Rhumbline Advisers Has $28.45 Million Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Rhumbline Advisers cut its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 2.4% during the second quarter, HoldingsChannel reports. The fund owned 315,789 shares of the technology infrastructure company’s stock after selling 7,889 shares during the quarter. Rhumbline Advisers’ holdings in Akamai Technologies were worth $28,446,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Private Advisor Group LLC increased its position in Akamai Technologies by 12.9% in 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 during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Akamai Technologies by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 838,541 shares of the technology infrastructure company’s stock worth $99,241,000 after buying an additional 8,880 shares during the last quarter. Cullen Frost Bankers Inc. increased its holdings in Akamai Technologies by 9.2% in the fourth quarter. Cullen Frost Bankers Inc. now owns 8,879 shares of the technology infrastructure company’s stock worth $1,051,000 after buying an additional 745 shares during the last quarter. Principal Securities Inc. bought a new position in Akamai Technologies during the fourth quarter valued at approximately $57,000. Finally, Teacher Retirement System of Texas lifted its stake in Akamai Technologies by 26.3% in the fourth quarter. Teacher Retirement System of Texas now owns 90,686 shares of the technology infrastructure company’s stock valued at $10,733,000 after acquiring an additional 18,895 shares during the last quarter. 94.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a report on Thursday, August 15th. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a report on Friday, August 9th. Bank of America decreased their price target on Akamai Technologies from $145.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Raymond James lowered their price objective on Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Finally, HSBC upgraded Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 target price for the company in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $116.47.

Insider Activity

In related news, CTO Robert Blumofe sold 3,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total value of $265,020.00. Following the completion of the transaction, the chief technology officer now owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the transaction, the director now directly owns 16,719 shares of the company’s stock, valued at $1,684,104.87. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction dated 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 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 three months, insiders have sold 6,500 shares of company stock worth $617,475. Corporate insiders own 1.80% of the company’s stock.

Akamai Technologies Stock Down 2.6 %

NASDAQ AKAM opened at $96.54 on Friday. Akamai Technologies, Inc. has a twelve month low of $87.59 and a twelve month high of $129.17. The stock has a market cap of $14.70 billion, a PE ratio of 24.01, a PEG ratio of 3.27 and a beta of 0.68. The firm has a 50-day simple moving average of $96.99 and a 200 day simple moving average of $99.21. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.53 by $0.05. The firm had revenue of $979.60 million during the quarter, compared to analysts’ expectations of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. Akamai Technologies’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the business earned $1.01 earnings per share. On average, research analysts forecast that Akamai Technologies, Inc. will post 4.41 EPS for the current year.

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.