Raymond James analyst Robert Majek initiated coverage with a Buy rating on Akamai (AKAM) today and set a price target of $117.00. The company’s shares closed last Tuesday at $117.97, close to its 52-week high of $124.91.
According to TipRanks.com, Majek is a 4-star analyst with an average return of 12.8% and a 81.8% success rate. Majek covers the Technology sector, focusing on stocks such as Limelight Networks, Citrix Systems, and NortonLifeLock.
Currently, the analyst consensus on Akamai is a Strong Buy with an average price target of $121.00, implying a 2.9% upside from current levels. In a report released today, Oppenheimer also assigned a Buy rating to the stock with a $130.00 price target.
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Akamai’s market cap is currently $19.2B and has a P/E ratio of 86.30. The company has a Price to Book ratio of 8.21.
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Akamai Technologies, Inc. engages in the provision of cloud services for delivering, optimizing and securing content and business applications over the Internet. Its products offers web and mobile performance solutions, cloud security solutions, enterprise solutions, network operator solutions, media delivery solutions and services and support solutions. It also engages in content delivery network, or CDN, services to make the Internet fast, reliable and secure. The company was founded by Frank Thomson Leighton, Jonathan Seelig, Randall S. Kaplan, and Daniel Mark Lewin on August 20, 1998 and is headquartered in Cambridge, MA.
