DAVENPORT & Co LLC cut its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 8.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,185 shares of the technology infrastructure company’s stock after selling 475 shares during the quarter. DAVENPORT & Co LLC’s holdings in Akamai Technologies were worth $555,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in AKAM. Norges Bank purchased a new position in shares of Akamai Technologies in the 4th quarter valued at $147,267,000. First Trust Advisors LP increased its holdings in shares of Akamai Technologies by 26.4% in the 2nd quarter. First Trust Advisors LP now owns 3,910,932 shares of the technology infrastructure company’s stock valued at $418,822,000 after acquiring an additional 817,467 shares during the period. Congress Asset Management Co. MA purchased a new position in shares of Akamai Technologies in the 1st quarter valued at $68,087,000. Wedge Capital Management L L P NC boosted its position in shares of Akamai Technologies by 6,529.1% in the 1st quarter. Wedge Capital Management L L P NC now owns 362,744 shares of the technology infrastructure company’s stock worth $33,187,000 after purchasing an additional 357,272 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Akamai Technologies by 42.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,005,770 shares of the technology infrastructure company’s stock worth $107,708,000 after purchasing an additional 298,054 shares in the last quarter. Institutional investors and hedge funds own 86.99% of the company’s stock.
Shares of AKAM stock opened at $112.44 on Friday. The stock has a market cap of $18.25 billion, a PE ratio of 34.07, a price-to-earnings-growth ratio of 2.32 and a beta of 0.34. The business has a 50-day simple moving average of $108.31 and a 200-day simple moving average of $99.29. The company has a quick ratio of 3.20, a current ratio of 3.34 and a debt-to-equity ratio of 0.65. Akamai Technologies, Inc. has a 52-week low of $75.18 and a 52-week high of $116.39.
Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Tuesday, July 28th. The technology infrastructure company reported $1.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.17. The business had revenue of $794.72 million during the quarter, compared to analysts’ expectations of $767.38 million. Akamai Technologies had a return on equity of 17.37% and a net margin of 17.82%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 EPS. Sell-side analysts anticipate that Akamai Technologies, Inc. will post 3.93 earnings per share for the current fiscal year.
In related news, CFO Edward J. Mcgowan sold 4,068 shares of Akamai Technologies stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $98.00, for a total value of $398,664.00. Following the completion of the transaction, the chief financial officer now owns 17,459 shares in the company, valued at approximately $1,710,982. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Edward J. Mcgowan sold 3,208 shares of Akamai Technologies stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $101.00, for a total value of $324,008.00. Following the completion of the transaction, the chief financial officer now owns 14,251 shares of the company’s stock, valued at approximately $1,439,351. The disclosure for this sale can be found here. In the last three months, insiders sold 37,992 shares of company stock valued at $3,849,989. Insiders own 2.40% of the company’s stock.
A number of analysts have recently weighed in on the company. Nomura Securities reissued a “hold” rating and issued a $115.00 price objective (up previously from $100.00) on shares of Akamai Technologies in a research report on Wednesday, April 15th. Evercore ISI assumed coverage on Akamai Technologies in a research report on Monday, April 20th. They issued an “outperform” rating and a $120.00 price objective for the company. Cowen raised Akamai Technologies from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $107.00 to $150.00 in a research report on Thursday, July 2nd. Goldman Sachs Group raised their price objective on Akamai Technologies from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. They noted that the move was a valuation call. Finally, Craig Hallum raised their price objective on Akamai Technologies from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $117.00.
Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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