abrdn plc Sells 195,487 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

abrdn plc cut its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 13.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,310,004 shares of the technology infrastructure company’s stock after selling 195,487 shares during the quarter. abrdn plc owned about 0.80% of Akamai Technologies worth $152,746,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AKAM. Ameritas Investment Company LLC bought a new position in Akamai Technologies in the 1st quarter worth $25,000. Meeder Asset Management Inc. grew its position in shares of Akamai Technologies by 122.2% in the 1st quarter. Meeder Asset Management Inc. now owns 280 shares of the technology infrastructure company’s stock worth $29,000 after buying an additional 154 shares during the period. First Horizon Advisors Inc. grew its position in shares of Akamai Technologies by 43.0% in the 1st quarter. First Horizon Advisors Inc. now owns 326 shares of the technology infrastructure company’s stock worth $32,000 after buying an additional 98 shares during the period. Altshuler Shaham Ltd purchased a new stake in shares of Akamai Technologies in the 1st quarter worth about $35,000. Finally, O Shaughnessy Asset Management LLC grew its position in shares of Akamai Technologies by 33.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 368 shares of the technology infrastructure company’s stock worth $37,000 after buying an additional 92 shares during the period. Institutional investors and hedge funds own 90.23% of the company’s stock.

Shares of NASDAQ AKAM traded up $0.03 during trading on Wednesday, reaching $111.95. 7,173 shares of the company traded hands, compared to its average volume of 1,576,416. The firm has a 50 day simple moving average of $115.44 and a 200-day simple moving average of $110.93. The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $18.23 billion, a PE ratio of 31.86, a P/E/G ratio of 2.06 and a beta of 0.43. Akamai Technologies, Inc. has a 52-week low of $92.64 and a 52-week high of $124.91.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Monday, August 2nd. The technology infrastructure company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.30. The firm had revenue of $852.82 million for the quarter, compared to the consensus estimate of $845.52 million. Akamai Technologies had a net margin of 17.52% and a return on equity of 17.07%. As a group, research analysts predict that Akamai Technologies, Inc. will post 4.52 EPS for the current year.

In other news, insider Rick M. Mcconnell sold 7,219 shares of the stock in a transaction that occurred on Monday, July 12th. The shares were sold at an average price of $118.00, for a total value of $851,842.00. Following the transaction, the insider now owns 29,776 shares in the company, valued at approximately $3,513,568. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Robert Blumofe sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, July 30th. The shares were sold at an average price of $118.54, for a total transaction of $711,240.00. Following the sale, the chief technology officer now directly owns 13,906 shares of the company’s stock, valued at $1,648,417.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,824 shares of company stock worth $2,355,682. Insiders own 1.60% of the company’s stock.

AKAM has been the topic of a number of recent research reports. Needham & Company LLC downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 4th. Piper Sandler upped their target price on shares of Akamai Technologies from $130.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 4th. Truist upped their target price on shares of Akamai Technologies from $130.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, August 4th. Robert W. Baird reaffirmed a “buy” rating on shares of Akamai Technologies in a research report on Thursday, August 5th. Finally, Raymond James started coverage on shares of Akamai Technologies in a research report on Monday, August 9th. They issued an “outperform” rating on the stock. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $125.40.

About Akamai Technologies

Akamai Technologies, Inc engages in the provision of cloud services for delivering, optimizing, and securing content and business applications over the Internet. Its products include security, web performance, media delivery, and network operator. The company was founded by Frank T. Leighton, Jonathan Seelig, Randall S.

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Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

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