Smithbridge Asset Management Inc. DE Buys Shares of 34,595 Akamai Technologies, Inc. (NASDAQ:AKAM)

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

A number of other hedge funds have also bought and sold shares of AKAM. Brighton Jones LLC grew its holdings in shares of Akamai Technologies by 101.4% during the fourth quarter. Brighton Jones LLC now owns 4,016 shares of the technology infrastructure company's stock worth $384,000 after purchasing an additional 2,022 shares in the last quarter. Empowered Funds LLC boosted its holdings in Akamai Technologies by 11.0% in the fourth quarter. Empowered Funds LLC now owns 4,124 shares of the technology infrastructure company's stock worth $394,000 after acquiring an additional 409 shares in the last quarter. Sovran Advisors LLC bought a new position in Akamai Technologies in the 4th quarter valued at approximately $302,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Akamai Technologies by 67.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 170,856 shares of the technology infrastructure company's stock valued at $16,303,000 after purchasing an additional 68,681 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Akamai Technologies by 49.6% during the 4th quarter. Van ECK Associates Corp now owns 2,746 shares of the technology infrastructure company's stock valued at $263,000 after purchasing an additional 910 shares during the last quarter. Institutional investors own 94.28% of the company's stock.

Insiders Place Their Bets

In related 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 completion of the sale, the chief operating officer now owns 10,809 shares of the company's stock, valued at $918,981.18. This represents a 26.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kim Salem-Jackson sold 13,157 shares of the firm's 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 completion of the transaction, the executive vice president now directly owns 43,575 shares in the company, valued at $3,326,079.75. This represents a 23.19% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AKAM. Scotiabank cut their target price on shares of Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating for the company in a report on Friday, May 9th. JPMorgan Chase & Co. decreased their price target on shares of Akamai Technologies from $76.00 to $72.00 and set an "underweight" rating for the company in a report on Friday, February 21st. Raymond James dropped their price objective on shares of Akamai Technologies from $115.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada decreased their target price on shares of Akamai Technologies from $100.00 to $90.00 and set a "sector perform" rating on the stock in a research note on Friday, February 21st. Finally, Craig Hallum cut Akamai Technologies from a "buy" rating to a "hold" rating and set a $90.00 price target for the company. in a report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Akamai Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $101.25.

Akamai Technologies Stock Performance

Shares of AKAM stock traded up $2.96 during trading hours on Monday, reaching $79.99. 3,894,537 shares of the company's stock were exchanged, compared to its average volume of 2,555,947. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.23 and a quick ratio of 1.33. Akamai Technologies, Inc. has a 1 year low of $67.51 and a 1 year high of $106.80. The company has a market cap of $11.70 billion, a P/E ratio of 24.54, a price-to-earnings-growth ratio of 2.74 and a beta of 0.77. The company's 50 day moving average is $77.26 and its two-hundred day moving average is $86.13.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last posted its earnings results 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 return on equity of 14.35% and a net margin of 12.65%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the company earned $1.64 EPS. Akamai Technologies's revenue was up 2.9% on a year-over-year basis. Equities research analysts anticipate that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal 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.