Akamai Technologies, Inc. (NASDAQ:AKAM) Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAMFree Report) by 28.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,333 shares of the technology infrastructure company’s stock after purchasing an additional 1,176 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Akamai Technologies were worth $580,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tudor Investment Corp Et Al acquired a new position in shares of Akamai Technologies in the 3rd quarter valued at about $3,212,000. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Akamai Technologies by 26.4% during the third quarter. B. Riley Wealth Advisors Inc. now owns 5,625 shares of the technology infrastructure company’s stock valued at $599,000 after purchasing an additional 1,175 shares during the last quarter. Headinvest LLC acquired a new position in Akamai Technologies during the third quarter valued at $40,000. Moss Adams Wealth Advisors LLC acquired a new position in Akamai Technologies during the third quarter valued at $246,000. Finally, Anchor Investment Management LLC acquired a new position in Akamai Technologies in the 4th quarter worth about $175,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Stock Performance

AKAM stock opened at $93.78 on Thursday. The business’s 50-day moving average price is $92.49 and its two-hundred day moving average price is $105.49. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. The firm has a market cap of $14.28 billion, a PE ratio of 23.33, a P/E/G ratio of 4.45 and a beta of 0.67. Akamai Technologies, Inc. has a 1-year low of $87.59 and a 1-year high of $129.17.

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

Akamai Technologies announced that its board has authorized a stock repurchase program on Thursday, May 9th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology infrastructure company to repurchase up to 13.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, EVP Anthony P. Williams sold 5,000 shares of Akamai Technologies stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $88.34, for a total value of $265,020.00. Following the transaction, the chief technology officer now owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Anthony P. Williams sold 5,000 shares of the business’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 completion of the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The disclosure for this sale can be found here. Insiders have sold a total of 9,000 shares of company stock worth $826,460 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on AKAM shares. Craig Hallum lowered their price objective on Akamai Technologies from $120.00 to $110.00 and set a “hold” rating on the stock in a report on Friday, May 10th. TD Cowen reduced their price objective on Akamai Technologies from $130.00 to $129.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Royal Bank of Canada dropped their target price on Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating for the company in a report on Friday, May 10th. Robert W. Baird dropped their target price on Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Finally, Citigroup dropped their price target on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and an average price target of $113.76.

Get Our Latest Research Report on Akamai Technologies

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.

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

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