Akamai Technologies (NASDAQ:AKAM) Trading Down 6.6% Following Insider Selling

Akamai Technologies, Inc. (NASDAQ:AKAM)’s share price was down 6.6% during trading on Friday following insider selling activity. The stock traded as low as $80.60 and last traded at $79.83. Approximately 289,997 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 1,943,185 shares. The stock had previously closed at $85.44.

Specifically, COO Adam Karon sold 3,927 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $85.02, for a total value of $333,873.54. Following the sale, the chief operating officer now owns 10,809 shares of the company’s stock, valued at approximately $918,981.18. This trade represents a 26.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

Several analysts recently weighed in on AKAM shares. Craig Hallum downgraded Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research report on Friday, February 21st. Morgan Stanley reduced their price target on shares of Akamai Technologies from $102.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Royal Bank of Canada lowered their price objective on shares of Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating for the company in a research report on Friday, February 21st. Susquehanna cut their target price on shares of Akamai Technologies from $110.00 to $105.00 and set a “positive” rating on the stock in a research report on Friday, February 21st. Finally, Citigroup lowered their price target on shares of Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating for the company in a report on Monday, February 24th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $104.05.

Akamai Technologies Price Performance

The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49. The firm has a market cap of $11.18 billion, a P/E ratio of 23.47, a P/E/G ratio of 2.74 and a beta of 0.82. The business’s 50 day moving average is $78.85 and its two-hundred day moving average is $89.45.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.12. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.64 EPS. As a group, analysts anticipate that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Institutional Trading of Akamai Technologies

Several large investors have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Akamai Technologies by 54.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 438 shares of the technology infrastructure company’s stock valued at $35,000 after purchasing an additional 155 shares during the period. Itau Unibanco Holding S.A. increased its position in Akamai Technologies by 99.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 469 shares of the technology infrastructure company’s stock valued at $45,000 after buying an additional 234 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Akamai Technologies during the 4th quarter worth approximately $49,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Akamai Technologies in the first quarter worth approximately $49,000. Finally, Bruce G. Allen Investments LLC grew its stake in Akamai Technologies by 38.8% in the fourth quarter. Bruce G. Allen Investments LLC now owns 554 shares of the technology infrastructure company’s stock valued at $53,000 after acquiring an additional 155 shares during the period. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.