Massmutual Trust Co. FSB ADV Sells 171 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Massmutual Trust Co. FSB ADV lessened its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 27.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 454 shares of the technology infrastructure company’s stock after selling 171 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Akamai Technologies were worth $49,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AKAM. Paralel Advisors LLC increased its position in Akamai Technologies by 1.2% in the 3rd quarter. Paralel Advisors LLC now owns 24,424 shares of the technology infrastructure company’s stock valued at $2,602,000 after acquiring an additional 278 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Akamai Technologies during the 3rd quarter worth approximately $1,048,000. Mariner LLC grew its position in shares of Akamai Technologies by 11.7% during the 3rd quarter. Mariner LLC now owns 23,657 shares of the technology infrastructure company’s stock worth $2,520,000 after buying an additional 2,472 shares during the period. Northern Trust Corp grew its position in shares of Akamai Technologies by 3.0% during the 3rd 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 during the period. Finally, Cary Street Partners Investment Advisory LLC grew its position in shares of Akamai Technologies by 6,424.8% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 17,095 shares of the technology infrastructure company’s stock worth $1,821,000 after buying an additional 16,833 shares during the period. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Stock Performance

Shares of AKAM opened at $88.92 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. Akamai Technologies, Inc. has a twelve month low of $86.94 and a twelve month high of $129.17. The firm’s 50 day moving average price is $95.33 and its two-hundred day moving average price is $107.94. The firm has a market cap of $13.54 billion, a P/E ratio of 22.12, a PEG ratio of 4.19 and a beta of 0.68.

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

Akamai Technologies declared that its board has approved a stock 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 repurchase up to 13.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the transaction, 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 filing with the SEC, which is available through this link. In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now directly owns 9,938 shares in the company, valued at $929,998.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the completion of the transaction, the chief technology officer now owns 24,729 shares in the company, valued at $2,184,559.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,000 shares of company stock worth $826,460. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AKAM. Piper Sandler lowered their price target on shares of Akamai Technologies from $136.00 to $114.00 and set an “overweight” 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 lowered their price target on shares of Akamai Technologies from $120.00 to $110.00 and set a “hold” rating for the company in a research report on Friday, May 10th. TD Cowen lowered 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. Finally, Royal Bank of Canada reduced their price objective on shares of Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Akamai Technologies currently has an average rating of “Hold” and an average target price of $114.00.

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.