Gideon Capital Advisors Inc. Boosts Stake in Akamai Technologies, Inc. (AKAM)
Gideon Capital Advisors Inc. increased its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 29.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 4,693 shares of the technology infrastructure company’s stock after purchasing an additional 1,070 shares during the period. Gideon Capital Advisors Inc.’s holdings in Akamai Technologies were worth $344,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the company. Canada Pension Plan Investment Board increased its position in Akamai Technologies by 73.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 168,389 shares of the technology infrastructure company’s stock worth $12,331,000 after purchasing an additional 71,470 shares during the period. Arizona State Retirement System increased its position in Akamai Technologies by 43.1% during the 2nd quarter. Arizona State Retirement System now owns 143,160 shares of the technology infrastructure company’s stock worth $10,484,000 after purchasing an additional 43,123 shares during the period. Cedar Capital LLC acquired a new position in Akamai Technologies during the 2nd quarter worth approximately $428,000. Strs Ohio increased its position in Akamai Technologies by 1,304.9% during the 2nd quarter. Strs Ohio now owns 290,861 shares of the technology infrastructure company’s stock worth $21,299,000 after purchasing an additional 270,158 shares during the period. Finally, Toronto Dominion Bank increased its position in Akamai Technologies by 19.7% during the 2nd quarter. Toronto Dominion Bank now owns 109,656 shares of the technology infrastructure company’s stock worth $8,028,000 after purchasing an additional 18,060 shares during the period. 88.85% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Robert Blumofe sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $71.20, for a total value of $284,800.00. Following the sale, the executive vice president now owns 19,951 shares of the company’s stock, valued at approximately $1,420,511.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul Sagan sold 39,092 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $75.19, for a total value of $2,939,327.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 158,190 shares of company stock worth $12,118,375. 3.20% of the stock is owned by corporate insiders.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, July 31st. The technology infrastructure company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.03. The business had revenue of $663.00 million for the quarter, compared to analysts’ expectations of $661.13 million. Akamai Technologies had a return on equity of 10.63% and a net margin of 6.74%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 EPS. equities research analysts forecast that Akamai Technologies, Inc. will post 2.48 earnings per share for the current fiscal year.
Several equities analysts have issued reports on AKAM shares. Credit Suisse Group reiterated a “neutral” rating and set a $84.00 target price (down previously from $88.00) on shares of Akamai Technologies in a research report on Monday, August 13th. FBN Securities boosted their target price on Akamai Technologies to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 1st. DA Davidson set a $80.00 target price on Akamai Technologies and gave the stock a “hold” rating in a research report on Tuesday, May 1st. Morgan Stanley boosted their target price on Akamai Technologies from $75.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 1st. Finally, TheStreet cut Akamai Technologies from a “b-” rating to a “c+” rating in a research report on Friday, August 10th. Thirteen equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $75.87.
About Akamai Technologies
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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