Everstar Asset Management LLC Takes $2.21 Million Position in Akamai Technologies, Inc. $AKAM

Key Points

• Everstar Asset Management LLC has acquired 27,451 shares of Akamai Technologies valued at approximately $2.21 million in the 1st quarter of 2023.
• Akamai's stock has seen an increase of 1.8% recently, with current trading around $78.56, and has a market cap of $11.26 billion.
• The company reported quarterly earnings of $1.73 per share, surpassing analyst expectations of $1.55, alongside a 6.5% year-over-year revenue growth to $1.04 billion.

Everstar Asset Management LLC bought a new stake in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 27,451 shares of the technology infrastructure company's stock, valued at approximately $2,210,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mather Group LLC. grew its position in shares of Akamai Technologies by 97.4% in the first quarter. Mather Group LLC. now owns 1,224 shares of the technology infrastructure company's stock valued at $99,000 after purchasing an additional 604 shares during the last quarter. Amalgamated Bank grew its position in shares of Akamai Technologies by 0.5% in the first quarter. Amalgamated Bank now owns 29,080 shares of the technology infrastructure company's stock valued at $2,341,000 after purchasing an additional 139 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of Akamai Technologies by 2.9% in the first quarter. QRG Capital Management Inc. now owns 7,302 shares of the technology infrastructure company's stock valued at $588,000 after purchasing an additional 208 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Akamai Technologies by 595.7% in the first quarter. Farther Finance Advisors LLC now owns 1,614 shares of the technology infrastructure company's stock valued at $130,000 after purchasing an additional 1,382 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its position in shares of Akamai Technologies by 2.6% in the first quarter. Asset Management One Co. Ltd. now owns 60,508 shares of the technology infrastructure company's stock valued at $4,871,000 after purchasing an additional 1,550 shares during the last quarter. Institutional investors and hedge funds own 94.28% of the company's stock.

Akamai Technologies Price Performance

NASDAQ AKAM traded down $2.36 on Friday, hitting $76.84. 1,518,720 shares of the company's stock were exchanged, compared to its average volume of 1,632,376. The stock has a 50-day moving average of $77.20 and a 200-day moving average of $78.08. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 0.92. Akamai Technologies, Inc. has a 52 week low of $67.51 and a 52 week high of $106.80. The stock has a market cap of $11.02 billion, a price-to-earnings ratio of 27.25, a P/E/G ratio of 3.81 and a beta of 0.77.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released its earnings results on Thursday, August 7th. The technology infrastructure company reported $1.73 earnings per share for the quarter, topping 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 firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.02 billion. During the same period in the prior year, the company earned $1.58 earnings per share. The company's quarterly 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. Analysts expect that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Paul C. Joseph sold 5,000 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was 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 in the company, valued at $2,514,811.26. This represents a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Aaron Ahola sold 4,000 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $75.76, for a total value of $303,040.00. Following the sale, the executive vice president owned 21,211 shares of the company's stock, valued at $1,606,945.36. The trade was a 15.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,000 shares of company stock worth $922,740 over the last three months. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wall Street Zen upgraded Akamai Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. KeyCorp assumed coverage on Akamai Technologies in a research note on Friday, June 6th. They issued an "underweight" rating and a $63.00 price target for the company. The Goldman Sachs Group assumed coverage on Akamai Technologies in a research note on Wednesday, August 13th. They issued a "sell" rating and a $67.00 price target for the company. Zacks Research upgraded Akamai Technologies to a "hold" rating in a research note on Monday, August 11th. Finally, Piper Sandler cut their price target 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 analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $92.39.

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.