Norden Group LLC Takes Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Norden Group LLC purchased a new stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,325 shares of the technology infrastructure company’s stock, valued at approximately $362,000.

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

Akamai Technologies Trading Up 2.7 %

AKAM opened at $92.94 on Tuesday. The firm has a market cap of $14.16 billion, a P/E ratio of 23.12, a P/E/G ratio of 4.34 and a beta of 0.67. Akamai Technologies, Inc. has a 12 month low of $87.59 and a 12 month high of $129.17. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. The stock has a 50-day moving average of $92.80 and a 200 day moving average of $105.76.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.61 by $0.03. The company had revenue of $986.97 million during the quarter, compared to analyst estimates of $989.03 million. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $1.01 earnings per share. As a group, research analysts forecast that Akamai Technologies, Inc. will post 4.38 EPS for the current year.

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

Insiders Place Their Bets

In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total value of $93,540.00. Following the completion of the sale, the director now owns 14,519 shares of the company’s stock, valued at $1,358,107.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the completion of the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the sale, the director now directly owns 14,519 shares of the company’s stock, valued at approximately $1,358,107.26. The disclosure for this sale can be found here. Insiders sold a total of 9,000 shares of company stock valued at $826,460 over the last 90 days. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AKAM has been the topic of a number of recent research reports. Raymond James decreased their target price on Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Citigroup decreased 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. Piper Sandler cut their price target on Akamai Technologies from $136.00 to $114.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Craig Hallum cut their price target on Akamai Technologies from $120.00 to $110.00 and set a “hold” rating for the company in a research note on Friday, May 10th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Akamai Technologies in a research note on Friday, May 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.76.

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.