Tower Bridge Advisors Sells 2,459 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Tower Bridge Advisors lessened its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 12.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,792 shares of the technology infrastructure company’s stock after selling 2,459 shares during the quarter. Tower Bridge Advisors’ holdings in Akamai Technologies were worth $1,695,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in AKAM. V Square Quantitative Management LLC boosted its holdings in shares of Akamai Technologies by 2.0% during the third quarter. V Square Quantitative Management LLC now owns 5,113 shares of the technology infrastructure company’s stock worth $516,000 after purchasing an additional 102 shares during the period. Empirical Finance LLC lifted its holdings in Akamai Technologies by 2.0% in the third quarter. Empirical Finance LLC now owns 5,327 shares of the technology infrastructure company’s stock worth $538,000 after buying an additional 103 shares during the period. Van ECK Associates Corp lifted its holdings in Akamai Technologies by 6.1% in the third quarter. Van ECK Associates Corp now owns 1,836 shares of the technology infrastructure company’s stock worth $189,000 after buying an additional 105 shares during the period. Farther Finance Advisors LLC lifted its holdings in Akamai Technologies by 85.7% in the third quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock worth $25,000 after buying an additional 114 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in Akamai Technologies by 2.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 5,253 shares of the technology infrastructure company’s stock worth $473,000 after buying an additional 118 shares during the period. Institutional investors own 94.28% of the company’s stock.

Insider Activity at Akamai Technologies

In related news, EVP Paul C. Joseph sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the sale, the executive vice president now owns 30,703 shares in the company, valued at approximately $2,987,401.90. This trade represents a 11.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the sale, the director now owns 16,719 shares in the company, valued at $1,684,104.87. This represents a 5.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,500 shares of company stock valued at $1,065,975 over the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Akamai Technologies Price Performance

Shares of AKAM opened at $87.43 on Friday. The company has a market capitalization of $13.13 billion, a P/E ratio of 25.87, a price-to-earnings-growth ratio of 3.36 and a beta of 0.68. The company has a quick ratio of 1.32, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $99.84 and a 200 day moving average of $96.76. Akamai Technologies, Inc. has a twelve month low of $86.78 and a twelve month high of $129.17.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. DA Davidson restated a “buy” rating and issued a $115.00 price objective on shares of Akamai Technologies in a report on Friday, August 9th. Hsbc Global Res upgraded shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Robert W. Baird lowered their price objective on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Tigress Financial restated a “strong-buy” rating and issued a $140.00 price objective on shares of Akamai Technologies in a report on Thursday, August 29th. Finally, Craig Hallum raised shares of Akamai Technologies from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $125.00 in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and an average target price of $117.47.

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.