Sawgrass Asset Management LLC Has $9.50 Million Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Sawgrass Asset Management LLC cut its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 31.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 117,974 shares of the technology infrastructure company's stock after selling 53,949 shares during the quarter. Sawgrass Asset Management LLC owned approximately 0.08% of Akamai Technologies worth $9,497,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its holdings 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 valued at $35,000 after purchasing an additional 155 shares during the last quarter. Itau Unibanco Holding S.A. raised its stake in shares of Akamai Technologies by 99.6% in the fourth 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. SBI Securities Co. Ltd. bought a new position in shares of Akamai Technologies in the fourth quarter valued at approximately $49,000. Wolverine Asset Management LLC acquired a new position in shares of Akamai Technologies in the 4th quarter worth approximately $57,000. Finally, LRI Investments LLC grew its position in Akamai Technologies by 500.0% during 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 last quarter. Institutional investors own 94.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Morgan Stanley cut their price objective on 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. Piper Sandler reiterated a "neutral" rating and set a $88.00 price target (up previously from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. KeyCorp assumed coverage on shares of Akamai Technologies in a research report on Friday, June 6th. They issued an "underweight" rating and a $63.00 price objective for the company. Oppenheimer started coverage on shares of Akamai Technologies in a research note on Thursday, March 20th. They issued an "outperform" rating and a $100.00 target price for the company. Finally, Scotiabank decreased their price target on shares of Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating on the stock in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $101.25.

Insider Activity at Akamai Technologies

In other news, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies 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 transaction, the executive vice president now owns 43,575 shares in the company, valued at $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 available at this hyperlink. Also, COO Adam Karon sold 3,927 shares of the 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 now directly owns 10,809 shares of the company's stock, valued at approximately $918,981.18. The trade was a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Akamai Technologies Trading Up 0.1%

Shares of AKAM stock traded up $0.07 on Thursday, reaching $79.60. The company had a trading volume of 2,157,144 shares, compared to its average volume of 2,070,836. The stock has a market cap of $11.64 billion, a PE ratio of 26.80, a PEG ratio of 2.51 and a beta of 0.77. The company has a 50-day moving average of $78.25 and a 200-day moving average of $85.15. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.52. Akamai Technologies, Inc. has a 12 month low of $67.51 and a 12 month high of $106.80.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.12. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The firm had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the previous year, the company earned $1.64 earnings per share. The business's revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities analysts forecast that Akamai Technologies, Inc. will post 4.6 earnings per share for the current 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.