Akamai Technologies (AKAM) Shares Gap Up Following Analyst Upgrade

Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) gapped up before the market opened on Tuesday after Oppenheimer raised their price target on the stock from $60.00 to $80.00. The stock had previously closed at $49.19, but opened at $57.76. Oppenheimer currently has an outperform rating on the stock. Akamai Technologies shares last traded at $65.67, with a volume of 15351200 shares traded.

AKAM has been the topic of a number of other reports. TheStreet upgraded shares of Akamai Technologies from a “c” rating to a “b-” rating in a research report on Tuesday, November 14th. Vetr upgraded shares of Akamai Technologies from a “buy” rating to a “strong-buy” rating and set a $52.07 price target on the stock in a research report on Wednesday, September 6th. Instinet restated a “neutral” rating and set a $47.00 price target (down from $48.00) on shares of Akamai Technologies in a research report on Tuesday, September 5th. Zacks Investment Research downgraded shares of Akamai Technologies from a “hold” rating to a “sell” rating in a research report on Monday, October 16th. Finally, Wells Fargo & Company set a $57.00 price target on shares of Akamai Technologies and gave the stock a “hold” rating in a research report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. Akamai Technologies has an average rating of “Hold” and a consensus price target of $62.09.

In other news, insider William Wheaton sold 10,000 shares of Akamai Technologies stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $66.29, for a total value of $662,900.00. Following the transaction, the insider now directly owns 32,319 shares of the company’s stock, valued at $2,142,426.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO F Thomson Leighton bought 17,537 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was purchased at an average cost of $57.01 per share, for a total transaction of $999,784.37. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 55,752 shares of company stock worth $2,999,371 and sold 89,550 shares worth $5,026,271. 3.20% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC increased its position in shares of Akamai Technologies by 2.4% in the third quarter. Parametric Portfolio Associates LLC now owns 312,087 shares of the technology infrastructure company’s stock worth $15,205,000 after acquiring an additional 7,327 shares in the last quarter. IFM Investors Pty Ltd purchased a new position in shares of Akamai Technologies in the third quarter worth approximately $262,000. Sterling Capital Management LLC increased its position in shares of Akamai Technologies by 1.3% in the third quarter. Sterling Capital Management LLC now owns 1,439,744 shares of the technology infrastructure company’s stock worth $70,144,000 after acquiring an additional 17,892 shares in the last quarter. California Public Employees Retirement System increased its position in shares of Akamai Technologies by 1.3% in the third quarter. California Public Employees Retirement System now owns 417,053 shares of the technology infrastructure company’s stock worth $20,319,000 after acquiring an additional 5,553 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in shares of Akamai Technologies by 24.8% in the third quarter. Janney Montgomery Scott LLC now owns 16,065 shares of the technology infrastructure company’s stock worth $783,000 after acquiring an additional 3,197 shares in the last quarter. 86.33% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market capitalization of $9,770.20, a PE ratio of 30.08, a P/E/G ratio of 2.28 and a beta of 0.68. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.20.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Tuesday, October 24th. The technology infrastructure company reported $0.62 EPS for the quarter, beating the Zacks’ 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 for the quarter, compared to the consensus estimate of $610.66 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. research analysts expect that Akamai Technologies, Inc. will post 1.89 EPS for the current fiscal year.

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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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