Akamai Technologies Inc. (AKAM) Shares Sold by Stoneridge Investment Partners LLC
Stoneridge Investment Partners LLC cut its position in shares of Akamai Technologies Inc. (NASDAQ:AKAM) by 1.0% during the second quarter, Holdings Channel reports. The firm owned 74,993 shares of the technology infrastructure company’s stock after selling 747 shares during the period. Stoneridge Investment Partners LLC’s holdings in Akamai Technologies were worth $4,194,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. Nomura Asset Management Co. Ltd. increased its position in shares of Akamai Technologies by 251.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 117,869 shares of the technology infrastructure company’s stock worth $6,204,000 after buying an additional 84,360 shares during the period. Norges Bank purchased a new stake in Akamai Technologies during the fourth quarter valued at $63,602,000. Chevy Chase Trust Holdings Inc. increased its stake in Akamai Technologies by 3.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 149,635 shares of the technology infrastructure company’s stock valued at $8,315,000 after buying an additional 5,257 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Akamai Technologies by 14.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 40,650 shares of the technology infrastructure company’s stock valued at $2,259,000 after buying an additional 5,135 shares during the last quarter. Finally, Exxonmobil Investment Management Inc. TX increased its stake in Akamai Technologies by 7.9% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 43,034 shares of the technology infrastructure company’s stock valued at $2,391,000 after buying an additional 3,150 shares during the last quarter. 89.90% of the stock is owned by hedge funds and other institutional investors.
Akamai Technologies Inc. (NASDAQ:AKAM) traded up 1.26% during mid-day trading on Monday, hitting $51.62. The company had a trading volume of 2,429,964 shares. The company has a market cap of $9.02 billion, a PE ratio of 28.33 and a beta of 1.47. Akamai Technologies Inc. has a one year low of $39.43 and a one year high of $76.39. The company’s 50 day moving average price is $52.56 and its 200-day moving average price is $53.45.
Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, July 26th. The technology infrastructure company reported $0.64 EPS for the quarter, meeting analysts’ consensus estimates of $0.64. Akamai Technologies had a return on equity of 11.82% and a net margin of 14.31%. The firm had revenue of $572 million for the quarter, compared to the consensus estimate of $574.86 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. Equities research analysts anticipate that Akamai Technologies Inc. will post $2.57 EPS for the current fiscal year.
Several equities research analysts have recently weighed in on AKAM shares. Wells Fargo & Co. raised Akamai Technologies from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $59.20 to $51.41 in a report on Friday, August 12th. Pacific Crest reissued a “hold” rating on shares of Akamai Technologies in a report on Tuesday, August 2nd. KeyCorp downgraded Akamai Technologies to an “overweight” rating in a report on Wednesday, July 27th. Piper Jaffray Cos. reissued a “buy” rating and issued a $64.00 price objective on shares of Akamai Technologies in a report on Tuesday, August 9th. Finally, SunTrust Banks Inc. started coverage on Akamai Technologies in a report on Thursday, July 21st. They issued a “buy” rating and a $66.00 price objective for the company. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $61.35.
In other news, EVP James Gemmell sold 1,869 shares of the company’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $50.45, for a total transaction of $94,291.05. Following the completion of the sale, the executive vice president now owns 7,148 shares in the company, valued at approximately $360,616.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Rick M. Mcconnell sold 3,550 shares of the company’s stock in a transaction dated Thursday, July 14th. The stock was sold at an average price of $58.00, for a total value of $205,900.00. Following the sale, the insider now owns 48,926 shares of the company’s stock, valued at approximately $2,837,708. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
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