Empyrean Capital Partners LP Acquires New Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Empyrean Capital Partners LP bought a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 170,000 shares of the technology infrastructure company’s stock, valued at approximately $15,314,000. Akamai Technologies accounts for 0.9% of Empyrean Capital Partners LP’s holdings, making the stock its 29th biggest holding.

A number of other hedge funds also recently added to or reduced their stakes in AKAM. Versant Capital Management Inc lifted its holdings in shares of Akamai Technologies by 170.8% in the second 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 in the last quarter. Innealta Capital LLC acquired a new position in shares of Akamai Technologies in the second quarter worth $28,000. EntryPoint Capital LLC purchased a new stake in shares of Akamai Technologies in the first quarter valued at $31,000. Family Firm Inc. acquired a new stake in shares of Akamai Technologies during the second quarter valued at $35,000. Finally, Covestor Ltd raised its stake in Akamai Technologies by 224.6% in the 1st quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock valued at $48,000 after purchasing an additional 310 shares during the last quarter. 94.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction that occurred 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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paul C. Joseph sold 4,000 shares of the business’s 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 completion of the transaction, the executive vice president now owns 30,703 shares in the company, valued at approximately $2,987,401.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,500 shares of company stock worth $741,655. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

AKAM has been the topic of several analyst reports. Tigress Financial reaffirmed a “strong-buy” rating and set a $140.00 price target on shares of Akamai Technologies in a research note on Thursday, August 29th. Scotiabank lifted their target price on shares of Akamai Technologies from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Friday, August 9th. Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $125.00 in a research note on Friday, August 9th. 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. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 target price on shares of Akamai Technologies in a research report on Thursday, August 15th. 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 assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $116.47.

Akamai Technologies Trading Down 2.2 %

Shares of AKAM stock opened at $99.64 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 fifty-two week low of $87.59 and a fifty-two week high of $129.17. The firm’s 50 day moving average price is $98.33 and its two-hundred day moving average price is $98.14. The stock has a market cap of $15.10 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 3.23 and a beta of 0.68.

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

Akamai Technologies Company 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.