Systematic Financial Management LP reduced its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 52.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,180 shares of the technology infrastructure company’s stock after selling 76,158 shares during the quarter. Systematic Financial Management LP’s holdings in Akamai Technologies were worth $5,033,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of AKAM. Legal & General Group Plc boosted its position in shares of Akamai Technologies by 9.2% during the third quarter. Legal & General Group Plc now owns 1,231,681 shares of the technology infrastructure company’s stock valued at $90,079,000 after purchasing an additional 103,977 shares in the last quarter. Vanguard Group Inc boosted its position in shares of Akamai Technologies by 0.4% during the third quarter. Vanguard Group Inc now owns 17,093,767 shares of the technology infrastructure company’s stock valued at $1,250,409,000 after purchasing an additional 63,759 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Akamai Technologies by 1.3% during the fourth quarter. State of Alaska Department of Revenue now owns 50,000 shares of the technology infrastructure company’s stock valued at $3,052,000 after purchasing an additional 647 shares in the last quarter. First Hawaiian Bank boosted its position in shares of Akamai Technologies by 5.4% during the fourth quarter. First Hawaiian Bank now owns 9,388 shares of the technology infrastructure company’s stock valued at $573,000 after purchasing an additional 483 shares in the last quarter. Finally, Contravisory Investment Management Inc. bought a new stake in shares of Akamai Technologies during the fourth quarter valued at approximately $260,000. Hedge funds and other institutional investors own 88.56% of the company’s stock.
In other news, EVP Robert Blumofe sold 5,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $80.95, for a total value of $404,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Rick M. Mcconnell sold 1,362 shares of the business’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $78.00, for a total value of $106,236.00. Following the completion of the transaction, the insider now owns 20,031 shares of the company’s stock, valued at approximately $1,562,418. The disclosure for this sale can be found here. Insiders sold 112,930 shares of company stock valued at $8,185,826 in the last 90 days. Company insiders own 2.40% of the company’s stock.
Akamai Technologies stock opened at $75.72 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.19 and a current ratio of 3.19. Akamai Technologies, Inc. has a 12 month low of $57.18 and a 12 month high of $86.19. The firm has a market capitalization of $12.22 billion, a price-to-earnings ratio of 27.43, a P/E/G ratio of 1.58 and a beta of 0.60.
Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Tuesday, April 30th. The technology infrastructure company reported $0.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.09. Akamai Technologies had a return on equity of 15.29% and a net margin of 12.78%. The business had revenue of $706.51 million for the quarter, compared to the consensus estimate of $698.33 million. During the same period in the previous year, the company posted $0.79 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, research analysts predict that Akamai Technologies, Inc. will post 3.21 EPS for the current year.
AKAM has been the topic of several research reports. Morgan Stanley upgraded Akamai Technologies from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $82.00 to $79.00 in a research report on Tuesday, January 15th. Evercore ISI started coverage on Akamai Technologies in a report on Thursday, March 21st. They issued an “in-line” rating and a $70.00 target price on the stock. Deutsche Bank downgraded Akamai Technologies from a “hold” rating to a “sell” rating and set a $58.00 target price on the stock. in a report on Monday, March 25th. Needham & Company LLC started coverage on Akamai Technologies in a report on Monday, April 22nd. They issued a “buy” rating and a $95.00 target price on the stock. Finally, Piper Jaffray Companies boosted their target price on Akamai Technologies from $85.00 to $96.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $82.47.
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Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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