Covington Capital Management increased its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 212.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,251 shares of the technology infrastructure company’s stock after buying an additional 1,530 shares during the quarter. Covington Capital Management’s holdings in Akamai Technologies were worth $194,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AKAM. First Trust Advisors LP boosted its holdings in shares of Akamai Technologies by 13.4% in the 4th quarter. First Trust Advisors LP now owns 3,797,735 shares of the technology infrastructure company’s stock valued at $328,048,000 after buying an additional 448,348 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in shares of Akamai Technologies by 91.1% in the 4th quarter. Alyeska Investment Group L.P. now owns 905,164 shares of the technology infrastructure company’s stock valued at $78,188,000 after buying an additional 431,464 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Akamai Technologies by 36.1% in the 4th quarter. Bank of Montreal Can now owns 1,624,021 shares of the technology infrastructure company’s stock valued at $140,283,000 after buying an additional 430,580 shares during the last quarter. PGGM Investments acquired a new stake in shares of Akamai Technologies in the 4th quarter valued at approximately $29,391,000. Finally, California Public Employees Retirement System boosted its holdings in shares of Akamai Technologies by 50.2% in the 4th quarter. California Public Employees Retirement System now owns 777,414 shares of the technology infrastructure company’s stock valued at $67,153,000 after buying an additional 259,990 shares during the last quarter. 89.85% of the stock is owned by institutional investors.
AKAM opened at $89.35 on Thursday. Akamai Technologies, Inc. has a 1-year low of $69.26 and a 1-year high of $103.34. The stock’s fifty day simple moving average is $92.23 and its 200 day simple moving average is $89.97. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.69. The stock has a market cap of $14.57 billion, a PE ratio of 30.70, a price-to-earnings-growth ratio of 1.92 and a beta of 0.46.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Tuesday, February 11th. The technology infrastructure company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.10. The firm had revenue of $772.12 million for the quarter, compared to analysts’ expectations of $749.76 million. Akamai Technologies had a return on equity of 16.86% and a net margin of 16.52%. During the same quarter last year, the business earned $1.07 EPS. Equities analysts forecast that Akamai Technologies, Inc. will post 3.9 earnings per share for the current year.
Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Akamai Technologies from $106.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Cowen downgraded Akamai Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Zacks Investment Research upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $107.00 price target on the stock in a research note on Thursday, February 13th. DA Davidson increased their price target on Akamai Technologies to $115.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, Goldman Sachs Group upgraded Akamai Technologies from a “sell” rating to a “neutral” rating and dropped their price target for the company from $90.00 to $89.00 in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $101.80.
In other Akamai Technologies news, EVP Robert Blumofe sold 8,389 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.29, for a total transaction of $832,943.81. Following the transaction, the executive vice president now owns 11,509 shares in the company, valued at approximately $1,142,728.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frederic V. Salerno sold 10,922 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $100.11, for a total value of $1,093,401.42. Following the transaction, the director now owns 5,522 shares in the company, valued at approximately $552,807.42. The disclosure for this sale can be found here. Insiders have sold a total of 24,311 shares of company stock worth $2,438,395 in the last quarter. Company insiders own 2.40% of the company’s stock.
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. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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