Mizuho Securities USA LLC Sells 10,202,209 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Key Points

• Mizuho Securities USA LLC significantly reduced its stake in Akamai Technologies, selling 10,202,209 shares and now holding only 12,029 shares, which are valued at approximately $968,000.
• Akamai Technologies reported better-than-expected earnings, achieving $1.73 EPS for the recent quarter, exceeding analysts' estimates of $1.55, along with $1.04 billion in revenue.
• The stock has recently seen a mix of ratings changes from analysts, with Wall Street Zen upgrading it from "hold" to "buy," while others adjusted price targets downward, indicating a cautious outlook.

Mizuho Securities USA LLC trimmed its position in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 99.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,029 shares of the technology infrastructure company's stock after selling 10,202,209 shares during the period. Mizuho Securities USA LLC's holdings in Akamai Technologies were worth $968,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of AKAM. Brighton Jones LLC raised its position in Akamai Technologies by 101.4% during the 4th quarter. Brighton Jones LLC now owns 4,016 shares of the technology infrastructure company's stock worth $384,000 after purchasing an additional 2,022 shares during the last quarter. Townsquare Capital LLC bought a new position in Akamai Technologies during the 4th quarter worth $221,000. Canada Post Corp Registered Pension Plan bought a new position in Akamai Technologies during the 4th quarter worth $259,000. Ontario Teachers Pension Plan Board raised its position in Akamai Technologies by 24.6% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 7,883 shares of the technology infrastructure company's stock worth $754,000 after purchasing an additional 1,557 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Akamai Technologies by 8.0% during the 4th quarter. NewEdge Advisors LLC now owns 18,367 shares of the technology infrastructure company's stock worth $1,757,000 after purchasing an additional 1,354 shares during the last quarter. 94.28% of the stock is currently owned by institutional investors.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total transaction of $1,004,273.81. Following the transaction, the executive vice president owned 43,575 shares of the company's stock, valued at $3,326,079.75. This trade represents a 23.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Paul C. Joseph sold 5,000 shares of Akamai Technologies stock in a transaction that occurred 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 transaction, the executive vice president directly owned 32,349 shares in the company, valued at approximately $2,514,811.26. This represents a 13.39% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Akamai Technologies Stock Up 0.2%

Shares of AKAM traded up $0.15 during trading hours on Friday, hitting $74.42. The stock had a trading volume of 2,011,452 shares, compared to its average volume of 2,206,776. The firm has a market capitalization of $10.67 billion, a P/E ratio of 26.39, a price-to-earnings-growth ratio of 2.88 and a beta of 0.76. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.31 and a quick ratio of 1.18. Akamai Technologies, Inc. has a 1-year low of $67.51 and a 1-year high of $106.80. The firm has a 50 day simple moving average of $77.79 and a 200-day simple moving average of $80.60.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology infrastructure company reported $1.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.55 by $0.18. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Akamai Technologies had a return on equity of 14.26% and a net margin of 10.40%. The company's quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.58 EPS. Sell-side analysts predict that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

Analysts Set New Price Targets

AKAM has been the subject of several analyst reports. Zacks Research raised Akamai Technologies to a "hold" rating in a research report on Monday, August 11th. Morgan Stanley lowered Akamai Technologies from an "equal weight" rating to an "underweight" rating and set a $85.00 target price for the company. in a research report on Tuesday, August 5th. Wall Street Zen raised Akamai Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. KeyCorp initiated coverage on Akamai Technologies in a research report on Friday, June 6th. They issued an "underweight" rating and a $63.00 price objective for the company. Finally, Scotiabank lowered their price objective on Akamai Technologies from $105.00 to $95.00 and set a "sector outperform" rating for the company in a research report on Friday, August 8th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $94.89.

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.