Cwm LLC Cuts Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Cwm LLC reduced its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 46.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,719 shares of the technology infrastructure company’s stock after selling 54,595 shares during the quarter. Cwm LLC’s holdings in Akamai Technologies were worth $6,713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Planned Solutions Inc. bought a new position in shares of Akamai Technologies during the 4th quarter valued at approximately $37,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Akamai Technologies during the 4th quarter valued at approximately $43,000. Bruce G. Allen Investments LLC bought a new position in shares of Akamai Technologies during the 4th quarter valued at approximately $44,000. Headinvest LLC bought a new position in shares of Akamai Technologies during the 3rd quarter valued at approximately $40,000. Finally, Lindbrook Capital LLC boosted its position in shares of Akamai Technologies by 43.7% during the 4th quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock valued at $49,000 after acquiring an additional 125 shares during the last quarter. 94.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AKAM has been the subject of a number of research reports. KeyCorp lowered their target price on Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Citigroup lowered their price target on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Piper Sandler lowered their price target on Akamai Technologies from $136.00 to $114.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Raymond James lowered their price target on Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Finally, Royal Bank of Canada lowered their price target on Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating for the company in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Akamai Technologies has a consensus rating of “Hold” and an average target price of $114.00.

Akamai Technologies Stock Down 0.7 %

NASDAQ:AKAM opened at $88.48 on Thursday. Akamai Technologies, Inc. has a twelve month low of $86.94 and a twelve month high of $129.17. The company has a market cap of $13.48 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 4.18 and a beta of 0.68. The stock has a fifty day simple moving average of $96.25 and a 200-day simple moving average of $108.46. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76.

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, beating the consensus estimate 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 return on equity of 15.02% and a net margin of 16.12%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. Analysts anticipate that Akamai Technologies, Inc. will post 4.47 EPS for the current year.

Akamai Technologies declared that its Board of Directors has approved a share 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 purchase up to 13.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, COO Adam Karon sold 14,349 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $109.78, for a total transaction of $1,575,233.22. Following the transaction, the chief operating officer now owns 6,697 shares in the company, valued at $735,196.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Adam Karon sold 14,349 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $109.78, for a total transaction of $1,575,233.22. Following the transaction, the chief operating officer now owns 6,697 shares in the company, valued at $735,196.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO F Thomson Leighton bought 22,000 shares of Akamai Technologies stock in a transaction 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 completion of the acquisition, the chief executive officer now directly owns 2,342,621 shares of the company’s stock, valued at approximately $217,114,114.28. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 23,349 shares of company stock worth $2,401,693. Company insiders own 2.00% of the company’s stock.

Akamai Technologies 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.