Carret Asset Management LLC Sells 241 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Carret Asset Management LLC lessened its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,099 shares of the technology infrastructure company’s stock after selling 241 shares during the period. Carret Asset Management LLC’s holdings in Akamai Technologies were worth $1,642,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Planned Solutions Inc. purchased a new stake in Akamai Technologies in the 4th quarter worth about $37,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Akamai Technologies during the 4th quarter valued at approximately $43,000. Bruce G. Allen Investments LLC bought a new position in Akamai Technologies in the 4th quarter worth approximately $44,000. Headinvest LLC purchased a new position in Akamai Technologies in the 3rd quarter valued at approximately $40,000. Finally, Lindbrook Capital LLC raised its holdings in Akamai Technologies by 43.7% during the 4th quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock valued at $49,000 after acquiring an additional 125 shares during the period. Institutional investors own 94.28% of the company’s stock.

Analyst Upgrades and Downgrades

AKAM has been the subject of several recent research reports. Citigroup reduced their price target on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Morgan Stanley reduced their target price on Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating for the company in a report on Friday, May 10th. Raymond James lowered their price target on shares of Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Finally, Craig Hallum lowered their target price on shares of Akamai Technologies from $120.00 to $110.00 and set a “hold” rating on the stock in a research note on Friday, May 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $114.00.

Insider Buying and Selling

In other Akamai Technologies news, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was 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 owns 24,729 shares of the company’s stock, valued at approximately $2,184,559.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Anthony P. Williams sold 5,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total transaction of $467,900.00. Following the sale, the executive vice president now directly owns 9,938 shares of the company’s stock, valued at $929,998.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the transaction, the chief technology officer now directly owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The disclosure for this sale can be found here. Insiders have sold 9,000 shares of company stock valued at $826,460 over the last ninety days. 2.00% of the stock is owned by insiders.

Akamai Technologies Trading Down 0.5 %

Akamai Technologies stock traded down $0.49 during mid-day trading on Wednesday, hitting $90.33. The company’s stock had a trading volume of 726,798 shares, compared to its average volume of 1,715,983. The business has a 50 day moving average price of $93.67 and a 200-day moving average price of $106.57. Akamai Technologies, Inc. has a 12 month low of $87.59 and a 12 month high of $129.17. The stock has a market cap of $13.76 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 4.32 and a beta of 0.67. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25.

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

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