Northeast Investment Management Lowers Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Northeast Investment Management reduced its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 21.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 61,505 shares of the technology infrastructure company’s stock after selling 16,319 shares during the period. Northeast Investment Management’s holdings in Akamai Technologies were worth $5,540,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Manchester Capital Management LLC raised its position in Akamai Technologies by 6.4% during the fourth quarter. Manchester Capital Management LLC now owns 1,622 shares of the technology infrastructure company’s stock worth $192,000 after acquiring an additional 97 shares during the last quarter. Czech National Bank raised its position in Akamai Technologies by 0.5% during the first quarter. Czech National Bank now owns 26,539 shares of the technology infrastructure company’s stock worth $2,886,000 after acquiring an additional 121 shares during the last quarter. Wahed Invest LLC raised its position in Akamai Technologies by 5.0% during the fourth quarter. Wahed Invest LLC now owns 2,547 shares of the technology infrastructure company’s stock worth $301,000 after acquiring an additional 122 shares during the last quarter. Signaturefd LLC raised its position in Akamai Technologies by 9.1% during the fourth quarter. Signaturefd LLC now owns 1,534 shares of the technology infrastructure company’s stock worth $182,000 after acquiring an additional 128 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its position in Akamai Technologies by 40.3% during the fourth quarter. Quadrant Capital Group LLC now owns 449 shares of the technology infrastructure company’s stock worth $53,000 after acquiring an additional 129 shares during the last quarter. 94.28% of the stock is owned by hedge funds and other institutional investors.

Akamai Technologies Stock Down 1.2 %

Akamai Technologies stock traded down $1.23 during trading on Wednesday, reaching $100.08. 683,842 shares of the company’s stock were exchanged, compared to its average volume of 1,672,799. Akamai Technologies, Inc. has a 52-week low of $87.59 and a 52-week high of $129.17. The firm has a market cap of $15.24 billion, a price-to-earnings ratio of 24.90, a PEG ratio of 4.57 and a beta of 0.67. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. The company’s 50-day moving average is $95.44 and its two-hundred day moving average is $99.88.

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 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 firm 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 firm earned $1.01 EPS. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts predict that Akamai Technologies, Inc. will post 4.38 earnings per share for the current year.

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 target price on shares of Akamai Technologies in a research report on Thursday, August 15th. Hsbc Global Res raised shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, July 24th. StockNews.com lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price objective for the company in a research report on Monday, July 29th. Finally, Robert W. Baird cut their price objective on shares of Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Akamai Technologies has a consensus rating of “Moderate Buy” and an average price target of $116.00.

Insider Activity at Akamai Technologies

In related news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the sale, the chief technology officer now directly owns 22,010 shares in the company, valued at approximately $2,216,186.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the sale, the chief technology officer now directly owns 22,010 shares in the company, valued at $2,216,186.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total value of $100,730.00. Following the sale, the director now owns 16,719 shares of the company’s stock, valued at $1,684,104.87. The disclosure for this sale can be found here. In the last three months, insiders sold 6,500 shares of company stock worth $617,475. Corporate insiders own 1.80% of the company’s stock.

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.