Symmetry Partners LLC Cuts Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Symmetry Partners LLC decreased its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 45.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,473 shares of the technology infrastructure company’s stock after selling 2,021 shares during the period. Symmetry Partners LLC’s holdings in Akamai Technologies were worth $223,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of AKAM. EntryPoint Capital LLC purchased a new position in shares of Akamai Technologies in the 1st quarter worth approximately $31,000. Versant Capital Management Inc boosted its stake in Akamai Technologies by 170.8% in the second quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock valued at $28,000 after acquiring an additional 193 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Akamai Technologies during the fourth quarter worth $43,000. Lindbrook Capital LLC lifted its holdings in shares of Akamai Technologies by 43.7% during the 4th 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 during the last quarter. Finally, Covestor Ltd boosted its position in shares of Akamai Technologies by 224.6% in the 1st quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock worth $48,000 after purchasing an additional 310 shares in the last quarter. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Price Performance

Shares of Akamai Technologies stock traded up $9.94 during trading hours on Friday, reaching $101.51. The stock had a trading volume of 6,536,607 shares, compared to its average volume of 1,703,274. Akamai Technologies, Inc. has a twelve month low of $87.59 and a twelve month high of $129.17. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $15.46 billion, a PE ratio of 25.25, a PEG ratio of 4.57 and a beta of 0.67. The stock’s 50 day moving average is $92.46 and its 200 day moving average is $102.18.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.05. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. The business had revenue of $979.60 million during the quarter, compared to the consensus estimate of $977.67 million. During the same period in the prior year, the company posted $1.01 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. Equities analysts expect that Akamai Technologies, Inc. will post 4.38 earnings per share for the current fiscal year.

Akamai Technologies declared that its board has authorized a share buyback program on Thursday, May 9th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology infrastructure company to reacquire up to 13.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have weighed in on AKAM. HSBC raised Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price target for the company in a report on Wednesday, July 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a report on Friday. Robert W. Baird dropped their price objective on shares of Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Bank of America reduced their target price on Akamai Technologies from $145.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Finally, Hsbc Global Res upgraded Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Akamai Technologies has an average rating of “Moderate Buy” and an average target price of $116.00.

Insider Buying and Selling at Akamai Technologies

In related news, EVP Anthony P. Williams sold 5,000 shares of Akamai Technologies stock in a transaction dated 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 directly owns 9,938 shares in the company, valued at approximately $929,998.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total transaction of $467,900.00. Following the completion of the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO F Thomson Leighton purchased 22,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average price of $92.68 per share, for a total transaction of $2,038,960.00. Following the completion of the transaction, the chief executive officer now directly owns 2,342,621 shares of the company’s stock, valued at approximately $217,114,114.28. The disclosure for this purchase can be found here. Insiders have sold a total of 9,000 shares of company stock valued at $826,460 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

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.