Watershed Asset Management L.L.C. Buys New Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Watershed Asset Management L.L.C. bought a new stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 2,487 shares of the technology infrastructure company’s stock, valued at approximately $294,000.

Several other hedge funds have also modified their holdings of the stock. Mackenzie Financial Corp raised its holdings in shares of Akamai Technologies by 1.8% during the 3rd quarter. Mackenzie Financial Corp now owns 2,116,586 shares of the technology infrastructure company’s stock valued at $223,554,000 after buying an additional 38,069 shares during the period. Jericho Capital Asset Management L.P. purchased a new stake in shares of Akamai Technologies during the 3rd quarter valued at about $218,201,000. Northern Trust Corp raised its holdings in shares of Akamai Technologies by 3.0% during the 3rd quarter. Northern Trust Corp now owns 1,922,166 shares of the technology infrastructure company’s stock valued at $204,788,000 after buying an additional 56,782 shares during the period. Earnest Partners LLC raised its holdings in shares of Akamai Technologies by 4.8% during the 3rd quarter. Earnest Partners LLC now owns 1,792,571 shares of the technology infrastructure company’s stock valued at $190,981,000 after buying an additional 82,364 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Akamai Technologies by 22.0% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,266,406 shares of the technology infrastructure company’s stock valued at $134,923,000 after buying an additional 228,200 shares during the period. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Akamai Technologies Stock Performance

Shares of AKAM traded up $0.88 during mid-day trading on Tuesday, hitting $101.76. The stock had a trading volume of 970,786 shares, compared to its average volume of 1,637,973. The company has a market cap of $15.42 billion, a PE ratio of 28.83, a PEG ratio of 2.87 and a beta of 0.72. The company’s fifty day simple moving average is $107.57 and its two-hundred day simple moving average is $112.44. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.77. Akamai Technologies, Inc. has a fifty-two week low of $76.85 and a fifty-two week high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, February 13th. The technology infrastructure company reported $1.69 EPS for the quarter, topping the consensus estimate of $1.59 by $0.10. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. The company had revenue of $995.00 million during the quarter, compared to analyst estimates of $999.09 million. During the same quarter last year, the firm earned $1.01 EPS. The business’s revenue was up 7.2% on a year-over-year basis. On average, equities analysts expect that Akamai Technologies, Inc. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AKAM shares. Robert W. Baird upgraded Akamai Technologies from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $128.00 to $135.00 in a research note on Thursday, March 7th. HSBC lowered Akamai Technologies from a “hold” rating to a “reduce” rating and lowered their price objective for the company from $109.00 to $96.00 in a research note on Thursday, February 15th. Royal Bank of Canada restated a “sector perform” rating and set a $115.00 price objective on shares of Akamai Technologies in a research note on Wednesday, February 14th. JPMorgan Chase & Co. raised their price objective on Akamai Technologies from $78.00 to $81.00 and gave the company an “underweight” rating in a research note on Wednesday, February 14th. Finally, Piper Sandler raised their price objective on Akamai Technologies from $130.00 to $136.00 and gave the company an “overweight” rating in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.27.

Insider Activity at Akamai Technologies

In related news, EVP Anthony P. Williams sold 3,510 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $112.55, for a total transaction of $395,050.50. Following the completion of the transaction, the executive vice president now owns 4,299 shares in the company, valued at approximately $483,852.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Adam Karon sold 14,349 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $109.78, for a total transaction of $1,575,233.22. Following the completion of the transaction, the chief operating officer now owns 6,697 shares in the company, valued at approximately $735,196.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony P. Williams sold 3,510 shares of Akamai Technologies stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $112.55, for a total value of $395,050.50. Following the sale, the executive vice president now directly owns 4,299 shares in the company, valued at approximately $483,852.45. The disclosure for this sale can be found here. Insiders sold 33,353 shares of company stock worth $3,688,883 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.