Wahed Invest LLC Boosts Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Wahed Invest LLC lifted its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 5.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,547 shares of the technology infrastructure company’s stock after purchasing an additional 122 shares during the quarter. Wahed Invest LLC’s holdings in Akamai Technologies were worth $301,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Akamai Technologies in the fourth quarter valued at about $325,242,000. Jericho Capital Asset Management L.P. bought a new stake in shares of Akamai Technologies during the third quarter valued at approximately $218,201,000. Northern Trust Corp raised its stake in shares of Akamai Technologies by 3.0% in the third quarter. Northern Trust Corp now owns 1,922,166 shares of the technology infrastructure company’s stock worth $204,788,000 after purchasing an additional 56,782 shares during the last quarter. Earnest Partners LLC lifted its stake in Akamai Technologies by 4.8% during the 3rd quarter. Earnest Partners LLC now owns 1,792,571 shares of the technology infrastructure company’s stock valued at $190,981,000 after acquiring an additional 82,364 shares during the period. Finally, FIL Ltd boosted its holdings in Akamai Technologies by 14.5% in the fourth quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock worth $174,248,000 after purchasing an additional 186,124 shares during the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, COO Adam Karon sold 14,349 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $109.78, for a total transaction of $1,575,233.22. Following the completion of the transaction, the chief operating officer now owns 6,697 shares of the company’s stock, valued at $735,196.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Adam Karon sold 14,349 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $109.78, for a total transaction of $1,575,233.22. Following the completion of the sale, the chief operating officer now owns 6,697 shares of the company’s stock, valued at approximately $735,196.66. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Anthony P. Williams sold 5,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now owns 9,938 shares in the company, valued at approximately $929,998.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,349 shares of company stock valued at $2,401,693. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Bank of America cut their price objective on Akamai Technologies from $145.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Piper Sandler decreased their price target on shares of Akamai Technologies from $136.00 to $114.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Raymond James lowered their price objective on Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Finally, Robert W. Baird cut their price target on shares of Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Akamai Technologies currently has an average rating of “Hold” and a consensus price target of $114.00.

Akamai Technologies Stock Up 0.0 %

Akamai Technologies stock opened at $89.11 on Tuesday. Akamai Technologies, Inc. has a 12 month low of $86.94 and a 12 month high of $129.17. The stock has a market capitalization of $13.57 billion, a PE ratio of 22.17, a price-to-earnings-growth ratio of 4.18 and a beta of 0.69. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. The business has a 50 day simple moving average of $96.97 and a 200-day simple moving average of $108.84.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.03. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The company had revenue of $986.97 million during the quarter, compared to analysts’ expectations of $989.03 million. During the same period in the prior year, the business posted $1.01 earnings per share. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, analysts anticipate that Akamai Technologies, Inc. will post 4.47 EPS for the current fiscal year.

Akamai Technologies announced that its board has approved a share buyback plan on Thursday, May 9th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the technology infrastructure company to buy up to 13.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.