Davis Capital Management Grows Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Davis Capital Management grew its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 9.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,222 shares of the technology infrastructure company’s stock after purchasing an additional 635 shares during the quarter. Davis Capital Management’s holdings in Akamai Technologies were worth $729,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AKAM. Vanguard Group Inc. boosted its position in Akamai Technologies by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 17,763,963 shares of the technology infrastructure company’s stock valued at $1,932,009,000 after buying an additional 124,359 shares during the period. Nordea Investment Management AB increased its position in Akamai Technologies by 1.1% during the 1st quarter. Nordea Investment Management AB now owns 2,935,648 shares of the technology infrastructure company’s stock valued at $319,751,000 after purchasing an additional 32,000 shares during the period. Earnest Partners LLC raised its holdings in shares of Akamai Technologies by 1.3% in the 2nd quarter. Earnest Partners LLC now owns 2,131,061 shares of the technology infrastructure company’s stock valued at $191,966,000 after purchasing an additional 28,135 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Akamai Technologies by 25.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock worth $156,088,000 after purchasing an additional 347,626 shares during the period. Finally, FIL Ltd boosted its stake in shares of Akamai Technologies by 14.5% during the fourth quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock valued at $174,248,000 after purchasing an additional 186,124 shares in the last quarter. 94.28% of the stock is currently owned by institutional investors.

Insider Transactions at Akamai Technologies

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. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction that occurred 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 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 is accessible through the SEC website. Also, 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 completion of the sale, the executive vice president now 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 have sold 7,500 shares of company stock valued at $741,655 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AKAM. Craig Hallum upgraded Akamai Technologies from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $125.00 in a report on Friday, August 9th. Tigress Financial restated a “strong-buy” rating and set a $140.00 price objective on shares of Akamai Technologies in a research note on Thursday, August 29th. DA Davidson reiterated a “buy” rating and issued a $115.00 target price on shares of Akamai Technologies in a research note on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. Finally, HSBC raised Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective for the company in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $116.47.

Akamai Technologies Stock Performance

Shares of NASDAQ AKAM opened at $100.78 on Thursday. The stock has a market cap of $15.35 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 3.23 and a beta of 0.68. Akamai Technologies, Inc. has a 12 month low of $87.59 and a 12 month high of $129.17. The company has a 50 day simple moving average of $98.83 and a two-hundred day simple moving average of $97.85. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50.

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 analysts’ consensus estimates of $1.53 by $0.05. The firm had revenue of $979.60 million for the quarter, compared to the consensus estimate of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The company’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.01 earnings per share. As a group, analysts predict that Akamai Technologies, Inc. will post 4.42 earnings per share 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.