BB&T Securities LLC cut its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 14.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 128,714 shares of the technology infrastructure company’s stock after selling 21,498 shares during the period. BB&T Securities LLC’s holdings in Akamai Technologies were worth $8,371,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently made changes to their positions in AKAM. Ark Investment Management LLC lifted its holdings in Akamai Technologies by 1,559.0% in the second quarter. Ark Investment Management LLC now owns 101,449 shares of the technology infrastructure company’s stock valued at $5,053,000 after acquiring an additional 95,334 shares during the period. New York State Common Retirement Fund lifted its holdings in Akamai Technologies by 0.6% in the third quarter. New York State Common Retirement Fund now owns 371,600 shares of the technology infrastructure company’s stock valued at $18,104,000 after acquiring an additional 2,200 shares during the period. Toronto Dominion Bank lifted its holdings in Akamai Technologies by 11.1% in the third quarter. Toronto Dominion Bank now owns 65,086 shares of the technology infrastructure company’s stock valued at $3,171,000 after acquiring an additional 6,518 shares during the period. Advisor Group Inc. lifted its holdings in Akamai Technologies by 12.3% in the third quarter. Advisor Group Inc. now owns 18,800 shares of the technology infrastructure company’s stock valued at $916,000 after acquiring an additional 2,057 shares during the period. Finally, Rhumbline Advisers lifted its holdings in Akamai Technologies by 1.2% in the third quarter. Rhumbline Advisers now owns 314,167 shares of the technology infrastructure company’s stock valued at $15,306,000 after acquiring an additional 3,720 shares during the period. 89.01% of the stock is owned by institutional investors.
In other news, insider William Wheaton sold 5,000 shares of the company’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the transaction, the insider now owns 39,465 shares of the company’s stock, valued at approximately $2,762,550. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP James Gemmell sold 8,430 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $67.00, for a total value of $564,810.00. The disclosure for this sale can be found here. 3.20% of the stock is owned by corporate insiders.
A number of research analysts have issued reports on the company. KeyCorp raised Akamai Technologies from an “underweight” rating to a “sector weight” rating and set a $57.00 price target for the company in a report on Thursday, March 15th. JPMorgan Chase & Co. raised Akamai Technologies from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $44.65 to $75.19 in a report on Friday, March 9th. Cowen raised Akamai Technologies from a “market perform” rating to an “outperform” rating in a report on Thursday, March 8th. Credit Suisse Group reissued an “outperform” rating and issued a $88.00 price target (up from $78.00) on shares of Akamai Technologies in a report on Friday, March 9th. Finally, DA Davidson boosted their price target on Akamai Technologies from $57.00 to $64.00 and gave the company a “neutral” rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $69.84.
Shares of AKAM stock opened at $73.68 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.82 and a current ratio of 2.82. Akamai Technologies, Inc. has a 12-month low of $44.65 and a 12-month high of $78.28. The company has a market capitalization of $12,585.74, a P/E ratio of 58.94, a P/E/G ratio of 2.60 and a beta of 0.68.
Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, February 6th. The technology infrastructure company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. The company had revenue of $663.50 million during the quarter, compared to analysts’ expectations of $649.08 million. Akamai Technologies had a return on equity of 9.90% and a net margin of 8.72%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.72 EPS. analysts predict that Akamai Technologies, Inc. will post 2.22 EPS for the current fiscal year.
Akamai Technologies declared that its Board of Directors has approved a stock buyback plan on Thursday, March 8th that allows the company to repurchase $417.00 million in outstanding shares. This repurchase authorization allows the technology infrastructure company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
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Akamai Technologies Profile
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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