Akamai Technologies (AKAM) Upgraded by SunTrust Banks to Buy

SunTrust Banks upgraded shares of Akamai Technologies (NASDAQ:AKAM) from a hold rating to a buy rating in a report issued on Tuesday morning, MarketBeat.com reports. They currently have $82.00 price objective on the technology infrastructure company’s stock, up from their prior price objective of $78.00.

Other research analysts have also issued reports about the stock. Credit Suisse Group restated a neutral rating and set a $84.00 target price (down from $88.00) on shares of Akamai Technologies in a research report on Monday, August 13th. TheStreet lowered shares of Akamai Technologies from a b- rating to a c+ rating in a research report on Friday, August 10th. ValuEngine lowered shares of Akamai Technologies from a buy rating to a hold rating in a research report on Monday, July 2nd. DA Davidson upgraded shares of Akamai Technologies from a neutral rating to a buy rating and upped their target price for the stock from $82.00 to $93.00 in a research report on Monday, September 10th. Finally, BidaskClub lowered shares of Akamai Technologies from a buy rating to a hold rating in a research report on Monday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $80.29.

Shares of Akamai Technologies stock opened at $72.55 on Tuesday. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.25. Akamai Technologies has a 52-week low of $51.79 and a 52-week high of $83.08. The stock has a market cap of $10.50 billion, a PE ratio of 38.18, a PEG ratio of 1.72 and a beta of 0.47.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. Akamai Technologies had a net margin of 8.39% and a return on equity of 11.86%. The company had revenue of $669.63 million for the quarter, compared to analyst estimates of $664.17 million. During the same period in the prior year, the business posted $0.62 earnings per share. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts anticipate that Akamai Technologies will post 2.47 earnings per share for the current fiscal year.

Akamai Technologies announced that its board has approved a stock repurchase plan on Monday, October 29th that allows the company to repurchase $1.10 billion in outstanding shares. This repurchase authorization allows the technology infrastructure company to purchase up to 10.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other news, Director Paul Sagan sold 39,092 shares of the stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $75.19, for a total value of $2,939,327.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert Blumofe sold 4,000 shares of the stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $71.20, for a total transaction of $284,800.00. Following the completion of the sale, the executive vice president now owns 19,951 shares in the company, valued at $1,420,511.20. The disclosure for this sale can be found here. Insiders sold 44,215 shares of company stock worth $3,306,814 over the last quarter. Company insiders own 3.20% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in shares of Akamai Technologies by 146.5% during the first quarter. Millennium Management LLC now owns 221,824 shares of the technology infrastructure company’s stock valued at $15,745,000 after buying an additional 131,837 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Akamai Technologies by 1.5% during the first quarter. Principal Financial Group Inc. now owns 260,048 shares of the technology infrastructure company’s stock valued at $18,458,000 after buying an additional 3,904 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Akamai Technologies during the first quarter valued at approximately $325,000. Dorsey Wright & Associates purchased a new position in shares of Akamai Technologies during the second quarter valued at approximately $1,714,000. Finally, DnB Asset Management AS lifted its stake in shares of Akamai Technologies by 6.1% during the second quarter. DnB Asset Management AS now owns 17,306 shares of the technology infrastructure company’s stock valued at $1,267,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 85.82% of the company’s stock.

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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