Akamai Technologies Inc. (AKAM) Shares Gap Up Following Insider Buying Activity
Shares of Akamai Technologies Inc. (NASDAQ:AKAM) gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $54.35, but opened at $54.94. Akamai Technologies shares last traded at $56.08, with a volume of 992,816 shares changing hands.
Specifically, CEO F Thomson Leighton bought 19,003 shares of Akamai Technologies stock in a transaction dated Monday, August 15th. The stock was purchased at an average price of $52.61 per share, for a total transaction of $999,747.83. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Melanie Haratunian sold 12,129 shares of the company’s stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $56.00, for a total transaction of $679,224.00. Following the completion of the sale, the executive vice president now owns 101,253 shares of the company’s stock, valued at approximately $5,670,168. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
Several analysts have recently issued reports on AKAM shares. SunTrust Banks Inc. started coverage on shares of Akamai Technologies in a research note on Thursday, July 21st. They issued a “buy” rating and a $66.00 target price for the company. Zacks Investment Research lowered shares of Akamai Technologies from a “hold” rating to a “sell” rating in a research note on Friday, July 29th. FBR & Co cut their price target on shares of Akamai Technologies from $43.00 to $42.00 and set an “underperform” rating on the stock in a report on Wednesday, July 27th. Goldman Sachs Group Inc. boosted their price target on shares of Akamai Technologies from $43.00 to $47.00 and gave the stock a “sell” rating in a report on Wednesday, July 27th. Finally, KeyCorp downgraded shares of Akamai Technologies to an “overweight” rating in a report on Wednesday, July 27th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $61.50.
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The company has a market capitalization of $9.77 billion, a PE ratio of 30.69 and a beta of 1.49. The firm’s 50 day moving average price is $53.56 and its 200-day moving average price is $53.21.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Tuesday, July 26th. The technology infrastructure company reported $0.64 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.64. Akamai Technologies had a return on equity of 11.82% and a net margin of 14.31%. The firm had revenue of $572 million for the quarter, compared to analysts’ expectations of $574.86 million. During the same period in the previous year, the firm earned $0.57 EPS. The business’s quarterly revenue was up 5.8% on a year-over-year basis. On average, equities research analysts forecast that Akamai Technologies Inc. will post $2.57 EPS for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Checchi Capital Advisers LLC boosted its position in Akamai Technologies by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 2,834 shares of the technology infrastructure company’s stock worth $159,000 after buying an additional 24 shares in the last quarter. MAI Capital Management boosted its position in Akamai Technologies by 0.4% in the second quarter. MAI Capital Management now owns 22,457 shares of the technology infrastructure company’s stock worth $1,256,000 after buying an additional 92 shares in the last quarter. Marco Investment Management LLC boosted its position in Akamai Technologies by 0.3% in the second quarter. Marco Investment Management LLC now owns 37,200 shares of the technology infrastructure company’s stock worth $2,081,000 after buying an additional 100 shares in the last quarter. Gagnon Securities LLC boosted its position in Akamai Technologies by 0.5% in the second quarter. Gagnon Securities LLC now owns 18,727 shares of the technology infrastructure company’s stock worth $1,047,000 after buying an additional 100 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Akamai Technologies by 1.4% in the second quarter. Janney Montgomery Scott LLC now owns 9,380 shares of the technology infrastructure company’s stock worth $494,000 after buying an additional 131 shares in the last quarter. 89.89% of the stock is currently owned by institutional investors.
Akamai Technologies Company Profile
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
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