Why Has Evercore ISI Given Akamai Technologies Inc (NASDAQ:AKAM) a $70.00 Price Target
Professional analysts at Evercore ISI a key “Buy” rating for Akamai Technologies Inc (NASDAQ:AKAM). The firm began coverage in recent note finalized on 14 December. The price target provides upside of 36.53% from the close price.
From a total of 19 analysts covering Akamai Tech (NASDAQ:AKAM) stock, 11 rate it a ”Buy”, 1 a “Sell”, and 12 a ”Hold”. This means that 46% of the ratings are positive. The highest target price is $86 while the lowest target price is $49. The mean of all analyst targets is $70.53 with a 41.27% above today’s ($51.32) stock price. Akamai Tech was the topic of 19 analyst reports since July 29, 2015 according to the firm StockzIntelligence Inc. Goldman Sachs downgraded shares on November 20 to “Sell” rating. JP Morgan downgraded shares to “Neutral” rating and $65 target share price in a report from an October 28. FBR Capital maintained AKAM stock in a recent report from October 29 with “Underperform” rating. Morgan Stanley maintained the rating on October 28. Morgan Stanley has a “Equal-Weight” rating and a $70 price target on shares. Finally, Cowen & Co downgraded the stock to “Market Perform” rating in a report issued on an October 28.
Approximately 1.70 million shares of stock traded hands. Akamai Technologies, Inc. (NASDAQ:AKAM) has declined 31.92% since May 11, 2015 and is downtrending. It has underperformed by 27.50% the S&P500.
The overall sentiment of institutions has decreased to 1.1 in Q2 2015. Its down 0.16, from 1.26 in 2015Q2. The ratio turned negative, as 63 institutions have sold all the shares of Akamai Technologies, Inc. that they owned while 166 funds have taken shares off the table. 59 funds have purchased shares for the first time while 194 added to their positions. These institutions now hold 163.62 million shares or 6.89% more than the 153.08 million shares they owned in 2015Q2.
The Fund Blue Harbour Group L.P. currently is holding shares equating to 8% of its total portfolio in Akamai Technologies, Inc. representing a total of 3.72 million shares. Another fund,Levy Harkins & Co Inc, is holding a total of 177,694 shares equating to 5.44% of their holdings. Additionally, Afton Capital Management Llc has a 25,000 share stake in Akamai Technologies, Inc. which represents 5.11% of their total portfolio. The Fund, Magee Thomson Investment Partners Llc, based out of California, has also built up a stake in the stock, which represents a total of 4.05% of their total portfolio. Finally Waterstone Capital Management L.P., a fund which is based in the state of Minnesota reported a total holdings of 73,000 shares.
Insider activity is a very important aspect to track on any stock. Going back to March 5, 2015, shareholders of Akamai Technologies, Inc. have witnessed 0 buys, and a total of 4 sales equating to a net activity of approximately $3.96 million . Hughes Robert W sold 13,361 shares worth approximately $991,520. Mcconnell Rick M sold 2,244 shares worth approximately $163,834. Sagan Paul sold 35,000 shares worth approximately $2.66 million. Gemmell James sold 1,867 shares worth approximately $135,694. The company insider Seligman Naomi O sold 2,000 shares worth $150,400.
Akamai Technologies, Inc. is a provider of cloud services for delivering, optimizing and securing online content and business applications. The company has a market cap of $9.26 billion. The Company’s solutions include delivery of conventional content on Websites, tools that support the delivery and operation of cloud applications, as well as security solutions, and live and on-demand streaming video capabilities. It has 28.1 P/E ratio. The Company’s solutions include Media Delivery Solutions, Performance and Security Solutions, and Service and Support Solutions.
According to Zacks Investment Research, “Akamai Technologies Inc. is the leading global service provider for accelerating content and business processes online. Thousands of organizations have formed trusted relationships with Akamai, improving their revenue and reducing costs by maximizing the performance of their online businesses. Leveraging the Akamai EdgePlatform, these organizations gain business advantage today, and have the foundation for the emerging Web solutions of tomorrow.”