DAVENPORT & Co LLC Cuts Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

DAVENPORT & Co LLC reduced its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 9.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 48,596 shares of the technology infrastructure company's stock after selling 5,287 shares during the quarter. DAVENPORT & Co LLC's holdings in Akamai Technologies were worth $3,912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in AKAM. TCTC Holdings LLC lifted its holdings in Akamai Technologies by 17.0% during the 4th 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 last quarter. Orion Portfolio Solutions LLC lifted its holdings in Akamai Technologies by 0.6% during the 4th quarter. Orion Portfolio Solutions LLC now owns 19,991 shares of the technology infrastructure company's stock worth $1,912,000 after purchasing an additional 114 shares during the last quarter. Amalgamated Bank lifted its holdings in Akamai Technologies by 0.5% during the 1st quarter. Amalgamated Bank now owns 29,080 shares of the technology infrastructure company's stock worth $2,341,000 after purchasing an additional 139 shares during the last quarter. M&T Bank Corp lifted its holdings in Akamai Technologies by 1.2% during the 4th quarter. M&T Bank Corp now owns 12,143 shares of the technology infrastructure company's stock worth $1,161,000 after purchasing an additional 142 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in Akamai Technologies by 54.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 438 shares of the technology infrastructure company's stock worth $35,000 after purchasing an additional 155 shares during the last quarter. 94.28% of the stock is currently owned by institutional investors.

Akamai Technologies Trading Down 0.3%

AKAM traded down $0.26 on Friday, hitting $79.20. 1,159,299 shares of the company were exchanged, compared to its average volume of 2,084,712. The firm has a fifty day simple moving average of $78.71 and a two-hundred day simple moving average of $84.29. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.18 and a current ratio of 1.18. Akamai Technologies, Inc. has a 12 month low of $67.51 and a 12 month high of $106.80. The stock has a market capitalization of $11.58 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 2.51 and a beta of 0.77.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.12. The firm 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 14.09% and a net margin of 11.26%. The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $1.64 EPS. Sell-side analysts expect that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Insider Activity at Akamai Technologies

In related news, COO Adam Karon sold 3,927 shares of Akamai Technologies stock in a transaction that occurred 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 sale, the chief operating officer directly owned 10,809 shares in the company, valued at $918,981.18. The trade was a 26.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies stock in a transaction that occurred 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 owned 43,575 shares in the company, valued at $3,326,079.75. This represents a 23.19% 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.

Analyst Ratings Changes

A number of analysts have recently weighed in on AKAM shares. UBS Group upped their target price on Akamai Technologies from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Piper Sandler reiterated a "neutral" rating and set a $88.00 target price (up from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. Oppenheimer started coverage on Akamai Technologies in a research report on Thursday, March 20th. They set an "outperform" rating and a $100.00 target price 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. Finally, Wall Street Zen downgraded Akamai Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Akamai Technologies presently has a consensus rating of "Hold" and an average target price of $101.25.

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.