Akamai Technologies, Inc. (NASDAQ:AKAM) Sees Significant Drop in Short Interest

Akamai Technologies, Inc. (NASDAQ:AKAM) was the target of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 7,990,000 shares, a drop of 6.3% from the September 30th total of 8,530,000 shares. Currently, 5.4% of the company’s stock are sold short. Based on an average daily volume of 1,440,000 shares, the short-interest ratio is presently 5.5 days.

Akamai Technologies Trading Down 1.1 %

Shares of NASDAQ AKAM opened at $101.85 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. Akamai Technologies has a one year low of $87.59 and a one year high of $129.17. The business has a 50-day moving average price of $101.04 and a two-hundred day moving average price of $97.25. The firm has a market capitalization of $15.43 billion, a PE ratio of 25.21, a PEG ratio of 3.31 and a beta of 0.68.

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

Insider Transactions at Akamai Technologies

In other news, 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 transaction of $251,725.00. Following the completion of the transaction, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were 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 in the company, valued at approximately $2,216,186.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total value of $100,730.00. Following the transaction, the director now owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,500 shares of company stock valued at $741,655. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

A number of hedge funds have recently modified their holdings of AKAM. V Square Quantitative Management LLC raised its position in Akamai Technologies by 2.0% during the third quarter. V Square Quantitative Management LLC now owns 5,113 shares of the technology infrastructure company’s stock valued at $516,000 after acquiring an additional 102 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Akamai Technologies by 6.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,836 shares of the technology infrastructure company’s stock worth $189,000 after purchasing an additional 105 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Akamai Technologies by 85.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock valued at $25,000 after purchasing an additional 114 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Akamai Technologies by 2.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 5,253 shares of the technology infrastructure company’s stock valued at $473,000 after purchasing an additional 118 shares during the last quarter. Finally, Garrison Asset Management LLC boosted its holdings in Akamai Technologies by 0.6% in the second quarter. Garrison Asset Management LLC now owns 21,264 shares of the technology infrastructure company’s stock worth $1,915,000 after purchasing an additional 120 shares in the last quarter. 94.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. HSBC upgraded shares of Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective on the stock in a research note on Wednesday, July 24th. Piper Sandler dropped their price objective on Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Hsbc Global Res upgraded Akamai Technologies from a “moderate sell” rating to a “hold” rating in a report on Wednesday, July 24th. Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $125.00 in a report on Friday, August 9th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price target on shares of Akamai Technologies in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $116.47.

About Akamai Technologies

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.