CIBC Asset Management Inc Has $2.57 Million Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

CIBC Asset Management Inc decreased its position in Akamai Technologies, Inc. (NASDAQ:AKAMFree Report) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,689 shares of the technology infrastructure company’s stock after selling 1,021 shares during the period. CIBC Asset Management Inc’s holdings in Akamai Technologies were worth $2,567,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of AKAM. Franklin Resources Inc. increased its stake in Akamai Technologies by 190.3% in the fourth quarter. Franklin Resources Inc. now owns 73,579 shares of the technology infrastructure company’s stock valued at $8,708,000 after acquiring an additional 48,236 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in shares of Akamai Technologies in the 4th quarter valued at approximately $1,184,000. Duality Advisers LP acquired a new position in shares of Akamai Technologies in the 4th quarter worth approximately $476,000. RWA Wealth Partners LLC bought a new position in shares of Akamai Technologies during the 4th quarter worth approximately $4,441,000. Finally, Ieq Capital LLC boosted its stake in Akamai Technologies by 25.2% in the 4th quarter. Ieq Capital LLC now owns 4,448 shares of the technology infrastructure company’s stock valued at $526,000 after buying an additional 894 shares in the last quarter. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Trading Down 0.9 %

AKAM opened at $89.18 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. The company has a market cap of $13.58 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 4.26 and a beta of 0.68. The firm has a 50 day simple moving average of $99.16 and a 200 day simple moving average of $109.93. Akamai Technologies, Inc. has a fifty-two week low of $86.94 and a fifty-two week high of $129.17.

Akamai Technologies (NASDAQ:AKAMGet Free Report) last released its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.03. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The company had revenue of $986.97 million during the quarter, compared to analysts’ expectations of $989.03 million. During the same quarter in the prior year, the company earned $1.01 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Akamai Technologies, Inc. will post 4.47 earnings per share for the current year.

Akamai Technologies announced that its board has initiated a stock buyback program on Thursday, May 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the technology infrastructure company to repurchase up to 13.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Akamai Technologies news, CEO F Thomson Leighton bought 22,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $92.68 per share, for a total transaction of $2,038,960.00. Following the completion of the acquisition, the chief executive officer now owns 2,342,621 shares of the company’s stock, valued at approximately $217,114,114.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Akamai Technologies news, CEO F Thomson Leighton bought 22,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $92.68 per share, for a total transaction of $2,038,960.00. Following the completion of the acquisition, the chief executive officer now owns 2,342,621 shares of the company’s stock, valued at approximately $217,114,114.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $93.54, for a total transaction of $93,540.00. Following the transaction, the director now owns 14,519 shares of the company’s stock, valued at approximately $1,358,107.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,243 shares of company stock worth $3,534,693. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AKAM shares. Citigroup dropped their price objective on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. Susquehanna cut their price target on shares of Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company in a report on Friday, May 10th. Bank of America reduced their price target on shares of Akamai Technologies from $145.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Royal Bank of Canada reduced their price target on shares of Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Friday, May 10th. Finally, Raymond James reduced their price target on shares of Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $114.00.

View Our Latest Report on AKAM

Akamai Technologies Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

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