Sawgrass Asset Management LLC Lowers Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Sawgrass Asset Management LLC cut its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 31.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TCTC Holdings LLC raised its stake in shares of Akamai Technologies by 17.0% in the fourth quarter. TCTC Holdings LLC now owns 702 shares of the technology infrastructure company's stock worth $67,000 after purchasing an additional 102 shares during the last quarter. Orion Portfolio Solutions LLC raised its holdings in Akamai Technologies by 0.6% in the 4th quarter. Orion Portfolio Solutions LLC now owns 19,991 shares of the technology infrastructure company's stock worth $1,912,000 after purchasing an additional 114 shares during the period. M&T Bank Corp lifted its position in shares of Akamai Technologies by 1.2% during the 4th quarter. M&T Bank Corp now owns 12,143 shares of the technology infrastructure company's stock valued at $1,161,000 after buying an additional 142 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position 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 worth $35,000 after purchasing an additional 155 shares during the period. Finally, Principal Securities Inc. boosted its holdings in Akamai Technologies by 24.2% in the 4th quarter. Principal Securities Inc. now owns 894 shares of the technology infrastructure company's stock worth $86,000 after buying an additional 174 shares during the period. Hedge funds and other institutional investors own 94.28% of the company's stock.

Analyst Upgrades and Downgrades

AKAM has been the subject of a number of research analyst reports. Morgan Stanley cut their price objective on shares of Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Piper Sandler reiterated a "neutral" rating and issued a $88.00 target price (up previously from $80.00) on shares of Akamai Technologies in a report on Friday, May 9th. UBS Group upped their price target on shares of Akamai Technologies from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Oppenheimer assumed coverage on Akamai Technologies in a research report on Thursday, March 20th. They set an "outperform" rating and a $100.00 target price for the company. Finally, Scotiabank dropped their price objective on 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 given a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Akamai Technologies has a consensus rating of "Hold" and an average price target of $101.25.

Insiders Place Their Bets

In other news, COO Adam Karon sold 3,927 shares of the business's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $85.02, for a total transaction of $333,873.54. Following the transaction, the chief operating officer now owns 10,809 shares of the company's stock, valued at approximately $918,981.18. The trade was a 26.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the executive vice president now directly owns 43,575 shares in the company, valued at approximately $3,326,079.75. The trade was a 23.19% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Akamai Technologies Stock Performance

Shares of AKAM stock traded up $0.78 during mid-day trading on Tuesday, reaching $80.06. The stock had a trading volume of 3,703,538 shares, compared to its average volume of 2,064,050. Akamai Technologies, Inc. has a 1-year low of $67.51 and a 1-year high of $106.80. 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 firm has a market cap of $11.71 billion, a price-to-earnings ratio of 26.96, a PEG ratio of 2.50 and a beta of 0.77. The business's fifty day moving average is $78.01 and its 200-day moving average is $85.33.

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 the consensus estimate of $1.58 by $0.12. The business had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.01 billion. Akamai Technologies had a return on equity of 14.09% and a net margin of 11.26%. The company's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.64 EPS. On average, research analysts forecast that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

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.