Akamai Technologies (NASDAQ:AKAM) Hits New 52-Week Low After Insider Selling

Akamai Technologies, Inc. (NASDAQ:AKAM)’s stock price hit a new 52-week low during mid-day trading on Friday following insider selling activity. The company traded as low as $87.13 and last traded at $87.28, with a volume of 602173 shares. The stock had previously closed at $88.35.

Specifically, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $88.63, for a total value of $354,520.00. Following the completion of the sale, the executive vice president now owns 26,703 shares of the company’s stock, valued at approximately $2,366,686.89. The trade was a 13.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $88.61, for a total value of $221,525.00. Following the transaction, the chief technology officer now owns 19,510 shares in the company, valued at approximately $1,728,781.10. The trade was a 11.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

AKAM has been the topic of several recent analyst reports. Scotiabank cut their target price on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating on the stock in a report on Friday, November 8th. Hsbc Global Res raised 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 research note on Monday, November 11th. DA Davidson reiterated a “buy” rating and set a $115.00 target price on shares of Akamai Technologies in a report on Friday, August 9th. Finally, Guggenheim upgraded Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target on the stock in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and an average target price of $117.47.

Akamai Technologies Price Performance

The firm has a market cap 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 debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.32. The firm’s 50 day moving average is $99.84 and its 200 day moving average is $96.76.

Institutional Trading of Akamai Technologies

A number of hedge funds have recently made changes to their positions in AKAM. Geode Capital Management LLC raised its stake in Akamai Technologies by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock valued at $423,066,000 after buying an additional 202,746 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in shares of Akamai Technologies by 6.3% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,499,760 shares of the technology infrastructure company’s stock valued at $151,401,000 after acquiring an additional 88,732 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Akamai Technologies by 8.7% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 46,235 shares of the technology infrastructure company’s stock worth $4,667,000 after purchasing an additional 3,693 shares during the last quarter. MML Investors Services LLC boosted its stake in Akamai Technologies by 3.2% in the 3rd quarter. MML Investors Services LLC now owns 21,406 shares of the technology infrastructure company’s stock worth $2,161,000 after purchasing an additional 658 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Akamai Technologies during the 3rd quarter valued at about $935,000. 94.28% of the stock is owned by institutional investors.

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.