Park Avenue Securities LLC Cuts Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Park Avenue Securities LLC reduced its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 19.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,809 shares of the technology infrastructure company’s stock after selling 1,428 shares during the quarter. Park Avenue Securities LLC’s holdings in Akamai Technologies were worth $586,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in AKAM. Versant Capital Management Inc boosted 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 worth $28,000 after purchasing an additional 193 shares during the period. Innealta Capital LLC acquired a new position in shares of Akamai Technologies during the second quarter worth about $28,000. EntryPoint Capital LLC purchased a new stake in shares of Akamai Technologies in the first quarter worth about $31,000. Family Firm Inc. purchased a new stake in shares of Akamai Technologies in the second quarter worth about $35,000. Finally, Covestor Ltd grew its stake in shares of 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 buying an additional 310 shares in the last quarter. Institutional investors and hedge funds own 94.28% of the company’s stock.

Insider Activity

In related news, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total value of $100,730.00. Following the sale, the director now owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the transaction, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies 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 sale, the director now directly owns 16,719 shares in the company, valued at approximately $1,684,104.87. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,500 shares of company stock valued at $741,655. 1.80% of the stock is currently owned by insiders.

Akamai Technologies Stock Performance

Akamai Technologies stock opened at $104.22 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32. Akamai Technologies, Inc. has a 12 month low of $87.59 and a 12 month high of $129.17. The company has a fifty day moving average price of $99.59 and a two-hundred day moving average price of $97.61. The company has a market cap of $15.79 billion, a PE ratio of 25.80, a P/E/G ratio of 3.31 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM) last posted 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 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%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.01 EPS. Research analysts expect that Akamai Technologies, Inc. will post 4.42 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on AKAM shares. Guggenheim raised Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target on the stock in a research report on Monday, July 29th. 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. Piper Sandler lowered their price target on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating for the company in a report on Monday, July 15th. TD Cowen boosted their price objective on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, HSBC upgraded Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 target price for the company in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $116.47.

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.