BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 188,248 Shares of Akamai Technologies, Inc. $AKAM

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp significantly reduced its stake in Akamai Technologies by 86.8% during the first quarter, now holding 28,726 shares valued at approximately $2.31 million.
• Akamai Technologies reported $1.73 earnings per share (EPS) for the last quarter, exceeding estimates by $0.18, with revenue reaching $1.04 billion, up 6.5% year-over-year.
• The stock analysts have mixed ratings for Akamai Technologies, with two analysts issuing a Strong Buy rating and the consensus rating currently being "Hold."

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 86.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,726 shares of the technology infrastructure company's stock after selling 188,248 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Akamai Technologies were worth $2,312,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its stake in Akamai Technologies by 54.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 438 shares of the technology infrastructure company's stock valued at $35,000 after purchasing an additional 155 shares in the last quarter. Itau Unibanco Holding S.A. raised its stake 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 valued at $45,000 after purchasing an additional 234 shares in the last quarter. AlphaQuest LLC acquired a new position in Akamai Technologies in the first quarter valued at about $42,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Akamai Technologies in the first quarter valued at about $49,000. Finally, LRI Investments LLC raised its stake in Akamai Technologies by 500.0% in the fourth quarter. LRI Investments LLC now owns 624 shares of the technology infrastructure company's stock valued at $60,000 after purchasing an additional 520 shares in the last quarter. Institutional investors and hedge funds own 94.28% of the company's stock.

Analyst Ratings Changes

AKAM has been the subject of several research analyst reports. Wall Street Zen raised Akamai Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. UBS Group boosted their target price on Akamai Technologies from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. KeyCorp initiated coverage on Akamai Technologies in a research note on Friday, June 6th. They set an "underweight" rating and a $63.00 target price for the company. Scotiabank lowered their target price on Akamai Technologies from $105.00 to $95.00 and set a "sector outperform" rating for the company in a research note on Friday, August 8th. Finally, Piper Sandler lowered their price objective on Akamai Technologies from $88.00 to $83.00 and set a "neutral" rating for the company in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $92.39.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $77.00, for a total transaction of $231,000.00. Following the transaction, the chief technology officer directly owned 27,910 shares in the company, valued at approximately $2,149,070. This represents a 9.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paul C. Joseph sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $77.74, for a total value of $388,700.00. Following the transaction, the executive vice president owned 32,349 shares in the company, valued at $2,514,811.26. The trade was a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,000 shares of company stock worth $922,740 over the last ninety days. Insiders own 2.00% of the company's stock.

Akamai Technologies Trading Up 0.9%

Shares of Akamai Technologies stock traded up $0.74 on Monday, hitting $79.13. The stock had a trading volume of 1,176,468 shares, compared to its average volume of 2,258,466. The stock has a 50 day moving average of $77.52 and a 200 day moving average of $78.69. 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 $11.35 billion, a P/E ratio of 28.06, a PEG ratio of 3.86 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.31 and a current ratio of 2.31.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced its earnings results on Thursday, August 7th. The technology infrastructure company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.55 by $0.18. Akamai Technologies had a return on equity of 14.26% and a net margin of 10.40%.The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.02 billion. During the same period in the prior year, the business posted $1.58 earnings per share. The firm's revenue was up 6.5% on a year-over-year basis. Akamai Technologies has set its FY 2025 guidance at 6.600-6.800 EPS. Q3 2025 guidance at 1.620-1.660 EPS. Sell-side analysts expect 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.