American International Group Inc. Buys 151 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

American International Group Inc. lifted its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 0.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 45,528 shares of the technology infrastructure company’s stock after acquiring an additional 151 shares during the period. American International Group Inc.’s holdings in Akamai Technologies were worth $5,388,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Cibc World Markets Corp boosted its position in shares of Akamai Technologies by 131.6% during the 4th quarter. Cibc World Markets Corp now owns 19,433 shares of the technology infrastructure company’s stock worth $2,300,000 after purchasing an additional 11,044 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Akamai Technologies by 190.3% in the fourth quarter. Franklin Resources Inc. now owns 73,579 shares of the technology infrastructure company’s stock worth $8,708,000 after acquiring an additional 48,236 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Akamai Technologies by 3.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 480,908 shares of the technology infrastructure company’s stock valued at $56,915,000 after acquiring an additional 15,890 shares during the period. TKG Advisors LLC bought a new stake in shares of Akamai Technologies during the fourth quarter valued at approximately $3,245,000. Finally, RWA Wealth Partners LLC acquired a new position in shares of Akamai Technologies during the fourth quarter worth approximately $4,441,000. 94.28% of the stock is owned by institutional investors.

Akamai Technologies Stock Performance

NASDAQ AKAM opened at $88.92 on Friday. The firm has a market cap of $13.54 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 4.15 and a beta of 0.68. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. The company’s 50 day moving average is $95.33 and its 200-day moving average is $108.00. Akamai Technologies, Inc. has a 12-month low of $86.94 and a 12-month high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share (EPS) for the quarter, beating 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 business had revenue of $986.97 million for the quarter, compared to analysts’ expectations of $989.03 million. During the same quarter in the previous year, the firm posted $1.01 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. Sell-side analysts predict that Akamai Technologies, Inc. will post 4.47 earnings per share for the current year.

Akamai Technologies declared that its Board of Directors has approved a stock buyback program on Thursday, May 9th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology infrastructure company to reacquire up to 13.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on AKAM shares. TD Cowen reduced their price target on shares of Akamai Technologies from $130.00 to $129.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Morgan Stanley decreased their target price on shares of Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating for the company in a research report on Friday, May 10th. StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Craig Hallum decreased their price objective on Akamai Technologies from $120.00 to $110.00 and set a “hold” rating for the company in a report on Friday, May 10th. Finally, Citigroup dropped their target price on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $114.00.

Insiders Place Their Bets

In other news, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $88.34, for a total transaction of $265,020.00. Following the sale, the chief technology officer now directly owns 24,729 shares in the company, valued at $2,184,559.86. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Akamai Technologies news, CEO F Thomson Leighton acquired 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average price of $92.68 per share, with a total value of $2,038,960.00. Following the completion of the purchase, the chief executive officer now owns 2,342,621 shares of the company’s stock, valued at $217,114,114.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $88.34, for a total value of $265,020.00. Following the transaction, the chief technology officer now owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The disclosure for this sale can be found here. Insiders sold a total of 9,000 shares of company stock worth $826,460 in the last quarter. 1.80% of the stock is owned by company insiders.

Akamai Technologies 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.