Praxis Investment Management Inc. Acquires New Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Praxis Investment Management Inc. purchased a new position in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 8,980 shares of the technology infrastructure company's stock, valued at approximately $723,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Akamai Technologies by 54.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 438 shares of the technology infrastructure company's stock valued at $35,000 after purchasing an additional 155 shares during the period. Itau Unibanco Holding S.A. lifted its holdings in Akamai Technologies by 99.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 469 shares of the technology infrastructure company's stock worth $45,000 after buying an additional 234 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Akamai Technologies in the 4th quarter valued at about $49,000. Wolverine Asset Management LLC acquired a new stake in shares of Akamai Technologies during the fourth quarter valued at about $57,000. Finally, LRI Investments LLC grew its stake in shares of Akamai Technologies by 500.0% during the fourth quarter. LRI Investments LLC now owns 624 shares of the technology infrastructure company's stock valued at $60,000 after acquiring an additional 520 shares in the last quarter. Hedge funds and other institutional investors own 94.28% of the company's stock.

Insider Buying and Selling

In related news, COO Adam Karon sold 3,927 shares of Akamai Technologies stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $85.02, for a total value of $333,873.54. Following the sale, the chief operating officer now directly owns 10,809 shares in the company, valued at $918,981.18. This trade represents a 26.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kim Salem-Jackson sold 13,157 shares of the company's 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 transaction, the executive vice president now owns 43,575 shares of the company's stock, valued at approximately $3,326,079.75. This trade represents a 23.19% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on AKAM shares. Wall Street Zen cut Akamai Technologies from a "buy" rating to a "hold" rating in a research note on Saturday. Piper Sandler restated a "neutral" rating and set a $88.00 price objective (up from $80.00) on shares of Akamai Technologies in a report on Friday, May 9th. UBS Group increased their target price on Akamai Technologies from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Morgan Stanley decreased their price target on shares of Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Finally, Scotiabank dropped their price target on shares of Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating for the company in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $101.25.

Akamai Technologies Stock Performance

AKAM traded down $0.53 on Wednesday, hitting $79.53. 1,636,749 shares of the company's stock were exchanged, compared to its average volume of 2,065,935. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average of $78.01 and a two-hundred day moving average of $85.33. Akamai Technologies, Inc. has a twelve month low of $67.51 and a twelve month high of $106.80. The firm has a market cap of $11.63 billion, a PE ratio of 26.78, a P/E/G ratio of 2.53 and a beta of 0.77.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last posted its earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 EPS for the quarter, beating the consensus estimate of $1.58 by $0.12. The company had revenue of $1.02 billion during 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%. The business's revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.64 earnings per share. On average, research analysts anticipate that Akamai Technologies, Inc. will post 4.6 earnings per share for the current fiscal year.

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.