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AKAM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Akamai Technologies Inc (AKAM) stock moving?
Akamai has fallen from about $99 in late October to a $77.84 close on Nov 5, the day Q3 results were announced; the stock dropped 9.4% that session on 9.7M shares. Analysts then cut targets across the board, including Goldman to $73, UBS and Susquehanna to $90, and RBC to $85, though TD Cowen raised its target to $167 and most Buy-rated firms still sit well above the current price. On Nov 9 Akamai priced a $2.2B convertible notes offering at a 1.00% coupon with a conversion price of about $112.41, a 40% premium to the $80.29 close; proceeds partly repay the $1.15B 2027 notes, extending maturities to 2028 and 2031 at a higher coupon. A JPMorgan credit amendment raising leverage limits through March 2028 adds covenant headroom, and a Benzinga report cites a large Anthropic deal, though the market data gives no details on it. The stock rebounded 4.2% to $83.71 on Nov 10 on about 23.5M shares, roughly five times the late-October average, which suggests heavy absorption of the offering. Q3 financial figures and guidance are not in the provided filings, so the picture rests on analyst actions, financing terms and price action.
News behind the analysis
- Akamai Prices $2.2B Convertible Senior NotesAkamai priced a $2.2B private offering of convertible senior notes, $1.1B due 2028 and $1.1B due 2031, at a 1.00% coupon with a conversion price of about $112.41.
- What Is Going on With Akamai Stock on Monday?Akamai fell about 6% premarket on Nov 9 after announcing the $2.2B convertible notes sale to fund cloud infrastructure, despite a large Anthropic deal.
- Goldman Sachs Adjusts Price Target on Akamai TechnologiesGoldman Sachs cut its price target on Akamai from $93 to $73, the lowest target among the recent analyst updates.
- Akamai Amends Credit Agreement to Adjust Leverage CovenantsAkamai amended its credit agreement with JPMorgan Chase, raising leverage ratio limits through March 2028.
- Akamai Technologies Announces Proposed Offering of $2.2 Billion Convertible Senior NotesAkamai proposed the $2.2B convertible notes offering, with part of the net proceeds earmarked to repay a portion of its $1.15B 0.375% convertible notes due 2027.
- Baird Maintains Neutral on Akamai Technologies, Lowers Price Target to $92Baird kept a Neutral rating and lowered its price target to $92.
- HSBC Maintains Buy Rating on Akamai TechnologiesHSBC reaffirmed its Buy rating on Akamai while lowering its price target to $91 from a higher level.
- Evercore ISI Adjusts Price Target on Akamai Technologies to $150 From $175Evercore ISI lowered its Akamai price target to $150 from $175 after the Q3 report, keeping an Outperform stance.
- Analysts Adjust Price Targets for Akamai Technologies Following Q3 EarningsBofA, Evercore ISI and TD Cowen updated targets on Nov 6 after Q3 results; BofA cut to $155 from $185 and kept a Buy rating.
- TD Cowen Adjusts Price Target on Akamai Technologies to $167 From $149TD Cowen raised its Akamai price target to $167 from $149, running against the wave of target cuts after Q3.
About Akamai Technologies Inc
Akamai Technologies is a Cambridge, Massachusetts company that runs one of the world's largest distributed networks, helping businesses deliver websites, video and apps quickly and protect them from cyberattacks. It began as a pioneer of content delivery networks (CDNs) and has moved toward security and cloud computing, including GPU capacity for AI workloads.
How it makes money
Akamai sells subscription and usage-based services to businesses in three main groups. Security is the largest, at roughly half of revenue: web app and API protection, DDoS defense, zero-trust access and the new AI-focused Workforce Protector. Delivery (its older CDN business) brings in roughly a third and is shrinking about 6% a year because of price pressure. Cloud infrastructure services are the smallest group but the fastest-growing, up about 39% year over year in Q2 2026. Total revenue is about $1.1 billion a quarter, and the company's full-year 2026 guidance is about $4.4–4.5 billion.
What usually moves AKAM
- Growth in security products and AI-related cyber threats
- Cloud infrastructure and AI computing deals (large multi-year commitments)
- Price pressure and slow decline in the legacy CDN delivery business
- Capital spending, margins and share buybacks
- Quarterly guidance versus analyst expectations