Dark Forest Capital Management LP Cuts Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Dark Forest Capital Management LP lowered its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 49.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,690 shares of the technology infrastructure company’s stock after selling 2,628 shares during the quarter. Dark Forest Capital Management LP’s holdings in Akamai Technologies were worth $242,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in AKAM. Earnest Partners LLC increased its stake in shares of Akamai Technologies by 1.3% during the 2nd quarter. Earnest Partners LLC now owns 2,131,061 shares of the technology infrastructure company’s stock worth $191,966,000 after purchasing an additional 28,135 shares during the last quarter. Empyrean Capital Partners LP bought a new position in Akamai Technologies during the second quarter valued at $15,314,000. APG Asset Management US Inc. increased its position in Akamai Technologies by 44.5% in the second quarter. APG Asset Management US Inc. now owns 165,053 shares of the technology infrastructure company’s stock worth $14,777,000 after buying an additional 50,843 shares during the last quarter. Distillate Capital Partners LLC bought a new stake in shares of Akamai Technologies in the second quarter valued at $14,130,000. Finally, Lombard Odier Asset Management USA Corp purchased a new position in shares of Akamai Technologies during the 2nd quarter valued at $207,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Insider Activity at Akamai Technologies

In other 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 value of $100,730.00. Following the transaction, the director now owns 16,719 shares in the company, valued at $1,684,104.87. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director William Raymond Wagner sold 1,000 shares of the firm’s 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 transaction, the director now owns 16,719 shares in the company, valued at $1,684,104.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction 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 sale, 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 90 days, insiders have sold 7,500 shares of company stock valued at $741,655. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Piper Sandler lowered their price objective on Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Hsbc Global Res raised shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a report on Wednesday, July 24th. HSBC upgraded shares of Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective for the company in a research note on Wednesday, July 24th. Tigress Financial reaffirmed a “strong-buy” rating and issued a $140.00 price target on shares of Akamai Technologies in a report on Thursday, August 29th. Finally, Guggenheim upgraded Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price objective on the stock in a research note on Monday, July 29th. One 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $116.47.

Akamai Technologies Stock Up 1.5 %

Shares of NASDAQ:AKAM opened at $101.57 on Monday. The firm has a fifty day moving average of $98.55 and a 200 day moving average of $97.93. Akamai Technologies, Inc. has a 52-week low of $87.59 and a 52-week 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 firm has a market capitalization of $15.47 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 3.23 and a beta of 0.68.

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

Akamai Technologies 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.