Quadrature Capital Ltd Invests $2.61 Million in Akamai Technologies, Inc. (NASDAQ:AKAM)

Quadrature Capital Ltd bought a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 24,006 shares of the technology infrastructure company’s stock, valued at approximately $2,610,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in AKAM. EntryPoint Capital LLC bought a new stake in Akamai Technologies in the 1st quarter worth about $31,000. Planned Solutions Inc. bought a new stake in Akamai Technologies in the 4th quarter worth about $37,000. Turtle Creek Wealth Advisors LLC bought a new stake in Akamai Technologies in the 4th quarter worth about $43,000. Covestor Ltd grew its position in Akamai Technologies by 224.6% in the 1st quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock worth $48,000 after purchasing an additional 310 shares in the last quarter. Finally, Lindbrook Capital LLC grew its position in Akamai Technologies by 43.7% in the 4th quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock worth $49,000 after purchasing an additional 125 shares in the last quarter. 94.28% of the stock is owned by institutional investors.

Akamai Technologies Price Performance

NASDAQ AKAM traded up $0.60 on Friday, hitting $96.97. The stock had a trading volume of 713,626 shares, compared to its average volume of 1,213,308. The firm has a 50-day moving average of $92.06 and a 200-day moving average of $103.70. The company has a market capitalization of $14.77 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 4.65 and a beta of 0.67. Akamai Technologies, Inc. has a 52-week low of $87.59 and a 52-week high of $129.17. 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 (NASDAQ:AKAM) last issued its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.03. The firm had revenue of $986.97 million for 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 business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 EPS. Equities analysts expect that Akamai Technologies, Inc. will post 4.38 EPS for the current year.

Akamai Technologies declared that its board has approved a stock buyback plan on Thursday, May 9th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology infrastructure company to reacquire up to 13.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Akamai Technologies

In other news, EVP Anthony P. Williams sold 5,000 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now owns 9,938 shares of the company’s stock, valued at approximately $929,998.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Anthony P. Williams sold 5,000 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total transaction of $467,900.00. Following the transaction, the executive vice president now owns 9,938 shares of the company’s stock, valued at approximately $929,998.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction 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 in the company, valued at approximately $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 in the last quarter. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

AKAM has been the subject of a number of recent analyst reports. Scotiabank initiated coverage on shares of Akamai Technologies in a research report on Monday, July 8th. They issued a “sector outperform” rating and a $110.00 price objective for the company. Raymond James dropped their target price on shares of Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a research note 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. Piper Sandler dropped their target price on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Craig Hallum dropped 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Akamai Technologies has a consensus rating of “Moderate Buy” and an average price target of $113.65.

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.