Farmers Trust Co. Cuts Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Farmers Trust Co. lessened its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,476 shares of the technology infrastructure company’s stock after selling 404 shares during the quarter. Farmers Trust Co.’s holdings in Akamai Technologies were worth $4,692,000 as of its most recent SEC filing.

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

Akamai Technologies Stock Performance

Shares of AKAM stock opened at $100.45 on Friday. Akamai Technologies, Inc. has a 52 week low of $87.59 and a 52 week high of $129.17. The firm has a 50 day moving average of $98.83 and a two-hundred day moving average of $97.85. 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 capitalization of $15.30 billion, a PE ratio of 24.99, a P/E/G ratio of 3.23 and a beta of 0.68.

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. TD Cowen upped their price target on Akamai Technologies from $129.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Scotiabank raised their target price on Akamai Technologies from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Friday, August 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a research report on Thursday, August 15th. Guggenheim upgraded shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price objective for the company in a research report on Monday, July 29th. Finally, Piper Sandler decreased their target price on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $116.47.

Insider Activity at Akamai Technologies

In related news, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies stock in a transaction 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 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 Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $97.30, for a total value of $389,200.00. Following the transaction, the executive vice president now owns 30,703 shares of the company’s stock, valued at $2,987,401.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 sale, the chief technology officer now owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. The disclosure for this sale can be found here. Insiders sold 7,500 shares of company stock valued at $741,655 over the last three months. 1.80% of the stock is 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.