Akamai Technologies (NASDAQ:AKAM) Rating Increased to Buy at HSBC

HSBC upgraded shares of Akamai Technologies (NASDAQ:AKAM) from a hold rating to a buy rating in a research note released on Monday, MarketBeat Ratings reports. The brokerage currently has $121.00 price objective on the technology infrastructure company’s stock.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target on the stock in a research report on Monday, July 29th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a research report on Thursday, August 15th. Tigress Financial reissued a “strong-buy” rating and set a $140.00 price target on shares of Akamai Technologies in a research report on Thursday, August 29th. Finally, DA Davidson reissued a “buy” rating and set a $115.00 price target on shares of Akamai Technologies in a research report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Akamai Technologies has an average rating of “Moderate Buy” and a consensus target price of $117.47.

Akamai Technologies Price Performance

Shares of AKAM stock opened at $88.35 on Monday. Akamai Technologies has a 52-week low of $87.59 and a 52-week high of $129.17. The stock has a market cap of $13.27 billion, a PE ratio of 26.14, a PEG ratio of 3.36 and a beta of 0.68. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.33. The firm’s 50 day moving average price is $100.02 and its two-hundred day moving average price is $96.88.

Insider Buying and Selling

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the sale, the executive vice president now owns 30,703 shares of the company’s stock, valued at $2,987,401.90. The trade was a 11.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the sale, the director now directly owns 16,719 shares of the company’s stock, valued at $1,684,104.87. This represents a 5.64 % decrease in their position. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Akamai Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in AKAM. Dimensional Fund Advisors LP raised its position 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 valued at $156,088,000 after buying an additional 347,626 shares in the last quarter. Champlain Investment Partners LLC raised its position in shares of Akamai Technologies by 19.6% in the 1st quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock valued at $147,308,000 after buying an additional 222,290 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Akamai Technologies by 409.2% in the 1st quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company’s stock valued at $26,977,000 after buying an additional 199,334 shares in the last quarter. Empyrean Capital Partners LP acquired a new position in shares of Akamai Technologies in the 2nd quarter valued at approximately $15,314,000. Finally, Renaissance Technologies LLC raised its position in shares of Akamai Technologies by 33.3% in the 2nd quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company’s stock valued at $58,678,000 after buying an additional 162,700 shares in the last quarter. 94.28% of the stock is currently owned by institutional investors and hedge funds.

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.