Cary Street Partners Asset Management LLC Raises Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Cary Street Partners Asset Management LLC raised its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 14.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,771 shares of the technology infrastructure company’s stock after acquiring an additional 2,691 shares during the period. Cary Street Partners Asset Management LLC’s holdings in Akamai Technologies were worth $2,097,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in shares of Akamai Technologies by 25.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock valued at $156,088,000 after acquiring an additional 347,626 shares during the last quarter. Champlain Investment Partners LLC lifted its position in Akamai Technologies by 19.6% in the first quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock valued at $147,308,000 after purchasing an additional 222,290 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Akamai Technologies by 409.2% during the first quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company’s stock valued at $26,977,000 after purchasing an additional 199,334 shares during the period. Empyrean Capital Partners LP bought a new position in shares of Akamai Technologies in the second quarter worth approximately $15,314,000. Finally, Renaissance Technologies LLC increased its stake in shares of Akamai Technologies by 33.3% in the second quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company’s stock worth $58,678,000 after buying an additional 162,700 shares during the period. 94.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AKAM has been the topic of a number of recent analyst reports. TD Cowen raised their price target on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Tigress Financial reissued a “strong-buy” rating and issued a $140.00 target price on shares of Akamai Technologies in a research note on Thursday, August 29th. Craig Hallum upgraded Akamai Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $110.00 to $125.00 in a report on Friday, August 9th. Scotiabank boosted their target price on Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Friday, August 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $100.00 price target on shares of Akamai Technologies in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Akamai Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.47.

Akamai Technologies Stock Performance

Shares of Akamai Technologies stock opened at $100.04 on Tuesday. Akamai Technologies, Inc. has a 1 year low of $87.59 and a 1 year high of $129.17. The firm’s 50-day moving average is $101.00 and its 200 day moving average is $97.21. The stock has a market cap of $15.16 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 3.24 and a beta of 0.68. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.05. The firm had revenue of $979.60 million for the quarter, compared to the consensus estimate of $977.67 million. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The business’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 earnings per share. Sell-side analysts anticipate that Akamai Technologies, Inc. will post 4.42 EPS for the current fiscal year.

Insider Activity

In related news, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the sale, the chief technology officer now directly owns 22,010 shares in the company, valued at approximately $2,216,186.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total value of $100,730.00. Following the transaction, the director now owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the transaction, the chief technology officer now directly owns 22,010 shares in the company, valued at $2,216,186.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,500 shares of company stock valued at $741,655 over the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

Akamai Technologies Company 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.