Mani Sundaram Sells 10,683 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) Stock

Akamai Technologies, Inc. (NASDAQ:AKAM) EVP Mani Sundaram sold 10,683 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $86.52, for a total value of $924,293.16. Following the transaction, the executive vice president now owns 23,988 shares of the company’s stock, valued at $2,075,441.76. The trade was a 30.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Akamai Technologies Price Performance

Shares of AKAM stock opened at $87.52 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.33 and a current ratio of 1.23. Akamai Technologies, Inc. has a fifty-two week low of $75.50 and a fifty-two week high of $113.36. The firm has a market cap of $13.16 billion, a P/E ratio of 26.85, a P/E/G ratio of 2.74 and a beta of 0.68. The business’s 50 day moving average price is $93.06 and its 200-day moving average price is $96.64.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Akamai Technologies had a net margin of 12.65% and a return on equity of 14.35%. On average, equities research analysts anticipate that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Banque Cantonale Vaudoise increased its position in Akamai Technologies by 86.9% during the third quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company’s stock valued at $4,481,000 after acquiring an additional 20,633 shares during the last quarter. Principal Financial Group Inc. increased its position in Akamai Technologies by 3.5% during the third quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company’s stock valued at $20,236,000 after acquiring an additional 6,785 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Akamai Technologies by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company’s stock valued at $90,083,000 after acquiring an additional 11,272 shares during the last quarter. Van ECK Associates Corp increased its position in Akamai Technologies by 49.6% during the fourth quarter. Van ECK Associates Corp now owns 2,746 shares of the technology infrastructure company’s stock valued at $263,000 after acquiring an additional 910 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in Akamai Technologies by 32.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company’s stock valued at $19,018,000 after purchasing an additional 46,335 shares during the period. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on AKAM. Evercore ISI restated an “outperform” rating and issued a $110.00 target price on shares of Akamai Technologies in a research note on Tuesday, December 17th. Piper Sandler cut Akamai Technologies from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $112.00 to $100.00 in a report on Friday, February 21st. Raymond James lowered their price target on Akamai Technologies from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Citigroup lowered their price target on Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, February 24th. Finally, HSBC raised Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective on the stock in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $107.55.

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.