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Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

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