Akamai Technologies, Inc. (NASDAQ:AKAM) Short Interest Update

Akamai Technologies, Inc. (NASDAQ:AKAM) saw a large decline in short interest in February. As of February 28th, there was short interest totalling 8,820,000 shares, a decline of 14.1% from the February 13th total of 10,270,000 shares. Based on an average trading volume of 2,370,000 shares, the days-to-cover ratio is presently 3.7 days. Approximately 6.0% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

AKAM has been the topic of a number of research reports. Scotiabank decreased their price objective on Akamai Technologies from $115.00 to $107.00 and set a “sector outperform” rating on the stock in a report on Friday, February 21st. Piper Sandler downgraded shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $112.00 to $100.00 in a research note on Friday, February 21st. JPMorgan Chase & Co. lowered their price target on shares of Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating on the stock in a research report on Friday, February 21st. Raymond James cut their price objective on shares of Akamai Technologies from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Finally, Craig Hallum cut Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Akamai Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $107.55.

Akamai Technologies Price Performance

Shares of AKAM opened at $82.41 on Thursday. The firm has a 50-day simple moving average of $90.98 and a two-hundred day simple moving average of $95.52. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.23 and a quick ratio of 1.33. Akamai Technologies has a 1-year low of $75.50 and a 1-year high of $110.18. The stock has a market cap of $12.39 billion, a PE ratio of 25.28, a P/E/G ratio of 2.74 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.52 by ($0.33). Akamai Technologies had a net margin of 12.65% and a return on equity of 14.35%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. As a group, analysts forecast that Akamai Technologies will post 4.6 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Mani Sundaram sold 10,683 shares of Akamai Technologies stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $86.52, for a total value of $924,293.16. Following the sale, the executive vice president now directly owns 23,988 shares in the company, valued at approximately $2,075,441.76. The trade was a 30.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $91.57, for a total value of $366,280.00. Following the completion of the transaction, the executive vice president now owns 23,104 shares in the company, valued at approximately $2,115,633.28. This trade represents a 14.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,394 shares of company stock worth $3,019,323. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System lifted its position in shares of Akamai Technologies by 11.0% during the fourth quarter. California State Teachers Retirement System now owns 292,325 shares of the technology infrastructure company’s stock worth $27,961,000 after purchasing an additional 29,021 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Akamai Technologies during the 4th quarter worth approximately $3,445,000. Siemens Fonds Invest GmbH acquired a new stake in Akamai Technologies during the 4th quarter worth approximately $2,455,000. Capital A Wealth Management LLC purchased a new position in Akamai Technologies in the 4th quarter valued at approximately $367,000. Finally, Mackenzie Financial Corp grew its stake in shares of Akamai Technologies by 3.5% in the fourth quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company’s stock worth $232,198,000 after acquiring an additional 81,744 shares in the last quarter. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

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.