Seven Eight Capital LP Purchases New Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Seven Eight Capital LP purchased a new stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAMFree Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,037 shares of the technology infrastructure company’s stock, valued at approximately $714,000.

Other institutional investors also recently added to or reduced their stakes in the company. Planned Solutions Inc. bought a new position in Akamai Technologies during the fourth quarter valued at about $37,000. Headinvest LLC bought a new position in Akamai Technologies during the third quarter worth about $40,000. Turtle Creek Wealth Advisors LLC bought a new position in Akamai Technologies during the fourth quarter worth about $43,000. Bruce G. Allen Investments LLC bought a new position in Akamai Technologies during the fourth quarter worth about $44,000. Finally, Lindbrook Capital LLC boosted its position in Akamai Technologies by 43.7% during the fourth quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock worth $49,000 after purchasing an additional 125 shares during the period. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Stock Up 1.3 %

Shares of Akamai Technologies stock opened at $90.34 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. Akamai Technologies, Inc. has a 52-week low of $86.94 and a 52-week high of $129.17. The stock has a market capitalization of $13.76 billion, a price-to-earnings ratio of 22.47, a P/E/G ratio of 4.18 and a beta of 0.69. The company’s 50 day moving average price is $98.39 and its 200-day moving average price is $109.56.

Akamai Technologies (NASDAQ:AKAMGet Free Report) last issued its earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.03. The firm had revenue of $986.97 million for the quarter, compared to analysts’ expectations of $989.03 million. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $1.01 earnings per share. Equities research analysts forecast that Akamai Technologies, Inc. will post 4.47 EPS for the current year.

Akamai Technologies declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 9th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the technology infrastructure company to reacquire up to 13.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on AKAM. Morgan Stanley cut their target price on shares of Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating for the company in a research report on Friday, May 10th. HSBC lowered shares of Akamai Technologies from a “hold” rating to a “reduce” rating and cut their target price for the stock from $109.00 to $96.00 in a research report on Thursday, February 15th. Piper Sandler lowered their price target on shares of Akamai Technologies from $136.00 to $114.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Robert W. Baird lowered their price target on shares of Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Finally, JPMorgan Chase & Co. increased their price target on shares of Akamai Technologies from $78.00 to $81.00 and gave the stock an “underweight” rating in a report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Akamai Technologies has an average rating of “Hold” and a consensus target price of $114.00.

Get Our Latest Report on AKAM

Insider Activity at Akamai Technologies

In related news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total value of $93,540.00. Following the sale, the director now owns 14,519 shares in the company, valued at $1,358,107.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO F Thomson Leighton acquired 22,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was acquired at an average price of $92.68 per share, with a total value of $2,038,960.00. Following the completion of the transaction, 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 document filed with the SEC, which is accessible through this link. Also, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total value of $93,540.00. Following the transaction, the director now directly 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. Insiders have sold a total of 33,243 shares of company stock worth $3,534,693 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Akamai Technologies Company 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.

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

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