Capital Investment Counsel Inc Grows Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Capital Investment Counsel Inc increased its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 6.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,875 shares of the technology infrastructure company’s stock after purchasing an additional 650 shares during the period. Capital Investment Counsel Inc’s holdings in Akamai Technologies were worth $980,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Akamai Technologies during the 4th quarter valued at approximately $325,242,000. Champlain Investment Partners LLC lifted its position in Akamai Technologies by 19.6% during the first quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock valued at $147,308,000 after purchasing an additional 222,290 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Akamai Technologies by 409.2% in the 1st quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company’s stock worth $26,977,000 after buying an additional 199,334 shares in the last quarter. FIL Ltd increased its holdings in shares of Akamai Technologies by 14.5% in the 4th quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock worth $174,248,000 after buying an additional 186,124 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its position in shares of Akamai Technologies by 23.9% during the 4th quarter. Los Angeles Capital Management LLC now owns 912,409 shares of the technology infrastructure company’s stock valued at $107,984,000 after buying an additional 176,173 shares in the last quarter. 94.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $93.54, for a total value of $93,540.00. Following the completion of the sale, the director now owns 14,519 shares of the company’s stock, valued at approximately $1,358,107.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total value of $93,540.00. Following the completion of the sale, the director now directly owns 14,519 shares in the company, valued at approximately $1,358,107.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Robert Blumofe sold 3,000 shares of the company’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 transaction of $265,020.00. Following the transaction, the chief technology officer now owns 24,729 shares in the company, valued at approximately $2,184,559.86. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock worth $610,285 in the last 90 days. 1.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

AKAM has been the topic of several analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research note on Friday, August 9th. Hsbc Global Res upgraded Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, July 24th. DA Davidson reaffirmed a “buy” rating and set a $115.00 price objective on shares of Akamai Technologies in a research note on Friday, August 9th. Bank of America reduced their target price on shares of Akamai Technologies from $145.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $116.00.

Akamai Technologies Stock Up 0.0 %

Shares of NASDAQ AKAM traded up $0.05 during midday trading on Tuesday, reaching $101.70. 885,266 shares of the company’s stock traded hands, compared to its average volume of 1,696,452. The company has a market cap of $15.49 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 4.57 and a beta of 0.67. The stock’s 50 day simple moving average is $93.92 and its 200-day simple moving average is $100.74. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. Akamai Technologies, Inc. has a one year low of $87.59 and a one year high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $977.67 million. During the same period last year, the business posted $1.01 EPS. The business’s revenue was up 4.7% compared to the same quarter last year. On average, analysts predict that Akamai Technologies, Inc. will post 4.38 EPS for the current fiscal year.

Akamai Technologies declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 9th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the technology infrastructure company to repurchase up to 13.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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.