Shares of Akamai Technologies (AKAM) plummeted 5.04% during Friday's intraday trading session, despite the company raising its annual profit and revenue forecasts. The sharp decline came as several analysts cut their price targets for the stock, outweighing the positive outlook.

Raymond James lowered its price target on Akamai to $84 from $110, while maintaining an Outperform rating. Piper Sandler cut its target to $83 from $88, citing lower free cash flow estimates. Scotiabank reduced its target to $95 from $105, and KeyBanc adjusted its price target to $66 from $63 while maintaining an Underweight rating.

The wave of price target cuts suggests that analysts are concerned about Akamai's future growth prospects, even as the company raised its guidance. This disconnect between the company's optimism and analysts' caution appears to have spooked investors, leading to the significant sell-off. The stock's reversal from a 4% premarket gain to a 3.3% loss during regular trading hours further underscores the market's skepticism about Akamai's near-term prospects.