HB Wealth Management LLC Buys Shares of 2,109 Akamai Technologies, Inc. (NASDAQ:AKAM)

HB Wealth Management LLC bought a new stake in Akamai Technologies, Inc. (NASDAQ:AKAMFree Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,109 shares of the technology infrastructure company’s stock, valued at approximately $229,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Cibc World Markets Corp boosted its position in Akamai Technologies by 131.6% in the fourth quarter. Cibc World Markets Corp now owns 19,433 shares of the technology infrastructure company’s stock valued at $2,300,000 after buying an additional 11,044 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Akamai Technologies by 190.3% during the fourth quarter. Franklin Resources Inc. now owns 73,579 shares of the technology infrastructure company’s stock worth $8,708,000 after purchasing an additional 48,236 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Akamai Technologies by 3.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 480,908 shares of the technology infrastructure company’s stock worth $56,915,000 after purchasing an additional 15,890 shares during the period. TKG Advisors LLC acquired a new position in shares of Akamai Technologies during the fourth quarter worth $3,245,000. Finally, RWA Wealth Partners LLC acquired a new position in shares of Akamai Technologies during the fourth quarter worth $4,441,000. Institutional investors and hedge funds own 94.28% of the company’s stock.

Insider Buying and Selling

In other Akamai Technologies news, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total value of $265,020.00. Following the completion of the sale, the chief technology officer now owns 24,729 shares in the company, valued at approximately $2,184,559.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Akamai Technologies news, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total value of $265,020.00. Following the completion of the sale, the chief technology officer now owns 24,729 shares in the company, valued at approximately $2,184,559.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO F Thomson Leighton acquired 22,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was purchased at an average price of $92.68 per share, with a total value of $2,038,960.00. Following the purchase, the chief executive officer now owns 2,342,621 shares in the company, valued at approximately $217,114,114.28. The disclosure for this purchase can be found here. Insiders have sold 9,000 shares of company stock worth $826,460 in the last quarter. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AKAM has been the topic of a number of recent research reports. Robert W. Baird cut 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. Raymond James cut their price target on shares of Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. KeyCorp dropped their target price on shares of Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Susquehanna dropped their target price on shares of Akamai Technologies from $150.00 to $135.00 and set a “positive” rating on the stock in a report on Friday, May 10th. Finally, Piper Sandler dropped their target price 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. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Akamai Technologies presently has an average rating of “Hold” and a consensus target price of $114.00.

View Our Latest Report on AKAM

Akamai Technologies Trading Up 0.2 %

AKAM opened at $90.47 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. Akamai Technologies, Inc. has a fifty-two week low of $87.59 and a fifty-two week high of $129.17. The firm has a market capitalization of $13.78 billion, a PE ratio of 22.51, a P/E/G ratio of 4.33 and a beta of 0.67. The company’s 50-day moving average is $92.98 and its 200 day moving average is $106.14.

Akamai Technologies (NASDAQ:AKAMGet Free Report) last posted its earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $989.03 million. During the same quarter in the prior year, the business posted $1.01 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year. As a group, research analysts predict that Akamai Technologies, Inc. will post 4.38 earnings per share for the current fiscal year.

Akamai Technologies declared that its board has authorized a share buyback plan on Thursday, May 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the technology infrastructure company to repurchase up to 13.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

About Akamai Technologies

(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.

See Also

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

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