J.P. Marvel Investment Advisors LLC Has $6.32 Million Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Key Points

• J.P. Marvel Investment Advisors LLC reduced its stake in Akamai Technologies by 4.0%, selling 3,300 shares, and now holds approximately 78,481 shares worth about $6.3 million.
• Multiple hedge funds have made significant adjustments to their positions in Akamai Technologies, with MassMutual Private Wealth & Trust increasing its holdings by 54.8%.
• Analysts have set a consensus price target of $101.25 for Akamai Technologies, with recent ratings showing two sell, ten hold, and nine buy ratings.

J.P. Marvel Investment Advisors LLC decreased its stake in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,481 shares of the technology infrastructure company's stock after selling 3,300 shares during the quarter. Akamai Technologies makes up about 1.1% of J.P. Marvel Investment Advisors LLC's investment portfolio, making the stock its 26th largest position. J.P. Marvel Investment Advisors LLC owned 0.05% of Akamai Technologies worth $6,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in Akamai Technologies by 101.4% during the 4th quarter. Brighton Jones LLC now owns 4,016 shares of the technology infrastructure company's stock worth $384,000 after buying an additional 2,022 shares in the last quarter. Prudential Financial Inc. lifted its stake in shares of Akamai Technologies by 7.4% during the fourth quarter. Prudential Financial Inc. now owns 102,449 shares of the technology infrastructure company's stock valued at $9,799,000 after acquiring an additional 7,035 shares during the period. Korea Investment CORP boosted its holdings in Akamai Technologies by 50.9% in the fourth quarter. Korea Investment CORP now owns 38,554 shares of the technology infrastructure company's stock valued at $3,688,000 after acquiring an additional 13,000 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Akamai Technologies by 5.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 238,140 shares of the technology infrastructure company's stock worth $22,280,000 after purchasing an additional 12,435 shares during the period. Finally, UniSuper Management Pty Ltd increased its position in Akamai Technologies by 6.2% in the fourth quarter. UniSuper Management Pty Ltd now owns 41,093 shares of the technology infrastructure company's stock worth $3,931,000 after purchasing an additional 2,410 shares during the period. 94.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on AKAM. Piper Sandler reiterated a "neutral" rating and set a $88.00 price target (up previously from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. Wall Street Zen lowered shares of Akamai Technologies from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. UBS Group boosted their price target on shares of Akamai Technologies from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, May 9th. KeyCorp began coverage on Akamai Technologies in a research note on Friday, June 6th. They issued an "underweight" rating and a $63.00 target price for the company. Finally, Scotiabank decreased their price objective on 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. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $101.25.

Insider Transactions at Akamai Technologies

In other news, EVP Kim Salem-Jackson sold 13,157 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total transaction of $1,004,273.81. Following the transaction, the executive vice president directly owned 43,575 shares of the company's stock, valued at approximately $3,326,079.75. This trade represents a 23.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paul C. Joseph sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $77.74, for a total value of $388,700.00. Following the completion of the sale, the executive vice president owned 32,349 shares of the company's stock, valued at approximately $2,514,811.26. This trade represents a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,084 shares of company stock worth $1,726,847. Company insiders own 2.00% of the company's stock.

Akamai Technologies Stock Performance

Shares of AKAM traded up $0.04 during mid-day trading on Friday, reaching $80.75. The company's stock had a trading volume of 2,285,053 shares, compared to its average volume of 1,273,619. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.52. Akamai Technologies, Inc. has a 1-year low of $67.51 and a 1-year high of $106.80. The business has a 50-day simple moving average of $78.31 and a two-hundred day simple moving average of $82.59. The stock has a market cap of $11.81 billion, a P/E ratio of 27.19, a PEG ratio of 2.55 and a beta of 0.77.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released 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 firm had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.01 billion. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.64 earnings per share. As a group, equities research analysts anticipate that Akamai Technologies, Inc. will post 4.6 earnings per share for the current fiscal year.

About Akamai Technologies

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.