Park Place Capital Corp Reduces Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Park Place Capital Corp trimmed its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 47.0% during the 1st quarter, Holdings Channel.com reports. The fund owned 510 shares of the technology infrastructure company’s stock after selling 453 shares during the period. Park Place Capital Corp’s holdings in Akamai Technologies were worth $55,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC grew its stake in shares of Akamai Technologies by 104.1% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 5,934 shares of the technology infrastructure company’s stock worth $632,000 after purchasing an additional 3,027 shares during the period. Alpine Global Management LLC acquired a new stake in Akamai Technologies during the third quarter valued at $2,791,000. Alps Advisors Inc. purchased a new position in Akamai Technologies in the third quarter valued at $343,000. Earnest Partners LLC raised its position in shares of Akamai Technologies by 4.8% in the third quarter. Earnest Partners LLC now owns 1,792,571 shares of the technology infrastructure company’s stock worth $190,981,000 after acquiring an additional 82,364 shares during the period. Finally, Jericho Capital Asset Management L.P. purchased a new stake in shares of Akamai Technologies during the 3rd quarter worth about $218,201,000. 94.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Susquehanna lowered their price target on Akamai Technologies from $150.00 to $135.00 and set a “positive” rating on the stock in a research report on Friday, May 10th. Morgan Stanley decreased their target price on Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating on the stock in a research report on Friday, May 10th. StockNews.com lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Raymond James decreased their price objective on shares of Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Finally, Piper Sandler cut their target price on shares of Akamai Technologies from $136.00 to $114.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $114.00.

Akamai Technologies Trading Down 0.6 %

Shares of Akamai Technologies stock opened at $89.53 on Tuesday. The stock has a market cap of $13.64 billion, a P/E ratio of 22.27, a P/E/G ratio of 4.32 and a beta of 0.67. The stock’s 50 day simple moving average is $93.89 and its 200-day simple moving average is $106.77. Akamai Technologies, Inc. has a 1-year low of $87.59 and a 1-year high of $129.17. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25.

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

Akamai Technologies announced that its board has approved a stock buyback plan on Thursday, May 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the technology infrastructure company to reacquire up to 13.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Akamai Technologies

In other news, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $88.34, for a total transaction of $265,020.00. Following the transaction, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other 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 transaction of $93,540.00. Following 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 filing with the SEC, which can be accessed through this link. Also, 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 sale, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The disclosure for this sale can be found here. Insiders have sold a total of 9,000 shares of company stock worth $826,460 in the last ninety days. Insiders own 2.00% of the company’s stock.

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.