Carnegie Investment Counsel Cuts Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Carnegie Investment Counsel lessened its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 73,490 shares of the technology infrastructure company’s stock after selling 5,196 shares during the quarter. Carnegie Investment Counsel’s holdings in Akamai Technologies were worth $7,029,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in AKAM. Dimensional Fund Advisors LP grew its stake in shares of Akamai Technologies by 25.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock valued at $156,088,000 after buying an additional 347,626 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Akamai Technologies by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock valued at $423,066,000 after acquiring an additional 202,746 shares during the period. Empyrean Capital Partners LP bought a new position in Akamai Technologies during the 2nd quarter worth approximately $15,314,000. Distillate Capital Partners LLC purchased a new position in Akamai Technologies in the 2nd quarter worth approximately $14,130,000. Finally, Retirement Systems of Alabama lifted its position in Akamai Technologies by 20.0% in the third quarter. Retirement Systems of Alabama now owns 837,155 shares of the technology infrastructure company’s stock valued at $84,511,000 after purchasing an additional 139,760 shares during the last quarter. 94.28% of the stock is owned by institutional investors.

Insider Activity at Akamai Technologies

In related news, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $93.38, for a total transaction of $93,380.00. Following the completion of the sale, the director now owns 15,719 shares of the company’s stock, valued at $1,467,840.22. This trade represents a 5.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $88.63, for a total transaction of $354,520.00. Following the completion of the transaction, the executive vice president now owns 26,703 shares of the company’s stock, valued at approximately $2,366,686.89. The trade was a 13.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,282 shares of company stock valued at $2,099,996 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Akamai Technologies Price Performance

AKAM stock opened at $91.01 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a 50 day moving average price of $94.02 and a 200-day moving average price of $97.27. Akamai Technologies, Inc. has a 52-week low of $84.70 and a 52-week high of $129.17. The firm has a market capitalization of $13.67 billion, a price-to-earnings ratio of 26.93, a PEG ratio of 3.17 and a beta of 0.64.

Analysts Set New Price Targets

Several research analysts have recently issued reports on AKAM shares. UBS Group started coverage on shares of Akamai Technologies in a report on Monday, December 16th. They issued a “neutral” rating and a $110.00 target price on the stock. Robert W. Baird cut their price target on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. HSBC raised shares of Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a research note on Monday, November 11th. Oppenheimer raised Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a research note on Monday, December 2nd. Finally, Citigroup lowered their price target on Akamai Technologies from $104.00 to $102.00 and set a “neutral” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Akamai Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $116.10.

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.