Akamai Technologies, Inc. (NASDAQ:AKAM) Sees Large Growth in Short Interest

Akamai Technologies, Inc. (NASDAQ:AKAM) was the target of a large increase in short interest in January. As of January 31st, there was short interest totalling 10,080,000 shares, an increase of 5.8% from the January 15th total of 9,530,000 shares. Approximately 6.9% of the shares of the stock are short sold. Based on an average daily volume of 1,900,000 shares, the short-interest ratio is currently 5.3 days.

Analysts Set New Price Targets

AKAM has been the topic of several recent research reports. Robert W. Baird reduced their target price 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. UBS Group initiated coverage on shares of Akamai Technologies in a report on Monday, December 16th. They set a “neutral” rating and a $110.00 target price on the stock. HSBC upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 target price on the stock in a report on Monday, November 11th. Scotiabank dropped their price target on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating on the stock in a research note on Friday, November 8th. Finally, Citigroup dropped their target price on shares of Akamai Technologies from $104.00 to $102.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Six research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Akamai Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $117.95.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, CFO Edward J. Mcgowan sold 10,782 shares of Akamai Technologies stock in a transaction on Monday, December 16th. The shares were sold at an average price of $98.71, for a total value of $1,064,291.22. Following the transaction, the chief financial officer now owns 12,716 shares in the company, valued at $1,255,196.36. This trade represents a 45.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $91.57, for a total transaction of $366,280.00. Following the completion of the transaction, the executive vice president now owns 23,104 shares in the company, valued at approximately $2,115,633.28. This trade represents a 14.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,782 shares of company stock valued at $1,523,951 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wahed Invest LLC lifted its position in Akamai Technologies by 5.9% in the 4th quarter. Wahed Invest LLC now owns 3,870 shares of the technology infrastructure company’s stock worth $370,000 after buying an additional 216 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of Akamai Technologies by 11.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,725 shares of the technology infrastructure company’s stock worth $1,313,000 after purchasing an additional 1,393 shares during the last quarter. Itau Unibanco Holding S.A. increased its stake in shares of Akamai Technologies by 99.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 469 shares of the technology infrastructure company’s stock worth $45,000 after purchasing an additional 234 shares during the last quarter. LGT Financial Advisors LLC acquired a new position in shares of Akamai Technologies during the 4th quarter worth $96,000. Finally, PDT Partners LLC acquired a new position in shares of Akamai Technologies during the 4th quarter worth $1,923,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Stock Up 0.4 %

AKAM stock opened at $100.01 on Friday. Akamai Technologies has a 12-month low of $84.70 and a 12-month high of $114.67. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market cap of $15.02 billion, a price-to-earnings ratio of 29.59, a PEG ratio of 3.56 and a beta of 0.65. The company has a 50 day moving average of $96.60 and a two-hundred day moving average of $97.88.

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.