Truvestments Capital LLC Buys Shares of 1,944 Akamai Technologies, Inc. (NASDAQ:AKAM)

Truvestments Capital LLC purchased a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,944 shares of the technology infrastructure company’s stock, valued at approximately $211,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. EntryPoint Capital LLC acquired a new position in Akamai Technologies in the first quarter valued at about $31,000. Planned Solutions Inc. acquired a new stake in shares of Akamai Technologies in the 4th quarter valued at approximately $37,000. Turtle Creek Wealth Advisors LLC bought a new position in Akamai Technologies during the 4th quarter worth approximately $43,000. Covestor Ltd grew its holdings in Akamai Technologies by 224.6% during the first quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock valued at $48,000 after purchasing an additional 310 shares during the period. Finally, Lindbrook Capital LLC increased its stake in Akamai Technologies by 43.7% in the fourth quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock valued at $49,000 after purchasing an additional 125 shares in the last quarter. 94.28% of the stock is owned by institutional investors.

Insider Activity at Akamai Technologies

In other news, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $88.34, for a total value of $265,020.00. Following the completion of the transaction, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $88.34, for a total transaction of $265,020.00. Following the completion of the transaction, the chief technology officer now owns 24,729 shares of the company’s stock, valued at approximately $2,184,559.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The disclosure for this sale can be found here. Insiders sold a total of 9,000 shares of company stock valued at $826,460 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Akamai Technologies Stock Performance

NASDAQ:AKAM traded up $0.60 during mid-day trading on Friday, hitting $96.97. 713,626 shares of the stock were exchanged, compared to its average volume of 1,213,308. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. The firm’s 50-day simple moving average is $92.06 and its 200 day simple moving average is $103.70. Akamai Technologies, Inc. has a fifty-two week low of $87.59 and a fifty-two week high of $129.17. The stock has a market capitalization of $14.77 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 4.62 and a beta of 0.67.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.03. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The business had revenue of $986.97 million for the quarter, compared to analyst estimates of $989.03 million. During the same period last year, the firm earned $1.01 earnings per share. Akamai Technologies’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that Akamai Technologies, Inc. will post 4.38 EPS for the current fiscal year.

Akamai Technologies announced that its board has authorized a stock buyback program on Thursday, May 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the technology infrastructure company to repurchase up to 13.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AKAM. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a report on Friday, May 17th. Robert W. Baird cut their price target on shares of Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating on the stock in a research note on Friday, May 10th. TD Cowen lowered their price objective on shares of Akamai Technologies from $130.00 to $129.00 and set a “buy” rating for the company in a research report on Friday, May 10th. StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Finally, Susquehanna lowered their target price on Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company in a report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Akamai Technologies has an average rating of “Moderate Buy” and an average target price of $113.65.

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.