Mitsubishi UFJ Trust & Banking Corp Boosts Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Mitsubishi UFJ Trust & Banking Corp lifted its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 250,745 shares of the technology infrastructure company’s stock after purchasing an additional 2,422 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.17% of Akamai Technologies worth $27,324,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Planned Solutions Inc. purchased a new position in shares of Akamai Technologies in the 4th quarter valued at about $37,000. Turtle Creek Wealth Advisors LLC acquired a new position in Akamai Technologies during the 4th quarter worth approximately $43,000. Lindbrook Capital LLC grew its holdings in Akamai Technologies by 43.7% during the 4th quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock worth $49,000 after acquiring an additional 125 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Akamai Technologies by 40.3% in the 4th quarter. Quadrant Capital Group LLC now owns 449 shares of the technology infrastructure company’s stock valued at $53,000 after purchasing an additional 129 shares in the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Akamai Technologies during the 4th quarter worth $57,000. 94.28% of the stock is owned by institutional investors and hedge funds.

Akamai Technologies Price Performance

Shares of AKAM traded down $0.74 during mid-day trading on Friday, hitting $95.05. The company’s stock had a trading volume of 1,425,583 shares, compared to its average volume of 1,404,241. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. Akamai Technologies, Inc. has a 1-year low of $87.59 and a 1-year high of $129.17. The firm has a market capitalization of $14.48 billion, a P/E ratio of 23.64, a P/E/G ratio of 4.55 and a beta of 0.67. The firm has a 50-day simple moving average of $91.95 and a 200 day simple moving average of $104.37.

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

Akamai Technologies announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 9th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the technology infrastructure company to repurchase up to 13.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

AKAM has been the subject of a number of recent analyst reports. Scotiabank initiated coverage on Akamai Technologies in a report on Monday, July 8th. They set a “sector outperform” rating and a $110.00 price target for the company. Piper Sandler cut their price objective on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reduced their price objective on shares of Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating for the company in a research report on Friday, May 10th. Citigroup dropped their target price on shares of Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. Finally, TD Cowen decreased 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 note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $113.65.

Insiders Place Their Bets

In other news, CTO Robert Blumofe sold 3,000 shares of Akamai Technologies stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the completion of the sale, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Akamai Technologies news, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $88.34, for a total value of $265,020.00. Following the sale, the chief technology officer now owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO F Thomson Leighton bought 22,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were acquired at an average price of $92.68 per share, with a total value of $2,038,960.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,342,621 shares in the company, valued at approximately $217,114,114.28. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 9,000 shares of company stock worth $826,460. 1.80% of the stock is owned by company insiders.

Akamai Technologies 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.