On October 2, Akamai rose 5.54% in regular trading, trading at approximately $112.70 per share, with turnover of $117 million. The stock had pulled back sharply from its September 25 highs and is now rebounding on renewed analyst optimism.
On the news front, multiple investment banks recently raised their price targets on Akamai. President Capital lifted its target from $150 to $168 while maintaining a Buy rating, and Piper Sandler raised its target from $125 to $158, keeping an Overweight rating. The average analyst target currently stands at approximately $161.65, implying significant upside from current levels.
These upgrades follow Akamai's landmark seven-year, $11.6 billion CPU cloud computing agreement with Anthropic, the largest contract in company history. The deal includes expansion options of up to $9 billion more, bringing the potential total to approximately $20 billion. Akamai estimates related capital expenditures at roughly $5.5 billion. As part of the transaction, Akamai issued Anthropic warrants to purchase non-voting convertible Series B Preferred Stock representing 7.7 million common shares at an exercise price of $111.33.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)