Traders sold shares of Akamai Technologies, Inc. (NASDAQ:AKAM) on strength during trading hours on Wednesday. $124.36 million flowed into the stock on the tick-up and $144.06 million flowed out of the stock on the tick-down, for a money net flow of $19.70 million out of the stock. Of all stocks tracked, Akamai Technologies had the 0th highest net out-flow for the day. Akamai Technologies traded up $2.09 for the day and closed at $54.00
A number of brokerages have issued reports on AKAM. Vetr lowered Akamai Technologies from a “strong-buy” rating to a “buy” rating and set a $52.07 target price on the stock. in a research report on Wednesday, September 13th. Cowen and Company reissued a “hold” rating and issued a $60.00 target price on shares of Akamai Technologies in a research report on Friday, July 28th. Piper Jaffray Companies reissued a “buy” rating and issued a $60.00 target price on shares of Akamai Technologies in a research report on Wednesday. Wells Fargo & Company reissued a “market perform” rating and issued a $62.00 target price (up previously from $57.00) on shares of Akamai Technologies in a research report on Wednesday. Finally, Robert W. Baird reissued a “hold” rating and issued a $52.00 target price on shares of Akamai Technologies in a research report on Friday, September 1st. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $60.73.
The stock’s 50-day moving average is $49.19 and its 200-day moving average is $50.10. The company has a market capitalization of $9.15 billion, a P/E ratio of 30.49 and a beta of 0.65.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, October 24th. The technology infrastructure company reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. Akamai Technologies had a net margin of 11.84% and a return on equity of 10.28%. The firm had revenue of $621.00 million for the quarter, compared to the consensus estimate of $610.66 million. During the same quarter in the previous year, the firm posted $0.68 EPS. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. Analysts forecast that Akamai Technologies, Inc. will post $2.56 EPS for the current fiscal year.
In related news, CEO F Thomson Leighton bought 19,670 shares of the company’s stock in a transaction dated Monday, October 16th. The stock was bought at an average price of $50.83 per share, with a total value of $999,826.10. Following the transaction, the chief executive officer now owns 226,950 shares of the company’s stock, valued at $11,535,868.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Rick M. Mcconnell sold 7,579 shares of the business’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $51.00, for a total transaction of $386,529.00. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC increased its position in shares of Akamai Technologies by 9.0% in the 2nd quarter. Advisory Services Network LLC now owns 2,025 shares of the technology infrastructure company’s stock worth $101,000 after purchasing an additional 168 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of Akamai Technologies by 79.4% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,332 shares of the technology infrastructure company’s stock worth $139,000 after purchasing an additional 1,032 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in shares of Akamai Technologies in the 2nd quarter worth about $117,000. BB&T Investment Services Inc. bought a new stake in shares of Akamai Technologies in the 2nd quarter worth about $119,000. Finally, FTB Advisors Inc. increased its position in shares of Akamai Technologies by 2.4% in the 2nd quarter. FTB Advisors Inc. now owns 2,538 shares of the technology infrastructure company’s stock worth $125,000 after purchasing an additional 59 shares during the last quarter. 84.36% of the stock is owned by institutional investors.
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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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