M.E. Allison & CO. Inc. Buys Shares of 3,295 Akamai Technologies, Inc. (NASDAQ:AKAM)

M.E. Allison & CO. Inc. bought a new position in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,295 shares of the technology infrastructure company's stock, valued at approximately $265,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its stake in Akamai Technologies by 15.6% in the fourth quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company's stock worth $489,383,000 after purchasing an additional 690,341 shares during the last quarter. Norges Bank bought a new stake in shares of Akamai Technologies during the 4th quarter worth approximately $477,454,000. Mackenzie Financial Corp lifted its stake in shares of Akamai Technologies by 3.5% during the 4th quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company's stock worth $232,198,000 after acquiring an additional 81,744 shares during the last quarter. Earnest Partners LLC boosted its holdings in Akamai Technologies by 2.7% during the 4th quarter. Earnest Partners LLC now owns 2,215,735 shares of the technology infrastructure company's stock valued at $211,935,000 after acquiring an additional 58,013 shares during the period. Finally, Northern Trust Corp grew its position in Akamai Technologies by 9.6% in the 4th quarter. Northern Trust Corp now owns 1,861,845 shares of the technology infrastructure company's stock valued at $178,085,000 after acquiring an additional 163,472 shares during the last quarter. 94.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on AKAM shares. Royal Bank Of Canada decreased their target price on Akamai Technologies from $100.00 to $90.00 and set a "sector perform" rating for the company in a research report on Friday, February 21st. Scotiabank lowered their price objective on shares of Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating for the company in a research report on Friday, May 9th. Craig Hallum lowered shares of Akamai Technologies from a "buy" rating to a "hold" rating and set a $90.00 target price on the stock. in a research report on Friday, February 21st. Morgan Stanley lowered their price target 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. Finally, Oppenheimer initiated coverage on Akamai Technologies in a research note on Thursday, March 20th. They issued an "outperform" rating and a $100.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $101.25.

Akamai Technologies Stock Performance

Shares of NASDAQ:AKAM traded up $0.02 during midday trading on Thursday, reaching $78.70. The company's stock had a trading volume of 2,995,857 shares, compared to its average volume of 2,048,956. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average of $77.59 and a 200 day moving average of $85.93. Akamai Technologies, Inc. has a twelve month low of $67.51 and a twelve month high of $106.80. The firm has a market capitalization of $11.51 billion, a PE ratio of 26.50, a P/E/G ratio of 2.48 and a beta of 0.77.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.12. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. Akamai Technologies had a return on equity of 14.09% and a net margin of 11.26%. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $1.64 EPS. On average, equities analysts expect that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

Insider Activity

In related news, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total value of $1,004,273.81. Following the sale, the executive vice president now owns 43,575 shares of the company's stock, valued at approximately $3,326,079.75. This trade represents a 23.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Adam Karon sold 3,927 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $85.02, for a total transaction of $333,873.54. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

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.