Envestnet Asset Management Inc. Sells 3,981 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Posted by Defense World Staff on May 5th, 2023

Envestnet Asset Management Inc. decreased its position in Akamai Technologies, Inc. (NASDAQ:AKAM – Get Rating) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 394,678 shares of the technology infrastructure company’s stock after selling 3,981 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.25% of Akamai Technologies worth $33,271,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Zions Bancorporation N.A. raised its holdings in 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 purchasing an additional 132 shares in the last quarter. Ancora Advisors LLC raised its holdings in Akamai Technologies by 103.3% in the first quarter. Ancora Advisors LLC now owns 250 shares of the technology infrastructure company’s stock worth $25,000 after purchasing an additional 127 shares in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in Akamai Technologies by 625.0% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 348 shares of the technology infrastructure company’s stock worth $29,000 after purchasing an additional 300 shares in the last quarter. General Partner Inc. purchased a new stake in shares of Akamai Technologies in the fourth quarter worth $31,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Akamai Technologies in the fourth quarter worth $42,000. Institutional investors own 90.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AKAM. Royal Bank of Canada cut Akamai Technologies from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $100.00 to $85.00 in a research note on Wednesday, February 15th. Piper Jaffray Companies raised Akamai Technologies to an “overweight” rating and set a $93.00 target price on the stock in a research note on Tuesday, April 11th. William Blair began coverage on Akamai Technologies in a research report on Wednesday, April 19th. They set an “outperform” rating on the stock. Cowen dropped their price objective on Akamai Technologies from $137.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 15th. Finally, Piper Sandler raised Akamai Technologies from a “neutral” rating to an “overweight” rating and set a $93.00 price objective on the stock in a research report on Monday, April 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $100.81.

Akamai Technologies Stock Down 1.8 %

NASDAQ AKAM opened at $77.04 on Friday. The stock’s 50-day moving average price is $77.11 and its 200-day moving average price is $83.57. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.52. Akamai Technologies, Inc. has a 52 week low of $70.65 and a 52 week high of $102.83. The company has a market capitalization of $12.04 billion, a P/E ratio of 25.94, a price-to-earnings-growth ratio of 1.91 and a beta of 0.81.

Akamai Technologies (NASDAQ:AKAM – Get Rating) last posted its quarterly earnings data 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. Akamai Technologies had a return on equity of 15.12% and a net margin of 13.15%. The firm had revenue of $927.78 million for the quarter, compared to the consensus estimate of $904.80 million. During the same quarter last year, the company earned $1.26 earnings per share. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities research analysts predict that Akamai Technologies, Inc. will post 4.27 earnings per share for the current year.

Insider Transactions at Akamai Technologies

In related news, EVP Aaron Ahola sold 3,471 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $74.76, for a total transaction of $259,491.96. Following the sale, the executive vice president now owns 17,798 shares of the company’s stock, valued at approximately $1,330,578.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Akamai Technologies news, CEO F Thomson Leighton bought 282 shares of the firm’s stock in a transaction that occurred on Monday, February 6th. The shares were bought at an average price of $88.73 per share, with a total value of $25,021.86. Following the purchase, the chief executive officer now owns 10,958 shares of the company’s stock, valued at $972,303.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Aaron Ahola sold 3,471 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $74.76, for a total value of $259,491.96. Following the sale, the executive vice president now directly owns 17,798 shares in the company, valued at approximately $1,330,578.48. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 9,592 shares of company stock valued at $750,983 and have sold 23,617 shares valued at $1,728,865. Corporate insiders own 1.70% of the company’s stock.

About Akamai Technologies

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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.