Pitcairn Co. Sells 475 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Pitcairn Co. decreased its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 8.9% in the first quarter, Holdings Channel reports. The firm owned 4,845 shares of the technology infrastructure company’s stock after selling 475 shares during the period. Pitcairn Co.’s holdings in Akamai Technologies were worth $527,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AKAM. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Akamai Technologies in the 1st quarter valued at about $474,000. CANADA LIFE ASSURANCE Co lifted its holdings in Akamai Technologies by 22.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 332,715 shares of the technology infrastructure company’s stock valued at $36,195,000 after acquiring an additional 61,226 shares during the last quarter. UniSuper Management Pty Ltd raised its position in Akamai Technologies by 50.4% in the first quarter. UniSuper Management Pty Ltd now owns 27,643 shares of the technology infrastructure company’s stock valued at $3,006,000 after purchasing an additional 9,262 shares during the period. Champlain Investment Partners LLC raised its position in Akamai Technologies by 19.6% in the first quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock valued at $147,308,000 after purchasing an additional 222,290 shares during the period. Finally, Covestor Ltd increased its position in shares of Akamai Technologies by 224.6% during the first quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock worth $48,000 after acquiring an additional 310 shares during the period. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Analyst Ratings Changes

AKAM has been the subject of several research analyst reports. Craig Hallum decreased their price objective on shares of Akamai Technologies from $120.00 to $110.00 and set a “hold” rating for the company in a research note on Friday, May 10th. Citigroup decreased their price objective on shares of Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. Royal Bank of Canada decreased their price objective 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. Piper Sandler lowered their price target on Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, HSBC raised Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price target on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $113.65.

Akamai Technologies Price Performance

Shares of NASDAQ:AKAM opened at $96.37 on Friday. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. The company has a market cap of $14.68 billion, a P/E ratio of 23.97, a PEG ratio of 4.56 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 50-day moving average price of $92.03 and a 200 day moving average price of $103.91.

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

Insider Activity

In other news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the completion of the sale, the director now directly owns 14,519 shares in the company, valued at approximately $1,358,107.26. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CTO Robert Blumofe sold 3,000 shares of Akamai Technologies 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 directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $93.54, for a total transaction of $93,540.00. Following the completion of the sale, the director now directly owns 14,519 shares of the company’s stock, valued at $1,358,107.26. The disclosure for this sale can be found here. In the last three months, insiders sold 9,000 shares of company stock worth $826,460. Company insiders own 1.80% of the company’s stock.

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.