Carret Asset Management LLC Decreases Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Carret Asset Management LLC cut its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,340 shares of the technology infrastructure company’s stock after selling 200 shares during the quarter. Carret Asset Management LLC’s holdings in Akamai Technologies were worth $1,815,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Mackenzie Financial Corp increased its position in shares of Akamai Technologies by 1.8% during the 3rd quarter. Mackenzie Financial Corp now owns 2,116,586 shares of the technology infrastructure company’s stock worth $223,554,000 after purchasing an additional 38,069 shares during the last quarter. Jericho Capital Asset Management L.P. acquired a new position in shares of Akamai Technologies during the third quarter worth about $218,201,000. Northern Trust Corp grew its position in shares of Akamai Technologies by 3.0% during the third quarter. Northern Trust Corp now owns 1,922,166 shares of the technology infrastructure company’s stock worth $204,788,000 after buying an additional 56,782 shares in the last quarter. Earnest Partners LLC grew its position in shares of Akamai Technologies by 4.8% during the third quarter. Earnest Partners LLC now owns 1,792,571 shares of the technology infrastructure company’s stock worth $190,981,000 after buying an additional 82,364 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its position in shares of Akamai Technologies by 22.0% during the third quarter. Canada Pension Plan Investment Board now owns 1,266,406 shares of the technology infrastructure company’s stock worth $134,923,000 after buying an additional 228,200 shares in the last quarter. 94.28% of the stock is owned by institutional investors and hedge funds.

Akamai Technologies Price Performance

NASDAQ:AKAM traded up $0.43 during trading hours on Wednesday, hitting $102.19. The company’s stock had a trading volume of 996,771 shares, compared to its average volume of 1,629,855. The business’s 50-day moving average is $107.32 and its two-hundred day moving average is $112.37. The company has a market capitalization of $15.48 billion, a PE ratio of 28.95, a PEG ratio of 2.85 and a beta of 0.72. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.16 and a current ratio of 2.16. Akamai Technologies, Inc. has a 52-week low of $76.85 and a 52-week high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Tuesday, February 13th. The technology infrastructure company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.10. The company had revenue of $995.00 million for the quarter, compared to analyst estimates of $999.09 million. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. Akamai Technologies’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share. As a group, research analysts anticipate that Akamai Technologies, Inc. will post 4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other Akamai Technologies news, COO Adam Karon sold 8,394 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $108.26, for a total value of $908,734.44. Following the sale, the chief operating officer now directly owns 21,046 shares of the company’s stock, valued at approximately $2,278,439.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Anthony P. Williams sold 4,500 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $108.73, for a total transaction of $489,285.00. Following the sale, the executive vice president now directly owns 14,938 shares in the company, valued at approximately $1,624,208.74. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Adam Karon sold 8,394 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $108.26, for a total value of $908,734.44. Following the sale, the chief operating officer now owns 21,046 shares in the company, valued at $2,278,439.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,353 shares of company stock valued at $3,688,883. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AKAM shares. Piper Sandler upped their price target on Akamai Technologies from $130.00 to $136.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. HSBC downgraded Akamai Technologies from a “hold” rating to a “reduce” rating and decreased their price objective for the company from $109.00 to $96.00 in a report on Thursday, February 15th. Robert W. Baird raised Akamai Technologies from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $128.00 to $135.00 in a report on Thursday, March 7th. JPMorgan Chase & Co. increased their price objective on Akamai Technologies from $78.00 to $81.00 and gave the company an “underweight” rating in a report on Wednesday, February 14th. Finally, KeyCorp increased their price objective on Akamai Technologies from $134.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.27.

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.