American International Group Inc. raised its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 5.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 64,531 shares of the technology infrastructure company’s stock after acquiring an additional 3,425 shares during the quarter. American International Group Inc.’s holdings in Akamai Technologies were worth $4,720,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in AKAM. First Trust Advisors LP raised its stake in Akamai Technologies by 18.1% in the 3rd quarter. First Trust Advisors LP now owns 4,554,723 shares of the technology infrastructure company’s stock worth $333,178,000 after purchasing an additional 699,457 shares in the last quarter. King Luther Capital Management Corp raised its stake in Akamai Technologies by 6.2% in the 2nd quarter. King Luther Capital Management Corp now owns 2,301,365 shares of the technology infrastructure company’s stock worth $168,529,000 after purchasing an additional 133,865 shares in the last quarter. Janus Henderson Group PLC raised its stake in Akamai Technologies by 41.1% in the 3rd quarter. Janus Henderson Group PLC now owns 1,640,017 shares of the technology infrastructure company’s stock worth $119,967,000 after purchasing an additional 477,914 shares in the last quarter. Legal & General Group Plc raised its stake in Akamai Technologies by 5.6% in the 2nd quarter. Legal & General Group Plc now owns 1,127,704 shares of the technology infrastructure company’s stock worth $82,584,000 after purchasing an additional 59,380 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in Akamai Technologies in the 3rd quarter worth about $80,395,000. Hedge funds and other institutional investors own 89.47% of the company’s stock.
Several brokerages have weighed in on AKAM. BidaskClub cut shares of Akamai Technologies from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. Zacks Investment Research reiterated a “strong-buy” rating and issued a $83.00 price objective on shares of Akamai Technologies in a research note on Monday, November 12th. B. Riley lifted their price objective on shares of Akamai Technologies from $97.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, October 30th. TheStreet upgraded shares of Akamai Technologies from a “c+” rating to a “b-” rating in a research note on Friday, November 16th. Finally, ValuEngine cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Akamai Technologies presently has an average rating of “Buy” and a consensus target price of $80.44.
AKAM stock opened at $66.65 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.03 and a current ratio of 2.03. Akamai Technologies, Inc. has a 12 month low of $56.31 and a 12 month high of $83.08. The stock has a market capitalization of $11.19 billion, a price-to-earnings ratio of 34.94, a PEG ratio of 1.76 and a beta of 0.56.
Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 EPS for the quarter, beating the 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 firm had revenue of $669.63 million for the quarter, compared to analyst estimates of $664.17 million. During the same period last year, the firm earned $0.62 EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities research analysts forecast that Akamai Technologies, Inc. will post 2.66 earnings per share for the current fiscal year.
Akamai Technologies announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 29th that authorizes the company to buyback $1.10 billion in outstanding shares. This buyback authorization authorizes the technology infrastructure company to repurchase up to 10.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director Paul Sagan sold 55,500 shares of Akamai Technologies 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 sale, the director now directly owns 59,678 shares of the company’s stock, valued at approximately $4,204,911.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Aaron Ahola sold 1,122 shares of Akamai Technologies stock in a transaction that occurred on Thursday, December 6th. The shares were sold at an average price of $67.81, for a total transaction of $76,082.82. Following the sale, the senior vice president now directly owns 4,035 shares in the company, valued at $273,613.35. The disclosure for this sale can be found here. Insiders have sold a total of 64,544 shares of company stock worth $4,561,298 over the last ninety days. 3.20% of the stock is currently owned by insiders.
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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.
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