King Luther Capital Management Corp Sells 1,016,805 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

King Luther Capital Management Corp cut its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 42.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,358,763 shares of the technology infrastructure company’s stock after selling 1,016,805 shares during the quarter. King Luther Capital Management Corp owned 0.89% of Akamai Technologies worth $122,397,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of AKAM. Versant Capital Management Inc increased its position in shares of Akamai Technologies by 170.8% during the second quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock worth $28,000 after acquiring an additional 193 shares in the last quarter. Innealta Capital LLC bought a new position in Akamai Technologies during the 2nd quarter worth about $28,000. EntryPoint Capital LLC acquired a new stake in shares of Akamai Technologies in the 1st quarter valued at about $31,000. Family Firm Inc. acquired a new stake in shares of Akamai Technologies in the 2nd quarter valued at about $35,000. Finally, Covestor Ltd boosted its position in shares of Akamai Technologies by 224.6% during the first quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock worth $48,000 after buying an additional 310 shares during the period. 94.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on AKAM shares. Hsbc Global Res raised Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Tigress Financial reiterated a “strong-buy” rating and issued a $140.00 price objective on shares of Akamai Technologies in a report on Thursday, August 29th. Piper Sandler reduced their target price on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 price target on shares of Akamai Technologies in a research note on Thursday, August 15th. Finally, HSBC raised shares of Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price target on the stock in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $116.47.

Akamai Technologies Stock Up 2.1 %

Akamai Technologies stock opened at $99.44 on Friday. The company’s 50-day moving average price is $97.91 and its two-hundred day moving average price is $98.51. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.50. The stock has a market cap of $15.15 billion, a P/E ratio of 24.74, a P/E/G ratio of 3.10 and a beta of 0.68. Akamai Technologies, Inc. has a twelve month low of $87.59 and a twelve month high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.05. The company had revenue of $979.60 million for the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.01 earnings per share. As a group, analysts expect that Akamai Technologies, Inc. will post 4.42 EPS for the current year.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the sale, the executive vice president now owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $100.69, for a total transaction of $251,725.00. Following the sale, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the transaction, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,500 shares of company stock valued at $741,655. 1.80% of the stock is currently owned by corporate 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.