Invenomic Capital Management LP Purchases 162,105 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Invenomic Capital Management LP raised its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 92.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 338,089 shares of the technology infrastructure company's stock after purchasing an additional 162,105 shares during the quarter. Akamai Technologies comprises 1.5% of Invenomic Capital Management LP's portfolio, making the stock its 10th largest holding. Invenomic Capital Management LP owned about 0.23% of Akamai Technologies worth $32,338,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of AKAM. Itau Unibanco Holding S.A. grew its position in Akamai Technologies by 99.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 469 shares of the technology infrastructure company's stock worth $45,000 after buying an additional 234 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Akamai Technologies in the fourth quarter worth approximately $49,000. Wolverine Asset Management LLC acquired a new stake in shares of Akamai Technologies during the fourth quarter valued at approximately $57,000. TCTC Holdings LLC lifted its position in shares of Akamai Technologies by 17.0% in the 4th quarter. TCTC Holdings LLC now owns 702 shares of the technology infrastructure company's stock valued at $67,000 after acquiring an additional 102 shares in the last quarter. Finally, Atlas Capital Advisors Inc. boosted its stake in Akamai Technologies by 200.0% in the 4th quarter. Atlas Capital Advisors Inc. now owns 708 shares of the technology infrastructure company's stock worth $68,000 after purchasing an additional 472 shares during the period. 94.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AKAM shares. Morgan Stanley reduced their target price on Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Bank of America lowered Akamai Technologies from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $125.00 to $100.00 in a research report on Friday, February 21st. Needham & Company LLC reiterated a "hold" rating on shares of Akamai Technologies in a report on Friday, February 21st. Scotiabank decreased their price target on shares of Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating for the company in a report on Friday, May 9th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $88.00 price objective (up from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $103.26.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, COO Adam Karon sold 3,927 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $85.02, for a total value of $333,873.54. Following the completion of the transaction, the chief operating officer now owns 10,809 shares of the company's stock, valued at $918,981.18. This represents a 26.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Aaron Ahola sold 4,000 shares of Akamai Technologies stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $80.92, for a total value of $323,680.00. Following the sale, the executive vice president now directly owns 25,211 shares in the company, valued at $2,040,074.12. The trade was a 13.69% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,321 shares of company stock worth $2,986,916. Insiders own 2.00% of the company's stock.

Akamai Technologies Stock Performance

Shares of Akamai Technologies stock traded down $1.43 on Wednesday, reaching $77.51. The stock had a trading volume of 3,560,797 shares, compared to its average volume of 1,930,900. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.33 and a current ratio of 1.23. The business's 50-day moving average price is $78.49 and its two-hundred day moving average price is $88.95. The stock has a market cap of $11.33 billion, a P/E ratio of 23.78, a price-to-earnings-growth ratio of 2.74 and a beta of 0.82. Akamai Technologies, Inc. has a fifty-two week low of $67.51 and a fifty-two week high of $106.80.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.12. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.64 earnings per share. On average, sell-side analysts forecast that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Akamai Technologies Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.