Commonwealth Equity Services LLC Sells 3,746 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Commonwealth Equity Services LLC decreased its position in Akamai Technologies, Inc. (NASDAQ:AKAMFree Report) by 23.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,013 shares of the technology infrastructure company’s stock after selling 3,746 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Akamai Technologies were worth $1,307,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Akamai Technologies in the 4th quarter valued at about $325,242,000. FIL Ltd lifted its holdings in Akamai Technologies by 14.5% during the fourth quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock worth $174,248,000 after acquiring an additional 186,124 shares during the period. Dimensional Fund Advisors LP boosted its position in Akamai Technologies by 12.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,339,978 shares of the technology infrastructure company’s stock worth $158,596,000 after purchasing an additional 146,778 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in Akamai Technologies by 23.9% in the fourth quarter. Los Angeles Capital Management LLC now owns 912,409 shares of the technology infrastructure company’s stock worth $107,984,000 after purchasing an additional 176,173 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Akamai Technologies by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 838,541 shares of the technology infrastructure company’s stock valued at $99,241,000 after purchasing an additional 8,880 shares during the period. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Insider Activity

In related news, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now directly owns 9,938 shares in the company, valued at $929,998.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the completion of the transaction, the executive vice president now directly owns 9,938 shares in the company, valued at $929,998.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the 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 completion of the transaction, the director now directly owns 14,519 shares in the company, valued at approximately $1,358,107.26. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,000 shares of company stock worth $826,460. 2.00% of the stock is currently owned by insiders.

Akamai Technologies Stock Performance

Akamai Technologies stock opened at $90.47 on Friday. The firm’s 50 day simple moving average is $92.98 and its 200 day simple moving average is $106.04. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. Akamai Technologies, Inc. has a 1-year low of $87.59 and a 1-year high of $129.17. The firm has a market capitalization of $13.78 billion, a PE ratio of 22.50, a price-to-earnings-growth ratio of 4.33 and a beta of 0.67.

Akamai Technologies (NASDAQ:AKAMGet Free Report) last issued its quarterly earnings data on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.03. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. The company had revenue of $986.97 million for the quarter, compared to the consensus estimate of $989.03 million. During the same quarter last year, the business posted $1.01 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. As a group, analysts expect that Akamai Technologies, Inc. will post 4.38 earnings per share for the current fiscal year.

Akamai Technologies declared that its Board of Directors has approved a share repurchase plan on Thursday, May 9th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology infrastructure company to purchase up to 13.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on AKAM shares. Citigroup cut their price target on shares of Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Royal Bank of Canada decreased their price target on shares of Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating for the company in a research note on Friday, May 10th. Morgan Stanley dropped their price objective on Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Friday, May 10th. Finally, Susquehanna decreased their target price on Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company 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 given a strong buy rating to the company. According to data from MarketBeat.com, Akamai Technologies presently has an average rating of “Hold” and an average target price of $114.00.

Read Our Latest Research Report on Akamai Technologies

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.

Further Reading

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

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