Perigon Wealth Management LLC reduced its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 31.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,116 shares of the technology infrastructure company’s stock after selling 1,422 shares during the period. Perigon Wealth Management LLC’s holdings in Akamai Technologies were worth $334,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of AKAM. Norges Bank acquired a new stake in Akamai Technologies in the 4th quarter valued at approximately $147,267,000. First Trust Advisors LP lifted its position in shares of Akamai Technologies by 26.4% in the 2nd quarter. First Trust Advisors LP now owns 3,910,932 shares of the technology infrastructure company’s stock worth $418,822,000 after acquiring an additional 817,467 shares during the period. Congress Asset Management Co. MA bought a new position in shares of Akamai Technologies during the 1st quarter worth approximately $68,087,000. Wedge Capital Management L L P NC lifted its position in shares of Akamai Technologies by 6,529.1% during the 1st quarter. Wedge Capital Management L L P NC now owns 362,744 shares of the technology infrastructure company’s stock worth $33,187,000 after buying an additional 357,272 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Akamai Technologies by 42.1% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,005,770 shares of the technology infrastructure company’s stock worth $107,708,000 after buying an additional 298,054 shares during the period. 86.99% of the stock is currently owned by institutional investors.
Shares of Akamai Technologies stock opened at $112.44 on Friday. The company has a quick ratio of 3.20, a current ratio of 3.34 and a debt-to-equity ratio of 0.65. Akamai Technologies, Inc. has a 12 month low of $75.18 and a 12 month high of $116.39. The business has a fifty day simple moving average of $108.31 and a 200 day simple moving average of $99.29. The stock has a market cap of $18.25 billion, a PE ratio of 34.07, a price-to-earnings-growth ratio of 2.32 and a beta of 0.34.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Tuesday, July 28th. The technology infrastructure company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.17. Akamai Technologies had a return on equity of 17.37% and a net margin of 17.82%. The business had revenue of $794.72 million during the quarter, compared to analysts’ expectations of $767.38 million. During the same period in the previous year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. Analysts expect that Akamai Technologies, Inc. will post 3.93 EPS for the current fiscal year.
AKAM has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Akamai Technologies from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday. Goldman Sachs Group lifted their price objective on Akamai Technologies from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. They noted that the move was a valuation call. DA Davidson lifted their price objective on Akamai Technologies from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday. Credit Suisse Group lifted their price objective on Akamai Technologies from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Cowen upgraded Akamai Technologies from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $107.00 to $150.00 in a research report on Thursday, July 2nd. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Akamai Technologies currently has an average rating of “Buy” and an average price target of $117.00.
In other Akamai Technologies news, CFO Edward J. Mcgowan sold 2,516 shares of Akamai Technologies stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $116.00, for a total transaction of $291,856.00. Following the transaction, the chief financial officer now directly owns 5,129 shares in the company, valued at $594,964. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Edward J. Mcgowan sold 797 shares of Akamai Technologies stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $105.00, for a total value of $83,685.00. Following the transaction, the chief financial officer now owns 13,597 shares in the company, valued at $1,427,685. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,992 shares of company stock valued at $3,849,989. 2.40% of the stock is owned by insiders.
Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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