BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $24.90 Million Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 3.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 276,383 shares of the technology infrastructure company’s stock after selling 11,308 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.18% of Akamai Technologies worth $24,897,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Versant Capital Management Inc grew its holdings in shares of Akamai Technologies by 170.8% during the second quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock worth $28,000 after buying an additional 193 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Akamai Technologies in the second quarter valued at approximately $28,000. EntryPoint Capital LLC bought a new stake in shares of Akamai Technologies in the first quarter worth $31,000. Family Firm Inc. acquired a new position in Akamai Technologies during the second quarter worth $35,000. Finally, Covestor Ltd grew its position in Akamai Technologies by 224.6% in the first quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock valued at $48,000 after purchasing an additional 310 shares in the last quarter. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Trading Up 1.1 %

AKAM stock opened at $101.84 on Wednesday. Akamai Technologies, Inc. has a 52 week low of $87.59 and a 52 week high of $129.17. The company has a market capitalization of $15.51 billion, a PE ratio of 25.33, a price-to-earnings-growth ratio of 3.10 and a beta of 0.68. The company’s 50-day simple moving average is $98.28 and its 200 day simple moving average is $98.13. 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 announced 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 company had revenue of $979.60 million for the quarter, compared to analysts’ expectations of $977.67 million. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the firm earned $1.01 earnings per share. As a group, sell-side analysts anticipate that Akamai Technologies, Inc. will post 4.42 earnings per share for the current year.

Insider Activity

In related news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was 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 owns 30,703 shares of the company’s stock, valued at $2,987,401.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the firm’s 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 transaction, 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 SEC, which is available through this link. Also, CTO Robert Blumofe sold 2,500 shares of the business’s 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. In the last three months, insiders sold 7,500 shares of company stock worth $741,655. 1.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AKAM has been the subject of several analyst reports. TD Cowen raised their price objective on Akamai Technologies from $129.00 to $131.00 and gave the company a “buy” rating in a report on Friday, August 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price objective on shares of Akamai Technologies in a research note on Thursday, August 15th. DA Davidson reissued a “buy” rating and issued a $115.00 price objective on shares of Akamai Technologies in a report on Friday, August 9th. Piper Sandler dropped their price target on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Finally, Hsbc Global Res raised shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, July 24th. One equities research 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $116.47.

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.