Akamai Technologies, Inc. (NASDAQ:AKAM) Short Interest Update

Posted by on Apr 20th, 2023

Akamai Technologies, Inc. (NASDAQ:AKAM – Get Rating) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totalling 12,460,000 shares, a growth of 12.8% from the March 15th total of 11,050,000 shares. Approximately 8.1% of the shares of the company are sold short. Based on an average daily volume of 1,710,000 shares, the short-interest ratio is currently 7.3 days.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. StockNews.com began coverage on shares of Akamai Technologies in a research report on Thursday, March 16th. They set a “buy” rating for the company. Piper Jaffray Companies raised shares of Akamai Technologies to an “overweight” rating and set a $93.00 target price for the company in a research report on Tuesday, April 11th. Guggenheim assumed coverage on shares of Akamai Technologies in a research report on Monday, January 23rd. They set a “sell” rating and a $75.00 price objective for the company. Piper Sandler raised shares of Akamai Technologies from a “neutral” rating to an “overweight” rating and set a $93.00 price objective for the company in a research report on Monday, April 10th. Finally, Loop Capital reduced their price objective on shares of Akamai Technologies from $91.00 to $79.00 and set a “hold” rating for the company in a research report on Wednesday, March 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.18.

Akamai Technologies Price Performance

Shares of Akamai Technologies stock opened at $82.20 on Thursday. The stock has a 50 day moving average price of $77.24 and a 200-day moving average price of $83.74. Akamai Technologies has a one year low of $70.65 and a one year high of $123.25. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.41 and a current ratio of 2.41. The stock has a market cap of $12.85 billion, a price-to-earnings ratio of 27.68, a price-to-earnings-growth ratio of 1.94 and a beta of 0.81.

Akamai Technologies (NASDAQ:AKAM – Get Rating) last released its quarterly earnings results on Tuesday, February 14th. The technology infrastructure company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.26 by $0.11. The firm had revenue of $927.78 million during the quarter, compared to analyst estimates of $904.80 million. Akamai Technologies had a return on equity of 15.12% and a net margin of 13.15%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.26 EPS. Equities analysts expect that Akamai Technologies will post 4.27 EPS for the current year.

Insider Buying and Selling

In related news, CEO F Thomson Leighton purchased 303 shares of the firm’s stock in a transaction on Monday, April 17th. The shares were bought at an average price of $82.54 per share, for a total transaction of $25,009.62. Following the acquisition, the chief executive officer now directly owns 80,720 shares in the company, valued at $6,662,628.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Paul C. Joseph sold 1,500 shares of the firm’s stock in a transaction on Tuesday, January 31st. The shares were sold at an average price of $87.47, for a total value of $131,205.00. Following the transaction, the executive vice president now directly owns 25,306 shares in the company, valued at approximately $2,213,515.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO F Thomson Leighton acquired 303 shares of Akamai Technologies stock in a transaction dated Monday, April 17th. The shares were acquired at an average cost of $82.54 per share, with a total value of $25,009.62. Following the completion of the acquisition, the chief executive officer now directly owns 80,720 shares in the company, valued at approximately $6,662,628.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 8,573 shares of company stock valued at $675,935 and sold 35,617 shares valued at $2,805,070. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Ancora Advisors LLC increased its holdings in shares of Akamai Technologies by 103.3% in the first quarter. Ancora Advisors LLC now owns 250 shares of the technology infrastructure company’s stock valued at $25,000 after purchasing an additional 127 shares during the period. Zions Bancorporation N.A. boosted its stake in shares of Akamai Technologies by 73.7% in the third quarter. Zions Bancorporation N.A. now owns 311 shares of the technology infrastructure company’s stock worth $25,000 after buying an additional 132 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in Akamai Technologies during the fourth quarter worth approximately $29,000. Newbridge Financial Services Group Inc. raised its holdings in shares of Akamai Technologies by 625.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 348 shares of the technology infrastructure company’s stock valued at $29,000 after acquiring an additional 300 shares during the last quarter. Finally, General Partner Inc. acquired a new stake in shares of Akamai Technologies in the fourth quarter valued at approximately $31,000. 90.41% of the stock is owned by institutional investors and hedge funds.

Akamai Technologies Company Profile

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Akamai Technologies, Inc engages in the provision of cloud services for delivering, optimizing, and securing content and business applications over the Internet. Its products include security, web performance, media delivery, and network operator. The company was founded by Frank T. Leighton, Jonathan Seelig, Randall S.

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