Tredje AP fonden lessened its holdings in Akamai Technologies (NASDAQ:AKAM) by 34.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,000 shares of the technology infrastructure company’s stock after selling 12,580 shares during the period. Tredje AP fonden’s holdings in Akamai Technologies were worth $1,704,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently bought and sold shares of the stock. Korea Investment CORP raised its holdings in shares of Akamai Technologies by 5.3% in the 1st quarter. Korea Investment CORP now owns 82,831 shares of the technology infrastructure company’s stock valued at $5,879,000 after buying an additional 4,176 shares during the period. King Luther Capital Management Corp raised its holdings in shares of Akamai Technologies by 0.3% in the 1st quarter. King Luther Capital Management Corp now owns 2,167,500 shares of the technology infrastructure company’s stock valued at $153,849,000 after buying an additional 7,415 shares during the period. US Bancorp DE raised its holdings in shares of Akamai Technologies by 4.1% in the 1st quarter. US Bancorp DE now owns 79,647 shares of the technology infrastructure company’s stock valued at $5,653,000 after buying an additional 3,111 shares during the period. Burney Co. raised its holdings in shares of Akamai Technologies by 72.4% in the 1st quarter. Burney Co. now owns 38,881 shares of the technology infrastructure company’s stock valued at $2,760,000 after buying an additional 16,326 shares during the period. Finally, Waratah Capital Advisors Ltd. purchased a new stake in shares of Akamai Technologies in the 1st quarter valued at $1,122,000. Hedge funds and other institutional investors own 91.58% of the company’s stock.
In other news, insider William Wheaton sold 5,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $2,762,550. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Robert Blumofe sold 4,000 shares of the stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $70.78, for a total value of $283,120.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,879 shares of company stock worth $3,550,397. Company insiders own 3.20% of the company’s stock.
Several research firms recently issued reports on AKAM. TheStreet upgraded Akamai Technologies from a “c+” rating to a “b-” rating in a report on Wednesday, May 9th. Zacks Investment Research upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Friday, May 4th. Morgan Stanley boosted their price objective on Akamai Technologies from $75.00 to $82.00 and gave the company an “equal weight” rating in a report on Tuesday, May 1st. SunTrust Banks boosted their price objective on Akamai Technologies to $78.00 and gave the company a “hold” rating in a report on Tuesday, May 1st. Finally, FBN Securities boosted their price objective on Akamai Technologies to $80.00 and gave the company an “outperform” rating in a report on Tuesday, May 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $73.91.
Akamai Technologies opened at $76.46 on Tuesday, according to Marketbeat.com. Akamai Technologies has a one year low of $44.65 and a one year high of $78.28. The stock has a market capitalization of $12.86 billion, a PE ratio of 40.24, a price-to-earnings-growth ratio of 2.14 and a beta of 0.63.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Monday, April 30th. The technology infrastructure company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. Akamai Technologies had a return on equity of 10.04% and a net margin of 7.46%. The business had revenue of $669.00 million for the quarter, compared to the consensus estimate of $654.37 million. During the same quarter in the prior year, the business posted $0.69 EPS. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. sell-side analysts forecast that Akamai Technologies will post 2.45 earnings per share for the current year.
Akamai Technologies declared that its board has approved a share repurchase 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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