LS Investment Advisors LLC trimmed its stake in shares of Akamai Technologies (NASDAQ:AKAM) by 11.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,625 shares of the technology infrastructure company’s stock after selling 831 shares during the quarter. LS Investment Advisors LLC’s holdings in Akamai Technologies were worth $470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of AKAM. CenterStar Asset Management LLC bought a new stake in shares of Akamai Technologies in the 4th quarter worth approximately $114,000. Avestar Capital LLC bought a new stake in shares of Akamai Technologies in the 4th quarter worth approximately $131,000. We Are One Seven LLC bought a new stake in shares of Akamai Technologies in the 4th quarter worth approximately $160,000. Delpha Capital Management LLC bought a new stake in shares of Akamai Technologies in the 4th quarter worth approximately $177,000. Finally, Synovus Financial Corp bought a new stake in shares of Akamai Technologies in the 1st quarter worth approximately $188,000. Institutional investors and hedge funds own 89.65% of the company’s stock.
A number of brokerages have recently weighed in on AKAM. BidaskClub upgraded Akamai Technologies from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 30th. JPMorgan Chase upgraded Akamai Technologies from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $44.65 to $75.19 in a research report on Friday, March 9th. Craig Hallum reiterated a “buy” rating and issued a $91.00 price objective (up from $84.00) on shares of Akamai Technologies in a research report on Tuesday, May 1st. Morgan Stanley upgraded Akamai Technologies from an “underweight” rating to an “equal weight” rating and set a $75.00 price objective on the stock in a research report on Thursday, March 29th. Finally, Piper Jaffray lifted their price objective on Akamai Technologies to $78.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $73.91.
In other Akamai Technologies news, EVP Robert Blumofe sold 8,379 shares of Akamai Technologies stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $70.81, for a total transaction of $593,316.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Wheaton sold 5,000 shares of Akamai Technologies stock in a transaction on Wednesday, May 9th. The shares were sold at an average price of $75.00, for a total value of $375,000.00. Following the transaction, the insider now owns 20,007 shares of the company’s stock, valued at approximately $1,500,525. The disclosure for this sale can be found here. Insiders have sold 49,879 shares of company stock valued at $3,550,397 in the last quarter. 3.20% of the stock is owned by company insiders.
Akamai Technologies opened at $75.34 on Friday, according to MarketBeat Ratings. The company has a market capitalization of $12.86 billion, a PE ratio of 39.65, a PEG ratio of 2.14 and a beta of 0.63. Akamai Technologies has a 52 week low of $44.65 and a 52 week high of $78.28.
Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Monday, April 30th. The technology infrastructure company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.09. The company had revenue of $669.00 million during the quarter, compared to analysts’ expectations of $654.37 million. Akamai Technologies had a return on equity of 10.04% and a net margin of 7.46%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 EPS. analysts expect that Akamai Technologies will post 2.45 earnings per share for the current year.
Akamai Technologies declared that its Board of Directors has initiated a share buyback plan on Thursday, March 8th that authorizes the company to buyback $417.00 million in shares. This buyback authorization authorizes the technology infrastructure company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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