Akamai (AKAM) Receives a Buy from Needham

Needham analyst Alex Henderson assigned a Buy rating to Akamai (AKAMResearch Report) today and set a price target of $120.00. The company’s shares closed last Wednesday at $104.44.

According to TipRanks.com, Henderson is a top 100 analyst with an average return of 31.8% and a 68.5% success rate. Henderson covers the Technology sector, focusing on stocks such as Acacia Communications, CrowdStrike Holdings, and CyberArk Software.

Currently, the analyst consensus on Akamai is a Moderate Buy with an average price target of $125.67, representing a 17.1% upside. In a report released today, Oppenheimer also assigned a Buy rating to the stock with a $130.00 price target.

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Based on Akamai’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $793 million and net profit of $159 million. In comparison, last year the company earned revenue of $710 million and had a net profit of $138 million.

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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.