Allspring Global Investments Holdings LLC Sells 1,334 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Allspring Global Investments Holdings LLC trimmed its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 5.9% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 21,315 shares of the technology infrastructure company’s stock after selling 1,334 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Akamai Technologies were worth $2,318,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Akamai Technologies in the 4th quarter worth approximately $325,242,000. Jericho Capital Asset Management L.P. bought a new stake in Akamai Technologies during the 3rd quarter valued at $218,201,000. Earnest Partners LLC raised its holdings in Akamai Technologies by 4.8% during the 3rd quarter. Earnest Partners LLC now owns 1,792,571 shares of the technology infrastructure company’s stock valued at $190,981,000 after buying an additional 82,364 shares during the last quarter. FIL Ltd raised its holdings in Akamai Technologies by 14.5% during the 4th quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock valued at $174,248,000 after buying an additional 186,124 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Akamai Technologies by 12.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,339,978 shares of the technology infrastructure company’s stock valued at $158,596,000 after buying an additional 146,778 shares during the last quarter. 94.28% of the stock is currently owned by institutional investors.

Akamai Technologies Stock Up 1.4 %

NASDAQ:AKAM opened at $90.82 on Wednesday. Akamai Technologies, Inc. has a 1-year low of $87.59 and a 1-year high of $129.17. The firm’s 50-day moving average price is $93.67 and its 200-day moving average price is $106.57. The company has a market capitalization of $13.83 billion, a PE ratio of 22.59, a P/E/G ratio of 4.32 and a beta of 0.67. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25.

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 the consensus estimate of $1.61 by $0.03. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The company had revenue of $986.97 million for the quarter, compared to the consensus estimate of $989.03 million. During the same period in the prior year, the firm posted $1.01 EPS. Akamai Technologies’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities analysts predict that Akamai Technologies, Inc. will post 4.38 EPS for the current fiscal year.

Akamai Technologies announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 9th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology infrastructure company to reacquire up to 13.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Akamai Technologies in a report on Friday, May 17th. Susquehanna lowered their price target on shares of Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company in a report on Friday, May 10th. Raymond James lowered their price target on shares of Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating for the company in a report on Friday, May 10th. KeyCorp decreased their price objective on shares of Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, 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 report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $114.00.

Insider Activity at Akamai Technologies

In related news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the sale, the director now directly owns 14,519 shares of the company’s stock, valued at approximately $1,358,107.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the sale, the director now owns 14,519 shares of the company’s stock, valued at approximately $1,358,107.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Robert Blumofe sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the sale, the chief technology officer now directly owns 24,729 shares in the company, valued at approximately $2,184,559.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,000 shares of company stock valued at $826,460. 2.00% of the stock is owned by 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.