Pendal Group Ltd cut its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 42.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,435 shares of the technology infrastructure company’s stock after selling 19,022 shares during the quarter. Pendal Group Ltd’s holdings in Akamai Technologies were worth $1,861,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of AKAM. GAM Holding AG increased its stake in shares of Akamai Technologies by 4.1% during the 2nd quarter. GAM Holding AG now owns 16,527 shares of the technology infrastructure company’s stock worth $1,210,000 after purchasing an additional 651 shares during the last quarter. Oakbrook Investments LLC increased its stake in shares of Akamai Technologies by 5.5% during the 2nd quarter. Oakbrook Investments LLC now owns 13,470 shares of the technology infrastructure company’s stock worth $986,000 after purchasing an additional 700 shares during the last quarter. Atria Investments LLC increased its stake in shares of Akamai Technologies by 13.2% during the 2nd quarter. Atria Investments LLC now owns 6,139 shares of the technology infrastructure company’s stock worth $450,000 after purchasing an additional 716 shares during the last quarter. Wedbush Securities Inc. increased its stake in shares of Akamai Technologies by 18.5% during the 2nd quarter. Wedbush Securities Inc. now owns 4,710 shares of the technology infrastructure company’s stock worth $345,000 after purchasing an additional 735 shares during the last quarter. Finally, XR Securities LLC increased its stake in shares of Akamai Technologies by 24.9% during the 3rd quarter. XR Securities LLC now owns 3,805 shares of the technology infrastructure company’s stock worth $278,000 after purchasing an additional 758 shares during the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.
In other Akamai Technologies news, Director Paul Sagan sold 55,500 shares of the stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $70.46, for a total transaction of $3,910,530.00. Following the transaction, the director now owns 59,678 shares in the company, valued at approximately $4,204,911.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider William Wheaton sold 3,922 shares of the stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $71.73, for a total transaction of $281,325.06. Following the transaction, the insider now owns 26,820 shares in the company, valued at approximately $1,923,798.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,545 shares of company stock worth $4,567,902. Company insiders own 3.20% of the company’s stock.
Several research analysts have recently weighed in on the stock. BidaskClub lowered shares of Akamai Technologies from a “sell” rating to a “strong sell” rating in a research note on Thursday. Piper Jaffray Companies restated an “overweight” rating and set a $89.00 price objective on shares of Akamai Technologies in a research note on Friday, July 20th. B. Riley upped their price target on shares of Akamai Technologies from $97.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, October 30th. ValuEngine lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Finally, Deutsche Bank lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating and decreased their price target for the company from $90.00 to $80.00 in a research note on Wednesday, August 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $80.29.
Shares of AKAM opened at $70.94 on Friday. Akamai Technologies, Inc. has a 52 week low of $53.08 and a 52 week high of $83.08. The stock has a market capitalization of $12.13 billion, a P/E ratio of 30.58, a P/E/G ratio of 1.83 and a beta of 0.56. The company has a current ratio of 2.03, a quick ratio of 2.19 and a debt-to-equity ratio of 0.27.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.11. Akamai Technologies had a net margin of 8.39% and a return on equity of 12.06%. The business had revenue of $669.63 million for the quarter, compared to analyst estimates of $664.17 million. During the same quarter in the prior year, the business earned $0.62 EPS. Akamai Technologies’s quarterly revenue was up 7.2% on a year-over-year basis. Equities analysts expect that Akamai Technologies, Inc. will post 2.66 earnings per share for the current year.
Akamai Technologies declared that its Board of Directors has initiated a share buyback program on Monday, October 29th that allows the company to buyback $1.10 billion in outstanding shares. This buyback authorization allows the technology infrastructure company to buy up to 10.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
About Akamai Technologies
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
Further Reading: Retained Earnings
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