DekaBank Deutsche Girozentrale Acquires 5,120 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

DekaBank Deutsche Girozentrale increased its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 522,670 shares of the technology infrastructure company’s stock after purchasing an additional 5,120 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Akamai Technologies were worth $57,046,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. PGGM Investments boosted its stake in Akamai Technologies by 44.6% in the 1st quarter. PGGM Investments now owns 56,036 shares of the technology infrastructure company’s stock valued at $6,094,000 after buying an additional 17,293 shares in the last quarter. Swedbank AB acquired a new position in Akamai Technologies in the first quarter worth $9,488,000. Wahed Invest LLC raised its position in shares of Akamai Technologies by 15.1% during the first quarter. Wahed Invest LLC now owns 2,931 shares of the technology infrastructure company’s stock worth $319,000 after acquiring an additional 384 shares during the last quarter. Plato Investment Management Ltd bought a new stake in shares of Akamai Technologies during the first quarter worth $118,000. Finally, iA Global Asset Management Inc. bought a new stake in shares of Akamai Technologies during the first quarter worth $242,000. 94.28% of the stock is currently owned by institutional investors.

Akamai Technologies Stock Down 0.9 %

Shares of AKAM stock traded down $0.88 during trading hours on Friday, hitting $94.56. 1,220,591 shares of the company’s stock traded hands, compared to its average volume of 1,248,534. The stock’s fifty day simple moving average is $92.27 and its two-hundred day simple moving average is $103.08. Akamai Technologies, Inc. has a 12-month low of $87.59 and a 12-month high of $129.17. The stock has a market cap of $14.40 billion, a price-to-earnings ratio of 23.52, a PEG ratio of 4.57 and a beta of 0.67. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $989.03 million. During the same period in the previous year, the business earned $1.01 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, analysts expect that Akamai Technologies, Inc. will post 4.38 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Robert W. Baird lowered their price target on Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Hsbc Global Res raised Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Royal Bank of Canada cut their price objective on Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating for the company in a research report on Friday, May 10th. KeyCorp lowered their target price on Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Finally, Scotiabank started coverage on Akamai Technologies in a research note on Monday, July 8th. They set a “sector outperform” rating and a $110.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $114.44.

Insider Activity

In other news, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the completion of the sale, the director now owns 14,519 shares of the company’s stock, valued at approximately $1,358,107.26. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the sale, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the sale, the director now owns 14,519 shares in the company, valued at $1,358,107.26. The disclosure for this sale can be found here. Insiders sold a total of 9,000 shares of company stock valued at $826,460 in the last 90 days. Company insiders own 1.80% of the company’s stock.

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.