57,089 Shares in Akamai Technologies, Inc. (NASDAQ:AKAM) Acquired by Quantbot Technologies LP

Quantbot Technologies LP purchased a new stake in Akamai Technologies, Inc. (NASDAQ:AKAM) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 57,089 shares of the technology infrastructure company’s stock, valued at approximately $6,209,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AKAM. Cibc World Markets Corp raised its holdings in Akamai Technologies by 131.6% in the fourth quarter. Cibc World Markets Corp now owns 19,433 shares of the technology infrastructure company’s stock valued at $2,300,000 after acquiring an additional 11,044 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Akamai Technologies by 190.3% during the 4th quarter. Franklin Resources Inc. now owns 73,579 shares of the technology infrastructure company’s stock worth $8,708,000 after purchasing an additional 48,236 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Akamai Technologies by 3.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 480,908 shares of the technology infrastructure company’s stock worth $56,915,000 after purchasing an additional 15,890 shares in the last quarter. TKG Advisors LLC purchased a new position in Akamai Technologies in the fourth quarter valued at $3,245,000. Finally, RWA Wealth Partners LLC acquired a new stake in Akamai Technologies in the fourth quarter valued at $4,441,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Price Performance

AKAM stock traded up $1.04 during trading on Friday, reaching $95.14. 1,335,247 shares of the company were exchanged, compared to its average volume of 1,704,051. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. The stock’s 50 day moving average price is $92.38 and its 200 day moving average price is $105.41. Akamai Technologies, Inc. has a 52-week low of $87.59 and a 52-week high of $129.17. The company has a market cap of $14.49 billion, a P/E ratio of 23.92, a PEG ratio of 4.49 and a beta of 0.67.

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

Akamai Technologies announced that its board has approved a stock buyback program on Thursday, May 9th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the technology infrastructure company to repurchase up to 13.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a research report on Friday, May 17th. Robert W. Baird cut their price target on shares of Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating on the stock in a research note on Friday, May 10th. Morgan Stanley decreased their price objective on shares of Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating for the company in a research note on Friday, May 10th. Citigroup reduced their target price on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Finally, Royal Bank of Canada decreased their price target on shares of Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating for the company in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $113.76.

Insider Activity

In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO F Thomson Leighton bought 22,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average price of $92.68 per share, with a total value of $2,038,960.00. Following the purchase, the chief executive officer now owns 2,342,621 shares of the company’s stock, valued at approximately $217,114,114.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Anthony P. Williams sold 5,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $929,998.04. The disclosure for this sale can be found here. Insiders sold a total of 9,000 shares of company stock worth $826,460 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

About Akamai Technologies

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.