iA Global Asset Management Inc. Raises Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

iA Global Asset Management Inc. grew its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 26.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,804 shares of the technology infrastructure company’s stock after buying an additional 583 shares during the quarter. iA Global Asset Management Inc.’s holdings in Akamai Technologies were worth $253,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. International Assets Investment Management LLC acquired a new stake in Akamai Technologies in the fourth quarter valued at about $41,880,000. Natixis Advisors L.P. lifted its position in shares of Akamai Technologies by 12.6% during the 4th quarter. Natixis Advisors L.P. now owns 192,825 shares of the technology infrastructure company’s stock valued at $22,820,000 after acquiring an additional 21,583 shares during the period. Amalgamated Bank lifted its position in shares of Akamai Technologies by 15.4% during the 4th quarter. Amalgamated Bank now owns 46,874 shares of the technology infrastructure company’s stock valued at $5,548,000 after acquiring an additional 6,239 shares during the period. Private Advisor Group LLC increased its stake in shares of Akamai Technologies by 12.9% during the 4th quarter. Private Advisor Group LLC now owns 6,544 shares of the technology infrastructure company’s stock worth $774,000 after purchasing an additional 749 shares in the last quarter. Finally, Machina Capital S.A.S. purchased a new position in shares of Akamai Technologies during the 4th quarter worth approximately $518,000. Institutional investors and hedge funds own 94.28% of the company’s stock.

Analyst Ratings Changes

AKAM has been the subject of several recent analyst reports. Robert W. Baird lowered their target price on shares of Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target for the company in a research report on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a research report on Thursday, August 15th. DA Davidson reissued a “buy” rating and issued a $115.00 price objective on shares of Akamai Technologies in a research report on Friday, August 9th. Finally, Piper Sandler decreased their price objective on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $116.47.

Insider Activity

In other news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total value of $100,730.00. Following the completion of the transaction, the director now directly owns 16,719 shares in the company, valued at $1,684,104.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total value of $100,730.00. Following the completion of the transaction, the director now directly owns 16,719 shares in the company, valued at $1,684,104.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the transaction, the chief technology officer now owns 22,010 shares of the company’s stock, valued at $2,216,186.90. The disclosure for this sale can be found here. Insiders sold 6,500 shares of company stock worth $617,475 over the last three months. Corporate insiders own 1.80% of the company’s stock.

Akamai Technologies Price Performance

Shares of NASDAQ:AKAM opened at $101.84 on Friday. The firm’s 50 day moving average is $95.95 and its two-hundred day moving average is $99.53. Akamai Technologies, Inc. has a 52 week low of $87.59 and a 52 week high of $129.17. The firm has a market capitalization of $15.51 billion, a P/E ratio of 25.33, a PEG ratio of 4.57 and a beta of 0.67. 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 Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.53 by $0.05. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The company had revenue of $979.60 million for the quarter, compared to analyst estimates of $977.67 million. During the same quarter last year, the business earned $1.01 earnings per share. Akamai Technologies’s revenue was up 4.7% compared to the same quarter last year. Analysts anticipate that Akamai Technologies, Inc. will post 4.38 earnings per share for the current year.

Akamai Technologies announced that its Board of Directors has authorized a share buyback program on Thursday, May 9th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology infrastructure company to purchase up to 13.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.