Canada Pension Plan Investment Board Sells 135,332 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Canada Pension Plan Investment Board decreased its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 12.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 912,074 shares of the technology infrastructure company’s stock after selling 135,332 shares during the period. Canada Pension Plan Investment Board owned approximately 0.60% of Akamai Technologies worth $82,160,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in AKAM. Vanguard Group Inc. raised its position in Akamai Technologies by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 17,763,963 shares of the technology infrastructure company’s stock worth $1,932,009,000 after purchasing an additional 124,359 shares during the period. Nordea Investment Management AB boosted its holdings in Akamai Technologies by 1.1% during the 1st quarter. Nordea Investment Management AB now owns 2,935,648 shares of the technology infrastructure company’s stock valued at $319,751,000 after acquiring an additional 32,000 shares during the period. Earnest Partners LLC grew its position in Akamai Technologies by 7.6% in the 1st quarter. Earnest Partners LLC now owns 2,102,926 shares of the technology infrastructure company’s stock valued at $228,714,000 after acquiring an additional 149,042 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Akamai Technologies by 25.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock worth $156,088,000 after purchasing an additional 347,626 shares during the period. Finally, FIL Ltd boosted its stake in shares of Akamai Technologies by 14.5% during the fourth quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock valued at $174,248,000 after purchasing an additional 186,124 shares during the period. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AKAM. Scotiabank lifted their price objective on shares of Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a report on Friday, August 9th. TD Cowen lifted their target price on Akamai Technologies from $129.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, August 9th. HSBC raised 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. Hsbc Global Res raised shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, Craig Hallum raised shares of Akamai Technologies from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $125.00 in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $116.47.

Akamai Technologies Stock Performance

Shares of Akamai Technologies stock opened at $99.52 on Friday. The firm has a market capitalization of $15.16 billion, a P/E ratio of 24.75, a PEG ratio of 3.10 and a beta of 0.68. Akamai Technologies, Inc. has a 52 week low of $87.59 and a 52 week high of $129.17. 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 company has a 50 day moving average price of $98.02 and a 200 day moving average price of $98.52.

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

Insider Activity at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the sale, the chief technology officer now directly owns 22,010 shares in the company, valued at approximately $2,216,186.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the transaction, the director now directly owns 16,719 shares in the company, valued at $1,684,104.87. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the sale, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. The disclosure for this sale can be found here. Insiders have sold a total of 7,500 shares of company stock worth $741,655 over the last quarter. Insiders own 1.80% of the company’s stock.

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.