Rock Point Advisors LLC Increases Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Rock Point Advisors LLC lifted its stake in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 59.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,951 shares of the technology infrastructure company's stock after purchasing an additional 21,716 shares during the period. Rock Point Advisors LLC's holdings in Akamai Technologies were worth $4,665,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brighton Jones LLC lifted its holdings 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 buying an additional 2,022 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Akamai Technologies by 443.2% during the 4th quarter. Jones Financial Companies Lllp now owns 804 shares of the technology infrastructure company's stock worth $77,000 after buying an additional 656 shares during the last quarter. Atria Investments Inc lifted its holdings in Akamai Technologies by 5.6% during the 4th quarter. Atria Investments Inc now owns 5,497 shares of the technology infrastructure company's stock worth $526,000 after buying an additional 293 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in Akamai Technologies during the 4th quarter worth about $1,090,000. Finally, Truvestments Capital LLC lifted its holdings in Akamai Technologies by 6.4% during the 4th quarter. Truvestments Capital LLC now owns 2,935 shares of the technology infrastructure company's stock worth $281,000 after buying an additional 176 shares during the last quarter. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AKAM has been the subject of a number of recent analyst reports. Oppenheimer initiated coverage on Akamai Technologies in a report on Thursday, March 20th. They set an "outperform" rating and a $100.00 price target for the company. UBS Group lifted their target price on Akamai Technologies from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. KeyCorp initiated coverage on Akamai Technologies in a research report on Friday, June 6th. They set an "underweight" rating and a $63.00 target price on the stock. Piper Sandler reiterated a "neutral" rating and set a $88.00 target price (up previously from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. Finally, Scotiabank cut their target price 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. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $101.25.

Akamai Technologies Stock Performance

AKAM stock traded down $2.06 during trading on Friday, hitting $77.38. The company had a trading volume of 1,254,258 shares, compared to its average volume of 2,079,921. The firm has a market cap of $11.31 billion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 2.44 and a beta of 0.77. 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 moving average price of $78.55 and a 200-day moving average price of $83.61. 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 (NASDAQ:AKAM - Get Free Report) last released its earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.12. Akamai Technologies had a return on equity of 14.09% and a net margin of 11.26%. The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the previous year, the firm posted $1.64 EPS. The firm's quarterly revenue was up 2.9% on a year-over-year basis. On average, analysts expect that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Insider Activity at Akamai Technologies

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

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.