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Empirical Financial Services LLC d.b.a. Empirical Wealth Management Takes Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Akamai Technologies logo with Computer and Technology background

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,100 shares of the technology infrastructure company's stock, valued at approximately $330,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Trust Advisors LP increased its position in shares of Akamai Technologies by 15.6% during the fourth quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company's stock valued at $489,383,000 after acquiring an additional 690,341 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in Akamai Technologies by 234.0% in the first quarter. Vontobel Holding Ltd. now owns 595,569 shares of the technology infrastructure company's stock worth $47,943,000 after acquiring an additional 417,260 shares during the last quarter. Achmea Investment Management B.V. purchased a new position in Akamai Technologies in the first quarter worth approximately $21,626,000. GAMMA Investing LLC lifted its stake in Akamai Technologies by 5,951.4% in the first quarter. GAMMA Investing LLC now owns 253,978 shares of the technology infrastructure company's stock worth $20,445,000 after acquiring an additional 249,781 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its position in shares of Akamai Technologies by 43.4% during the 4th quarter. Hsbc Holdings PLC now owns 778,208 shares of the technology infrastructure company's stock worth $74,473,000 after buying an additional 235,394 shares during the last quarter. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AKAM. Morgan Stanley reduced their price objective on shares of 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. Piper Sandler reissued a "neutral" rating and issued a $88.00 price objective (up from $80.00) on shares of Akamai Technologies in a research note on Friday, May 9th. Wall Street Zen cut shares of Akamai Technologies from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. KeyCorp assumed coverage on shares of Akamai Technologies in a research note on Friday, June 6th. They issued an "underweight" rating and a $63.00 price objective for the company. Finally, Scotiabank reduced 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 note on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $99.84.

Get Our Latest Report on AKAM

Akamai Technologies Trading Down 2.5%

NASDAQ AKAM opened at $74.38 on Monday. Akamai Technologies, Inc. has a 12 month low of $67.51 and a 12 month high of $106.80. The company has a 50-day moving average of $78.38 and a 200-day moving average of $82.08. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $10.88 billion, a P/E ratio of 25.04, a P/E/G ratio of 2.35 and a beta of 0.76.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last posted its earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share (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 the consensus estimate 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 was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.64 EPS. As a group, equities analysts predict that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Adam Karon sold 3,927 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $85.02, for a total transaction of $333,873.54. Following the completion of the sale, the chief operating officer owned 10,809 shares of the company's stock, valued at approximately $918,981.18. This represents a 26.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Paul C. Joseph sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $77.74, for a total transaction of $388,700.00. Following the completion of the sale, the executive vice president directly owned 32,349 shares of the company's stock, valued at $2,514,811.26. This trade represents a 13.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,084 shares of company stock valued at $1,726,847. 2.00% of the stock is currently owned by corporate insiders.

Akamai Technologies Profile

(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.

See Also

Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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