Akamai Technologies, Inc. (NASDAQ:AKAM) Shares Sold by Northeast Investment Management

Northeast Investment Management reduced its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 31.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 35,849 shares of the technology infrastructure company’s stock after selling 16,426 shares during the quarter. Northeast Investment Management’s holdings in Akamai Technologies were worth $2,886,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new position in Akamai Technologies in the 4th quarter valued at $49,000. Van ECK Associates Corp increased its stake in Akamai Technologies by 49.6% in the 4th quarter. Van ECK Associates Corp now owns 2,746 shares of the technology infrastructure company’s stock valued at $263,000 after buying an additional 910 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Akamai Technologies during the 4th quarter worth $617,000. Charles Schwab Investment Management Inc. grew its stake in shares of Akamai Technologies by 3.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 922,244 shares of the technology infrastructure company’s stock worth $88,213,000 after purchasing an additional 29,888 shares during the period. Finally, Sawgrass Asset Management LLC grew its stake in shares of Akamai Technologies by 20.0% during the 4th quarter. Sawgrass Asset Management LLC now owns 171,923 shares of the technology infrastructure company’s stock worth $16,444,000 after purchasing an additional 28,654 shares during the period. 94.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Citigroup lowered their price target on shares of Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, February 24th. Craig Hallum cut shares of Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a research note on Friday, February 21st. Oppenheimer assumed coverage on shares of Akamai Technologies in a research note on Thursday, March 20th. They set an “outperform” rating and a $100.00 price target on the stock. Royal Bank of Canada lowered their price target on shares of Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Friday, February 21st. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $88.00 price target (up from $80.00) on shares of Akamai Technologies in a research note on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $101.25.

Insider Buying and Selling at Akamai Technologies

In other news, COO Adam Karon sold 3,927 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $85.02, for a total transaction of $333,873.54. Following the transaction, the chief operating officer now directly owns 10,809 shares in the company, valued at $918,981.18. This represents a 26.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kim Salem-Jackson sold 13,157 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $76.33, for a total transaction of $1,004,273.81. Following the transaction, the executive vice president now owns 43,575 shares in the company, valued at approximately $3,326,079.75. The trade was a 23.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,084 shares of company stock worth $1,661,827. Corporate insiders own 2.00% of the company’s stock.

Akamai Technologies Price Performance

Akamai Technologies stock opened at $78.27 on Wednesday. The firm has a market capitalization of $11.44 billion, a PE ratio of 24.01, a P/E/G ratio of 2.74 and a beta of 0.77. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49. The firm’s 50-day simple moving average is $76.84 and its 200 day simple moving average is $86.52. Akamai Technologies, Inc. has a 52 week low of $67.51 and a 52 week high of $106.80.

Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.12. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. Akamai Technologies had a net margin of 12.65% and a return on equity of 14.35%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.64 EPS. On average, equities research analysts predict that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

About Akamai Technologies

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.