abrdn plc Reduces Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

abrdn plc reduced its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 73,984 shares of the technology infrastructure company’s stock after selling 794 shares during the period. abrdn plc’s holdings in Akamai Technologies were worth $7,439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in AKAM. Wealth Enhancement Advisory Services LLC increased its holdings in Akamai Technologies by 28.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,333 shares of the technology infrastructure company’s stock worth $580,000 after acquiring an additional 1,176 shares during the last quarter. Norden Group LLC bought a new position in Akamai Technologies during the first quarter worth about $362,000. Janney Montgomery Scott LLC raised its position in shares of Akamai Technologies by 14.8% in the first quarter. Janney Montgomery Scott LLC now owns 18,816 shares of the technology infrastructure company’s stock valued at $2,046,000 after purchasing an additional 2,421 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Akamai Technologies by 4.7% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,162 shares of the technology infrastructure company’s stock valued at $453,000 after buying an additional 187 shares in the last quarter. Finally, FORA Capital LLC bought a new position in Akamai Technologies in the 1st quarter worth approximately $1,539,000. 94.28% of the stock is currently owned by institutional investors.

Akamai Technologies Price Performance

AKAM opened at $100.57 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $15.24 billion, a P/E ratio of 24.89, a PEG ratio of 3.27 and a beta of 0.68. The stock has a 50-day moving average price of $101.00 and a 200-day moving average price of $97.26. Akamai Technologies, Inc. has a 12-month low of $87.59 and a 12-month high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.05. The business had revenue of $979.60 million during the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. Akamai Technologies’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Equities analysts predict that Akamai Technologies, Inc. will post 4.42 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on AKAM. TD Cowen increased their target price on Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Hsbc Global Res upgraded Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, July 24th. DA Davidson reiterated a “buy” rating and set a $115.00 price target on shares of Akamai Technologies in a research report on Friday, August 9th. Piper Sandler cut their price objective on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 target price 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 issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Akamai Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $116.47.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the sale, the director now directly owns 16,719 shares in the company, valued at $1,684,104.87. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction on Friday, August 16th. The shares were 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the sale, the director now directly owns 16,719 shares in the company, valued at approximately $1,684,104.87. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,500 shares of company stock valued at $741,655. 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.