Forsta AP Fonden Trims Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Forsta AP Fonden lessened its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 13.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,900 shares of the technology infrastructure company’s stock after selling 4,200 shares during the period. Forsta AP Fonden’s holdings in Akamai Technologies were worth $2,513,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in Akamai Technologies during the fourth quarter worth $325,242,000. Champlain Investment Partners LLC grew its holdings in Akamai Technologies by 19.6% in the first quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock valued at $147,308,000 after purchasing an additional 222,290 shares during the period. Intech Investment Management LLC increased its position in shares of Akamai Technologies by 409.2% in the first quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company’s stock valued at $26,977,000 after buying an additional 199,334 shares in the last quarter. FIL Ltd raised its stake in shares of Akamai Technologies by 14.5% during the 4th quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock worth $174,248,000 after buying an additional 186,124 shares during the period. Finally, Earnest Partners LLC lifted its position in shares of Akamai Technologies by 7.6% during the 1st quarter. Earnest Partners LLC now owns 2,102,926 shares of the technology infrastructure company’s stock valued at $228,714,000 after buying an additional 149,042 shares in the last quarter. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Trading Up 1.3 %

AKAM opened at $98.53 on Monday. The stock has a market capitalization of $15.01 billion, a PE ratio of 24.51, a P/E/G ratio of 3.10 and a beta of 0.68. Akamai Technologies, Inc. has a one year low of $87.59 and a one year high of $129.17. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32. The business’s 50 day moving average price is $97.60 and its 200 day moving average price is $98.69.

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. The business had revenue of $979.60 million for the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 EPS. As a group, equities research analysts expect that Akamai Technologies, Inc. will post 4.42 EPS for the current year.

Analyst Ratings Changes

AKAM has been the subject of a number of research analyst reports. Hsbc Global Res upgraded shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Guggenheim upgraded 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. Craig Hallum upgraded Akamai Technologies from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $125.00 in a research note on Friday, August 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 target price on shares of Akamai Technologies in a report on Thursday, August 15th. Finally, Scotiabank raised their price objective on Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $116.47.

Insiders Place Their Bets

In other news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the sale, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was 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 directly owns 22,010 shares in the company, valued at approximately $2,216,186.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the transaction, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at $2,987,401.90. The disclosure for this sale can be found here. Insiders sold a total of 7,500 shares of company stock valued at $741,655 over the last 90 days. 1.80% of the stock is owned by company 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.