Parallel Advisors LLC Sells 636 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Parallel Advisors LLC reduced its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 16.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,187 shares of the technology infrastructure company’s stock after selling 636 shares during the quarter. Parallel Advisors LLC’s holdings in Akamai Technologies were worth $287,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc increased its position in Akamai Technologies by 170.8% during the 2nd quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock valued at $28,000 after purchasing an additional 193 shares during the period. Innealta Capital LLC purchased a new position in Akamai Technologies during the second quarter valued at approximately $28,000. EntryPoint Capital LLC bought a new position in Akamai Technologies in the first quarter worth approximately $31,000. Family Firm Inc. purchased a new stake in Akamai Technologies during the second quarter worth $35,000. Finally, Covestor Ltd boosted its position in Akamai Technologies by 224.6% during the 1st quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock valued at $48,000 after acquiring an additional 310 shares in the last quarter. 94.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on AKAM. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. 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. Tigress Financial reaffirmed a “strong-buy” rating and issued a $140.00 price objective on shares of Akamai Technologies in a research report on Thursday, August 29th. Scotiabank increased their target price on shares of Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research report on Friday, August 9th. Finally, Piper Sandler cut their price target on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $116.47.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction dated 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 owns 16,719 shares in the company, valued at approximately $1,684,104.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction 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 approximately $1,684,104.87. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the sale, the executive vice president now directly owns 30,703 shares in the company, valued at $2,987,401.90. The disclosure for this sale can be found here. Insiders sold 7,500 shares of company stock worth $741,655 over the last three months. Company insiders own 1.80% of the company’s stock.

Akamai Technologies Trading Down 0.5 %

Shares of NASDAQ:AKAM opened at $97.41 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.50. Akamai Technologies, Inc. has a 52-week low of $87.59 and a 52-week high of $129.17. The stock has a market cap of $14.84 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 3.10 and a beta of 0.68. The business has a 50-day moving average price of $97.84 and a 200-day moving average price of $98.52.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.05. The company had revenue of $979.60 million during the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. Akamai Technologies’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $1.01 EPS. Equities analysts predict that Akamai Technologies, Inc. will post 4.42 EPS for the current year.

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.