Envestnet Portfolio Solutions Inc. Sells 3,709 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Envestnet Portfolio Solutions Inc. cut its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 38.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,912 shares of the technology infrastructure company's stock after selling 3,709 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Akamai Technologies were worth $476,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AKAM. First Trust Advisors LP boosted its holdings in shares of Akamai Technologies by 15.6% in 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 in the last quarter. Norges Bank acquired a new stake in Akamai Technologies in the fourth quarter worth approximately $477,454,000. Mackenzie Financial Corp lifted its position in Akamai Technologies by 3.5% in the fourth quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company's stock worth $232,198,000 after purchasing an additional 81,744 shares during the period. Earnest Partners LLC boosted its stake in Akamai Technologies by 2.7% during the 4th quarter. Earnest Partners LLC now owns 2,215,735 shares of the technology infrastructure company's stock valued at $211,935,000 after purchasing an additional 58,013 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Akamai Technologies by 9.6% during the 4th quarter. Northern Trust Corp now owns 1,861,845 shares of the technology infrastructure company's stock valued at $178,085,000 after purchasing an additional 163,472 shares during the period. 94.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AKAM. UBS Group boosted their price objective on Akamai Technologies from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Wall Street Zen downgraded shares of Akamai Technologies from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. KeyCorp initiated coverage on shares of Akamai Technologies in a research report on Friday, June 6th. They set an "underweight" rating and a $63.00 price objective for the company. Morgan Stanley lowered their price objective on shares of Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Finally, Oppenheimer initiated coverage on shares of Akamai Technologies in a research note on Thursday, March 20th. They set an "outperform" rating and a $100.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Akamai Technologies has a consensus rating of "Hold" and a consensus target price of $101.25.

Akamai Technologies Stock Down 0.2%

Shares of AKAM traded down $0.15 during trading hours on Tuesday, reaching $79.61. The company's stock had a trading volume of 1,343,677 shares, compared to its average volume of 2,077,511. The company has a 50 day moving average of $78.65 and a two-hundred day moving average of $84.64. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The firm has a market cap of $11.64 billion, a price-to-earnings ratio of 26.80, a P/E/G ratio of 2.52 and a beta of 0.77. Akamai Technologies, Inc. has a 1-year low of $67.51 and a 1-year high of $106.80.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, beating the consensus estimate 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 net margin of 11.26% and a return on equity of 14.09%. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.64 EPS. As a group, research analysts predict that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

Insider Buying and Selling at Akamai Technologies

In other news, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies stock in a transaction dated 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 directly owned 43,575 shares in the company, valued at $3,326,079.75. The trade was a 23.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Adam Karon sold 3,927 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $85.02, for a total value of $333,873.54. Following the completion of the sale, the chief operating officer directly owned 10,809 shares of the company's stock, valued at approximately $918,981.18. The trade was a 26.65% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

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.