Sumitomo Mitsui Trust Group Inc. cut its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 1.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 387,246 shares of the technology infrastructure company's stock after selling 7,174 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.27% of Akamai Technologies worth $31,173,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its position in Akamai Technologies by 54.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 438 shares of the technology infrastructure company's stock worth $35,000 after acquiring an additional 155 shares in the last quarter. Itau Unibanco Holding S.A. boosted its position in shares of 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 valued at $45,000 after acquiring an additional 234 shares during the period. SBI Securities Co. Ltd. bought a new stake in Akamai Technologies in the 4th quarter valued at about $49,000. LRI Investments LLC grew its position in shares of Akamai Technologies by 500.0% during the 4th quarter. LRI Investments LLC now owns 624 shares of the technology infrastructure company's stock worth $60,000 after purchasing an additional 520 shares in the last quarter. Finally, TCTC Holdings LLC increased its holdings in shares of Akamai Technologies by 17.0% during the fourth quarter. TCTC Holdings LLC now owns 702 shares of the technology infrastructure company's stock worth $67,000 after purchasing an additional 102 shares during the period. Institutional investors and hedge funds own 94.28% of the company's stock.
Insider Transactions at Akamai Technologies
In related news, COO Adam Karon sold 3,927 shares of the company's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $85.02, for a total transaction of $333,873.54. Following the sale, the chief operating officer owned 10,809 shares in the company, valued at $918,981.18. This represents a 26.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kim Salem-Jackson sold 13,157 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $76.33, for a total transaction of $1,004,273.81. Following the completion of the sale, the executive vice president owned 43,575 shares of the company's stock, valued at $3,326,079.75. The trade was a 23.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on AKAM shares. KeyCorp began coverage on shares of Akamai Technologies in a research report on Friday, June 6th. They issued an "underweight" rating and a $63.00 price target for the company. Morgan Stanley cut their target price on Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. UBS Group increased their target price on Akamai Technologies from $85.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Piper Sandler reaffirmed a "neutral" rating and issued a $88.00 price target (up previously from $80.00) on shares of Akamai Technologies in a research note on Friday, May 9th. Finally, Scotiabank reduced their price objective on shares of Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating on the stock in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $101.25.
Get Our Latest Analysis on Akamai Technologies
Akamai Technologies Trading Down 0.3%
NASDAQ:AKAM traded down $0.26 during trading hours on Friday, hitting $79.20. 1,159,299 shares of the company were exchanged, compared to its average volume of 2,084,712. The company has a fifty day simple moving average of $78.71 and a 200 day simple moving average of $84.29. Akamai Technologies, Inc. has a one year low of $67.51 and a one year high of $106.80. The stock has a market capitalization of $11.58 billion, a price-to-earnings ratio of 26.67, a price-to-earnings-growth ratio of 2.51 and a beta of 0.77. 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 (NASDAQ:AKAM - Get Free Report) last released its earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.12. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm posted $1.64 EPS. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. Sell-side analysts expect that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.
About Akamai Technologies
(
Free Report)
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.
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