Smithbridge Asset Management Inc. DE Takes $2.79 Million Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Smithbridge Asset Management Inc. DE purchased a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 34,595 shares of the technology infrastructure company's stock, valued at approximately $2,785,000.

A number of other large investors have also modified their holdings of AKAM. MassMutual Private Wealth & Trust FSB increased 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. increased 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 purchasing an additional 234 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Akamai Technologies in the fourth quarter valued at approximately $49,000. Wolverine Asset Management LLC acquired a new stake in shares of Akamai Technologies in the fourth quarter valued at approximately $57,000. Finally, LRI Investments LLC increased its stake in shares of Akamai Technologies by 500.0% in the fourth quarter. LRI Investments LLC now owns 624 shares of the technology infrastructure company's stock valued at $60,000 after purchasing an additional 520 shares during the period. Institutional investors and hedge funds own 94.28% of the company's stock.

Analyst Upgrades and Downgrades

AKAM has been the topic of several analyst reports. Piper Sandler restated a "neutral" rating and issued a $88.00 price target (up previously from $80.00) on shares of Akamai Technologies in a research note on Friday, May 9th. Needham & Company LLC reiterated a "hold" rating on shares of Akamai Technologies in a research report on Friday, February 21st. Morgan Stanley cut 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 report on Wednesday, April 16th. Citigroup lowered their price objective on shares of Akamai Technologies from $102.00 to $95.00 and set a "neutral" rating on the stock in a research note on Monday, February 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Akamai Technologies from $76.00 to $72.00 and set an "underweight" rating on the stock in a report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $101.25.

Akamai Technologies Price Performance

NASDAQ:AKAM traded down $1.48 during mid-day trading on Friday, reaching $77.03. 1,859,071 shares of the company were exchanged, compared to its average volume of 2,024,241. Akamai Technologies, Inc. has a 12 month low of $67.51 and a 12 month high of $106.80. The company has a fifty day moving average of $77.09 and a 200 day moving average of $86.35. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49. The stock has a market cap of $11.26 billion, a PE ratio of 23.63, a PEG ratio of 2.74 and a beta of 0.77.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.12. The firm 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 14.35% and a net margin of 12.65%. The company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.64 EPS. On average, research analysts anticipate that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

Insider Activity

In related news, COO Adam Karon sold 3,927 shares of the stock in a transaction that occurred on 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 legal filing with the SEC, which is available at this link. Also, EVP Kim Salem-Jackson sold 13,157 shares of the 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 completion of the sale, the executive vice president now owns 43,575 shares in the company, valued at $3,326,079.75. This represents a 23.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

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.