Addenda Capital Inc. Reduces Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Addenda Capital Inc. reduced its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 5.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,782 shares of the technology infrastructure company’s stock after selling 3,877 shares during the period. Addenda Capital Inc.’s holdings in Akamai Technologies were worth $7,916,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of AKAM. Paralel Advisors LLC grew its holdings in Akamai Technologies by 1.2% during the 3rd quarter. Paralel Advisors LLC now owns 24,424 shares of the technology infrastructure company’s stock valued at $2,602,000 after buying an additional 278 shares during the last quarter. Mariner LLC boosted its holdings in shares of Akamai Technologies by 11.7% during the third quarter. Mariner LLC now owns 23,657 shares of the technology infrastructure company’s stock worth $2,520,000 after purchasing an additional 2,472 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Akamai Technologies by 104.1% during the third quarter. O Shaughnessy Asset Management LLC now owns 5,934 shares of the technology infrastructure company’s stock worth $632,000 after purchasing an additional 3,027 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of Akamai Technologies during the third quarter worth $691,000. Finally, CWA Asset Management Group LLC boosted its holdings in shares of Akamai Technologies by 14.9% during the third quarter. CWA Asset Management Group LLC now owns 3,214 shares of the technology infrastructure company’s stock worth $342,000 after purchasing an additional 416 shares during the last quarter. 94.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the completion of the transaction, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the completion of the transaction, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Anthony P. Williams sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total transaction of $467,900.00. Following the completion of the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,000 shares of company stock valued at $826,460. Company insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AKAM shares. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a report on Friday, May 17th. Royal Bank of Canada cut their target price on Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Friday, May 10th. KeyCorp cut their target price on Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Piper Sandler cut their target price on Akamai Technologies from $136.00 to $114.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Finally, Raymond James cut their target price on Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $114.00.

Akamai Technologies Stock Up 0.2 %

NASDAQ AKAM traded up $0.14 on Friday, reaching $90.08. The company had a trading volume of 2,069,597 shares, compared to its average volume of 1,736,743. The firm has a market capitalization of $13.72 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 4.24 and a beta of 0.68. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. Akamai Technologies, Inc. has a 1-year low of $87.59 and a 1-year high of $129.17. The company’s fifty day moving average is $94.11 and its 200-day moving average is $107.10.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.03. The firm had revenue of $986.97 million during the quarter, compared to analyst estimates of $989.03 million. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 EPS. On average, research analysts forecast that Akamai Technologies, Inc. will post 4.38 earnings per share for the current fiscal year.

Akamai Technologies announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 9th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the technology infrastructure company to purchase up to 13.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Akamai Technologies 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.