Earnest Partners LLC reduced its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 0.1% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 719,426 shares of the technology infrastructure company’s stock after selling 619 shares during the period. Earnest Partners LLC owned about 0.42% of Akamai Technologies worth $42,950,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Advantage Investment Management LLC acquired a new position in Akamai Technologies during the fourth quarter worth about $105,000. Advisory Services Network LLC purchased a new position in Akamai Technologies during the first quarter valued at $111,000. Whittier Trust Co. boosted its position in Akamai Technologies by 28.6% in the first quarter. Whittier Trust Co. now owns 2,251 shares of the technology infrastructure company’s stock worth $134,000 after buying an additional 501 shares during the period. SpiderRock Advisors LLC bought a new position in Akamai Technologies during the first quarter worth approximately $145,000. Finally, Creative Planning increased its stake in Akamai Technologies by 27.2% in the first quarter. Creative Planning now owns 2,674 shares of the technology infrastructure company’s stock worth $160,000 after buying an additional 572 shares in the last quarter. Institutional investors and hedge funds own 87.24% of the company’s stock.
Akamai Technologies, Inc. (NASDAQ:AKAM) traded up 1.59% on Wednesday, reaching $50.62. The company had a trading volume of 241,266 shares. The stock’s 50-day moving average price is $48.87 and its 200-day moving average price is $60.06. The stock has a market capitalization of $8.75 billion, a P/E ratio of 27.66 and a beta of 0.67. Akamai Technologies, Inc. has a 12-month low of $46.81 and a 12-month high of $71.64.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, May 2nd. The technology infrastructure company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $609.24 million for the quarter, compared to analyst estimates of $604.94 million. Akamai Technologies had a return on equity of 11.31% and a net margin of 13.53%. On average, equities research analysts anticipate that Akamai Technologies, Inc. will post $2.55 EPS for the current fiscal year.
A number of research firms have issued reports on AKAM. Zacks Investment Research cut Akamai Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 14th. Morgan Stanley lowered Akamai Technologies from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $68.00 to $54.00 in a research report on Thursday, April 27th. Drexel Hamilton began coverage on Akamai Technologies in a research note on Tuesday, March 21st. They set a “buy” rating and a $90.00 price target for the company. Goldman Sachs Group, Inc. (The) reissued a “sell” rating and set a $46.00 price objective (down from $52.00) on shares of Akamai Technologies in a report on Friday, June 30th. Finally, Guggenheim lowered Akamai Technologies from a “buy” rating to a “neutral” rating and dropped their price target for the company from $70.00 to $60.00 in a research report on Wednesday, May 3rd. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Akamai Technologies currently has a consensus rating of “Hold” and a consensus price target of $64.89.
In other news, CEO F Thomson Leighton acquired 20,397 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was bought at an average price of $49.02 per share, with a total value of $999,860.94. Following the completion of the acquisition, the chief executive officer now directly owns 247,454 shares of the company’s stock, valued at approximately $12,130,195.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Sagan sold 17,889 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $49.53, for a total value of $886,042.17. Following the sale, the director now directly owns 64,147 shares of the company’s stock, valued at approximately $3,177,200.91. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by insiders.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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