Prudential PLC Sells 8,574 Shares of Akamai Technologies, Inc. $AKAM

Key Points

• Prudential PLC reduced its stake in Akamai Technologies by 17.2%, now holding 41,200 shares worth approximately $3.32 million.
• Insider sales were noted, with EVP Paul C. Joseph selling 5,000 shares and Kim Salem-Jackson selling 13,157 shares, reflecting notable decreases in their ownership percentages.
• Akamai Technologies reported positive quarterly earnings, beating estimates with $1.73 earnings per share and revenue of $1.04 billion, a 6.5% increase from the previous year.

Prudential PLC lessened its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,200 shares of the technology infrastructure company's stock after selling 8,574 shares during the period. Prudential PLC's holdings in Akamai Technologies were worth $3,317,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its position in 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 worth $35,000 after acquiring an additional 155 shares in the last quarter. Itau Unibanco Holding S.A. increased its holdings in shares of Akamai Technologies by 99.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 469 shares of the technology infrastructure company's stock valued at $45,000 after acquiring an additional 234 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Akamai Technologies in the first quarter worth $49,000. LRI Investments LLC raised its holdings in Akamai Technologies by 500.0% in the 4th quarter. LRI Investments LLC now owns 624 shares of the technology infrastructure company's stock worth $60,000 after acquiring an additional 520 shares during the period. Finally, TruNorth Capital Management LLC acquired a new position in shares of Akamai Technologies during the 1st quarter worth about $65,000. 94.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James Financial dropped their price target on Akamai Technologies from $110.00 to $84.00 and set an "outperform" rating for the company in a report on Friday, August 8th. KeyCorp assumed coverage on Akamai Technologies in a report on Friday, June 6th. They set an "underweight" rating and a $63.00 target price on the stock. Wall Street Zen raised Akamai Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Scotiabank dropped their target price on Akamai Technologies from $105.00 to $95.00 and set a "sector outperform" rating for the company in a report on Friday, August 8th. Finally, Zacks Research raised shares of Akamai Technologies to a "hold" rating in a report on Monday, August 11th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Akamai Technologies has a consensus rating of "Hold" and a consensus price target of $94.89.

Akamai Technologies Price Performance

Shares of Akamai Technologies stock traded up $0.58 on Monday, hitting $75.00. The company's stock had a trading volume of 886,082 shares, compared to its average volume of 2,417,053. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.31 and a current ratio of 2.31. The firm has a fifty day moving average price of $77.79 and a 200-day moving average price of $80.46. The company has a market capitalization of $10.75 billion, a price-to-earnings ratio of 26.62, a price-to-earnings-growth ratio of 2.89 and a beta of 0.76. 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 issued its quarterly earnings results on Thursday, August 7th. The technology infrastructure company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.18. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.02 billion. Akamai Technologies had a return on equity of 14.26% and a net margin of 10.40%. The firm's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.58 EPS. As a group, sell-side analysts anticipate that Akamai Technologies, Inc. will post 4.6 earnings per share for the current fiscal year.

Insider Buying and Selling

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 stock was sold at an average price of $76.33, for a total value of $1,004,273.81. Following the transaction, the executive vice president directly owned 43,575 shares of the company's stock, 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 SEC, which is available at the SEC website. Also, EVP Paul C. Joseph sold 5,000 shares of the firm's 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 transaction, the executive vice president owned 32,349 shares of the company's stock, 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. Insiders own 2.00% of the company's stock.

Akamai Technologies Company 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.