Acadian Asset Management LLC Sells 57,294 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Acadian Asset Management LLC trimmed its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 95.8% during the second quarter, HoldingsChannel reports. The fund owned 2,502 shares of the technology infrastructure company’s stock after selling 57,294 shares during the quarter. Acadian Asset Management LLC’s holdings in Akamai Technologies were worth $224,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Corbyn Investment Management Inc. MD grew its stake in shares of Akamai Technologies by 30.9% in the second quarter. Corbyn Investment Management Inc. MD now owns 14,236 shares of the technology infrastructure company’s stock worth $1,282,000 after purchasing an additional 3,362 shares during the last quarter. Gallacher Capital Management LLC acquired a new position in Akamai Technologies during the 2nd quarter worth about $208,000. Private Advisor Group LLC grew its position in shares of Akamai Technologies by 3.7% in the 2nd quarter. Private Advisor Group LLC now owns 6,000 shares of the technology infrastructure company’s stock valued at $540,000 after buying an additional 216 shares during the last quarter. Arizona State Retirement System raised its position in shares of Akamai Technologies by 0.3% during the second quarter. Arizona State Retirement System now owns 41,624 shares of the technology infrastructure company’s stock worth $3,749,000 after acquiring an additional 138 shares during the last quarter. Finally, National Bank of Canada FI raised its position in shares of Akamai Technologies by 25.2% during the second quarter. National Bank of Canada FI now owns 42,301 shares of the technology infrastructure company’s stock worth $3,787,000 after acquiring an additional 8,527 shares during the last quarter. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the sale, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director William Raymond Wagner sold 1,000 shares of the 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 completion of the sale, the director now owns 16,719 shares in the company, valued at $1,684,104.87. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the business’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 transaction, the chief technology officer now owns 22,010 shares in the company, valued at $2,216,186.90. The disclosure for this sale can be found here. Insiders sold 7,500 shares of company stock worth $741,655 over the last three months. 1.80% of the stock is currently owned by insiders.

Akamai Technologies Trading Up 0.1 %

Shares of Akamai Technologies stock opened at $99.52 on Friday. The stock has a market capitalization of $15.16 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 3.10 and a beta of 0.68. Akamai Technologies, Inc. has a 52 week low of $87.59 and a 52 week high of $129.17. The stock has a 50 day moving average price of $98.02 and a two-hundred day moving average price of $98.52. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32.

Akamai Technologies (NASDAQ:AKAM) last posted 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. The business had revenue of $979.60 million during the quarter, compared to the consensus estimate of $977.67 million. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. Akamai Technologies’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 EPS. As a group, equities analysts anticipate that Akamai Technologies, Inc. will post 4.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

AKAM has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price objective on shares of Akamai Technologies in a research report on Thursday, August 15th. Piper Sandler lowered their target price on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. DA Davidson reaffirmed a “buy” rating and set a $115.00 price target on shares of Akamai Technologies in a research report on Friday, August 9th. Finally, Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $125.00 in a research report on Friday, August 9th. One research 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 currently has an average rating of “Moderate Buy” and a consensus target price of $116.47.

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.