Gagnon Securities LLC Has $558,000 Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Key Points

• Gagnon Securities LLC significantly reduced its holdings in Akamai Technologies by 76.5% in the first quarter, bringing its total to 6,932 shares valued at $558,000.
• Institutional investors now own 94.28% of Akamai's stock, indicating strong fund interest in the company.
• Analysts have diverse ratings on Akamai, with three sell ratings, nine holds, eight buys, and two strong buys, reflecting mixed sentiment in the market.

Gagnon Securities LLC cut its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 76.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 6,932 shares of the technology infrastructure company's stock after selling 22,620 shares during the quarter. Gagnon Securities LLC's holdings in Akamai Technologies were worth $558,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AKAM. Beverly Hills Private Wealth LLC raised its stake in Akamai Technologies by 4.7% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 2,828 shares of the technology infrastructure company's stock valued at $228,000 after acquiring an additional 126 shares during the period. Opes Wealth Management LLC raised its stake in Akamai Technologies by 2.7% in the 1st quarter. Opes Wealth Management LLC now owns 4,872 shares of the technology infrastructure company's stock valued at $392,000 after acquiring an additional 128 shares during the period. Amalgamated Bank raised its stake in Akamai Technologies by 0.5% in the 1st quarter. Amalgamated Bank now owns 29,080 shares of the technology infrastructure company's stock valued at $2,341,000 after acquiring an additional 139 shares during the period. MassMutual Private Wealth & Trust FSB increased its position 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 buying an additional 155 shares during the period. Finally, HighPoint Advisor Group LLC increased its position in Akamai Technologies by 3.4% during the 1st quarter. HighPoint Advisor Group LLC now owns 5,364 shares of the technology infrastructure company's stock worth $434,000 after buying an additional 176 shares during the period. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Paul C. Joseph sold 5,000 shares of Akamai Technologies stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $77.74, for a total transaction of $388,700.00. Following the sale, the executive vice president directly owned 32,349 shares of the company's stock, valued at approximately $2,514,811.26. This trade represents a 13.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies stock in a transaction dated 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 directly owned 43,575 shares in the company, valued at $3,326,079.75. The trade was a 23.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AKAM has been the topic of several recent research reports. Morgan Stanley cut Akamai Technologies from an "equal weight" rating to an "underweight" rating and set a $85.00 price objective on the stock. in a research report on Tuesday. Piper Sandler reiterated a "neutral" rating and set a $88.00 price objective (up previously from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. Wall Street Zen cut Akamai Technologies from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Scotiabank lowered their price objective on Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating on the stock in a research report on Friday, May 9th. Finally, KeyCorp initiated coverage on Akamai Technologies in a research report on Friday, June 6th. They set an "underweight" rating and a $63.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $99.58.

Akamai Technologies Stock Performance

NASDAQ:AKAM opened at $74.48 on Thursday. The stock's 50-day simple moving average is $78.25 and its 200 day simple moving average is $81.86. The firm has a market capitalization of $10.89 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 2.33 and a beta of 0.76. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. Akamai Technologies, Inc. has a twelve month low of $67.51 and a twelve month 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 business 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%. Akamai Technologies's revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm posted $1.64 earnings per share. On average, analysts anticipate that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

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.

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