Great West Life Assurance Co. Can trimmed its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 11.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,206 shares of the technology infrastructure company’s stock after selling 16,289 shares during the quarter. Great West Life Assurance Co. Can owned 0.08% of Akamai Technologies worth $9,678,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pictet Asset Management Ltd. grew its holdings in shares of Akamai Technologies by 1.5% during the 3rd quarter. Pictet Asset Management Ltd. now owns 86,036 shares of the technology infrastructure company’s stock worth $6,294,000 after purchasing an additional 1,300 shares in the last quarter. Korea Investment CORP grew its holdings in shares of Akamai Technologies by 69.1% during the 3rd quarter. Korea Investment CORP now owns 261,758 shares of the technology infrastructure company’s stock worth $19,148,000 after purchasing an additional 106,927 shares in the last quarter. Westpac Banking Corp grew its holdings in shares of Akamai Technologies by 6.0% during the 3rd quarter. Westpac Banking Corp now owns 12,783 shares of the technology infrastructure company’s stock worth $935,000 after purchasing an additional 724 shares in the last quarter. Freestone Capital Holdings LLC acquired a new stake in shares of Akamai Technologies during the 3rd quarter worth $365,000. Finally, Dundas Partners LLP grew its holdings in shares of Akamai Technologies by 33.2% during the 3rd quarter. Dundas Partners LLP now owns 86,599 shares of the technology infrastructure company’s stock worth $8,194,000 after purchasing an additional 21,585 shares in the last quarter. 89.47% of the stock is currently owned by hedge funds and other institutional investors.
Akamai Technologies stock opened at $66.65 on Friday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $11.24 billion, a price-to-earnings ratio of 29.50, a PEG ratio of 1.77 and a beta of 0.56. Akamai Technologies, Inc. has a 12 month low of $56.31 and a 12 month high of $83.08.
Akamai Technologies (NASDAQ:AKAM) last posted 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. The firm had revenue of $669.63 million during the quarter, compared to the consensus estimate of $664.17 million. Akamai Technologies had a return on equity of 12.06% and a net margin of 8.39%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $0.62 earnings per share. On average, research analysts anticipate that Akamai Technologies, Inc. will post 2.66 EPS for the current year.
Akamai Technologies declared that its board has approved a stock repurchase plan on Monday, October 29th that permits the company to repurchase $1.10 billion in shares. This repurchase authorization permits the technology infrastructure company to repurchase up to 10.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Several research firms recently weighed in on AKAM. BidaskClub lowered Akamai Technologies from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. Zacks Investment Research reaffirmed 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 raised their price objective on Akamai Technologies from $97.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, October 30th. TheStreet raised Akamai Technologies from a “c+” rating to a “b-” rating in a research note on Friday, November 16th. Finally, ValuEngine lowered 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 issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Akamai Technologies has an average rating of “Buy” and an average price target of $80.44.
In other Akamai Technologies news, SVP Aaron Ahola sold 1,122 shares of the stock in a transaction dated Thursday, December 6th. The stock was sold at an average price of $67.81, for a total value of $76,082.82. Following the completion of the transaction, the senior vice president now directly owns 4,035 shares in the company, valued at $273,613.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert Blumofe sold 4,000 shares of the stock in a transaction dated Wednesday, October 31st. The shares were sold at an average price of $73.34, for a total value of $293,360.00. Following the completion of the transaction, the executive vice president now owns 15,951 shares of the company’s stock, valued at $1,169,846.34. The disclosure for this sale can be found here. Insiders sold 64,544 shares of company stock valued at $4,561,298 over the last quarter. Corporate insiders own 3.20% of the company’s stock.
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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