Akamai Technologies, Inc. (NASDAQ:AKAM) EVP Robert Blumofe sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $73.34, for a total value of $293,360.00. Following the completion of the transaction, the executive vice president now directly owns 15,951 shares of the company’s stock, valued at approximately $1,169,846.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
NASDAQ:AKAM opened at $71.76 on Friday. The company has a market cap of $12.16 billion, a price-to-earnings ratio of 37.77, a PEG ratio of 1.84 and a beta of 0.56. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.03 and a quick ratio of 2.19. Akamai Technologies, Inc. has a fifty-two week low of $52.02 and a fifty-two week high of $83.08.
Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The business had revenue of $669.63 million during the quarter, compared to the consensus estimate of $664.17 million. Akamai Technologies had a net margin of 8.39% and a return on equity of 12.06%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 EPS. On average, sell-side analysts expect that Akamai Technologies, Inc. will post 2.66 EPS for the current year.
Akamai Technologies announced that its board has authorized a share repurchase plan on Monday, October 29th that permits the company to buyback $1.10 billion in shares. This buyback authorization permits the technology infrastructure company to reacquire up to 10.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
AKAM has been the subject of several recent research reports. Deutsche Bank lowered their price objective on Akamai Technologies and set a “hold” rating for the company in a research note on Thursday, October 4th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Akamai Technologies in a research note on Monday, October 1st. B. Riley lowered their price objective on Akamai Technologies from $99.00 to $97.00 and set a “$79.75” rating for the company in a research note on Monday, July 23rd. Robert W. Baird reaffirmed a “hold” rating and issued a $77.00 price objective on shares of Akamai Technologies in a research note on Wednesday, August 1st. Finally, BidaskClub downgraded Akamai Technologies from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $80.29.
A number of large investors have recently added to or reduced their stakes in the business. First Trust Advisors LP increased its position in Akamai Technologies by 18.1% during the 3rd quarter. First Trust Advisors LP now owns 4,554,723 shares of the technology infrastructure company’s stock valued at $333,178,000 after purchasing an additional 699,457 shares during the period. King Luther Capital Management Corp grew its position in shares of Akamai Technologies by 6.2% during the 2nd quarter. King Luther Capital Management Corp now owns 2,301,365 shares of the technology infrastructure company’s stock worth $168,529,000 after buying an additional 133,865 shares during the period. Janus Henderson Group PLC grew its position in shares of Akamai Technologies by 729.0% during the 2nd quarter. Janus Henderson Group PLC now owns 1,162,103 shares of the technology infrastructure company’s stock worth $85,101,000 after buying an additional 1,021,926 shares during the period. Legal & General Group Plc grew its position in shares of Akamai Technologies by 5.6% during the 2nd quarter. Legal & General Group Plc now owns 1,127,704 shares of the technology infrastructure company’s stock worth $82,584,000 after buying an additional 59,380 shares during the period. Finally, American Century Companies Inc. acquired a new stake in shares of Akamai Technologies during the 3rd quarter worth approximately $80,395,000. 85.82% of the stock is owned by institutional investors and hedge funds.
About Akamai Technologies
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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