Cerity Partners LLC Sells 662 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Cerity Partners LLC lessened its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 3.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,543 shares of the technology infrastructure company’s stock after selling 662 shares during the period. Cerity Partners LLC’s holdings in Akamai Technologies were worth $1,493,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in AKAM. Brighton Jones LLC raised its position in shares of Akamai Technologies by 101.4% during the 4th quarter. Brighton Jones LLC now owns 4,016 shares of the technology infrastructure company’s stock valued at $384,000 after buying an additional 2,022 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Akamai Technologies by 41.0% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 9,621 shares of the technology infrastructure company’s stock valued at $920,000 after buying an additional 2,798 shares in the last quarter. Royal London Asset Management Ltd. raised its position in shares of Akamai Technologies by 12.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 69,458 shares of the technology infrastructure company’s stock valued at $6,644,000 after buying an additional 7,595 shares in the last quarter. AXQ Capital LP purchased a new stake in shares of Akamai Technologies during the 4th quarter valued at about $365,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Akamai Technologies during the 4th quarter valued at about $4,774,000. Institutional investors own 94.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wall Street Zen lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Sunday. UBS Group raised their target price on shares of Akamai Technologies from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $88.00 price target (up from $80.00) on shares of Akamai Technologies in a report on Friday, May 9th. Scotiabank cut their price target on shares of Akamai Technologies from $107.00 to $105.00 and set a “sector outperform” rating on the stock in a report on Friday, May 9th. Finally, KeyCorp initiated coverage on shares of Akamai Technologies in a report on Friday, June 6th. They issued an “underweight” rating and a $63.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $101.25.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Kim Salem-Jackson sold 13,157 shares of the firm’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total transaction of $1,004,273.81. Following the transaction, the executive vice president directly owned 43,575 shares of the company’s stock, valued at approximately $3,326,079.75. This trade represents a 23.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Paul C. Joseph sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $77.74, for a total transaction of $388,700.00. Following the transaction, the executive vice president directly owned 32,349 shares in the company, valued at $2,514,811.26. The trade was a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,084 shares of company stock valued at $1,726,847. Insiders own 2.00% of the company’s stock.

Akamai Technologies Price Performance

Shares of AKAM opened at $78.71 on Tuesday. Akamai Technologies, Inc. has a twelve month low of $67.51 and a twelve month high of $106.80. The firm’s fifty day simple moving average is $78.09 and its 200-day simple moving average is $82.97. The firm has a market capitalization of $11.51 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 2.49 and a beta of 0.77. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.52.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 EPS for the quarter, topping the consensus estimate of $1.58 by $0.12. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the business earned $1.64 EPS. Akamai Technologies’s revenue for the quarter was up 2.9% compared to the same quarter last year. Equities analysts forecast that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

Akamai Technologies Profile

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.