Envestnet Asset Management Inc. Sells 80,722 Shares of Akamai Technologies, Inc. $AKAM

Key Points

• Envestnet Asset Management cut its stake in Akamai by 14.1%, selling 80,722 shares and leaving 491,333 shares worth about $37.2 million (≈0.34% of the company).
• Several institutions made large moves — DLD Asset Management now owns 20 million shares (~$1.595 billion) after adding 7.5 million shares, Norges Bank opened a ~$266.8 million position, and institutional investors collectively own about 94.28% of Akamai.
• Analyst views are mixed: Morgan Stanley upgraded to overweight with a $115 target while the consensus is a "Hold" with an average price target of $96.94; meanwhile insiders (including the CFO and an EVP) have sold roughly 28,818 shares (~$2.59 million) in the last 90 days.

Envestnet Asset Management Inc. decreased its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 14.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 491,333 shares of the technology infrastructure company's stock after selling 80,722 shares during the period. Envestnet Asset Management Inc. owned about 0.34% of Akamai Technologies worth $37,223,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of AKAM. DLD Asset Management LP boosted its stake in Akamai Technologies by 60.0% in the second quarter. DLD Asset Management LP now owns 20,000,000 shares of the technology infrastructure company's stock worth $1,595,200,000 after purchasing an additional 7,500,000 shares in the last quarter. Norges Bank acquired a new stake in Akamai Technologies during the 2nd quarter worth $266,817,000. Nordea Investment Management AB lifted its stake in Akamai Technologies by 39.9% in the third quarter. Nordea Investment Management AB now owns 3,437,472 shares of the technology infrastructure company's stock valued at $258,739,000 after buying an additional 980,966 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Akamai Technologies in the second quarter valued at about $56,821,000. Finally, Edmond DE Rothschild Holding S.A. lifted its position in shares of Akamai Technologies by 12.1% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 2,786,084 shares of the technology infrastructure company's stock worth $222,218,000 after purchasing an additional 301,423 shares in the last quarter. Institutional investors and hedge funds own 94.28% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on AKAM. Piper Sandler upped their price target on shares of Akamai Technologies from $86.00 to $89.00 and gave the stock a "neutral" rating in a research report on Monday, January 5th. President Capital boosted their target price on shares of Akamai Technologies from $104.00 to $116.00 and gave the company a "buy" rating in a research report on Friday, November 7th. TD Cowen raised their target price on shares of Akamai Technologies from $98.00 to $104.00 and gave the company a "hold" rating in a research report on Thursday, November 13th. Bank of America reduced their price objective on shares of Akamai Technologies from $100.00 to $80.00 and set a "neutral" rating on the stock in a research note on Monday, October 20th. Finally, Morgan Stanley raised Akamai Technologies from an "underweight" rating to an "overweight" rating and lifted their price objective for the stock from $83.00 to $115.00 in a research report on Monday, January 12th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $96.94.

Insider Activity at Akamai Technologies

In related news, CFO Edward J. Mcgowan sold 6,560 shares of Akamai Technologies stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $88.03, for a total value of $577,476.80. Following the completion of the sale, the chief financial officer directly owned 16,442 shares in the company, valued at approximately $1,447,389.26. This trade represents a 28.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mani Sundaram sold 10,438 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $89.25, for a total value of $931,591.50. Following the completion of the transaction, the executive vice president directly owned 13,550 shares in the company, valued at approximately $1,209,337.50. This represents a 43.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,818 shares of company stock worth $2,589,254 over the last 90 days. 2.00% of the stock is owned by insiders.

Akamai Technologies Price Performance

NASDAQ:AKAM opened at $94.40 on Wednesday. Akamai Technologies, Inc. has a 52-week low of $67.51 and a 52-week high of $104.97. The stock has a fifty day moving average of $90.51 and a 200 day moving average of $82.54. The firm has a market capitalization of $13.58 billion, a price-to-earnings ratio of 27.68, a P/E/G ratio of 2.92 and a beta of 0.70. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.28 and a current ratio of 2.28.

Akamai Technologies Company Profile

Akamai Technologies, Inc is a leading provider of content delivery network (CDN) services and cloud security solutions designed to optimize and safeguard digital experiences. Leveraging a globally distributed platform, the company accelerates web and mobile content delivery for enterprises, media companies, e-commerce platforms and government agencies. Its edge computing architecture brings processing power closer to end users, reducing latency and improving application performance across geographies.

The company's core offerings include content acceleration, web and mobile performance optimization, media delivery, and a suite of cybersecurity solutions that protect against DDoS attacks, application-layer threats and bot-driven fraud.

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