Addenda Capital Inc. trimmed its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 21.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 28,215 shares of the technology infrastructure company’s stock after selling 7,625 shares during the quarter. Addenda Capital Inc.’s holdings in Akamai Technologies were worth $2,064,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of the stock. Flagship Harbor Advisors LLC purchased a new stake in shares of Akamai Technologies during the second quarter worth $102,000. Whittier Trust Co. raised its holdings in shares of Akamai Technologies by 61.7% during the second quarter. Whittier Trust Co. now owns 2,266 shares of the technology infrastructure company’s stock worth $138,000 after acquiring an additional 865 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new position in Akamai Technologies during the second quarter worth $142,000. Cornerstone Wealth Management LLC acquired a new position in Akamai Technologies during the second quarter worth $200,000. Finally, S&CO Inc. acquired a new position in Akamai Technologies during the second quarter worth $205,000. 86.27% of the stock is owned by institutional investors and hedge funds.
AKAM stock traded up $0.63 during trading on Thursday, hitting $72.18. The company had a trading volume of 2,422,400 shares, compared to its average volume of 1,928,737. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.03 and a quick ratio of 2.19. Akamai Technologies, Inc. has a 12 month low of $53.01 and a 12 month high of $83.08. The stock has a market capitalization of $11.84 billion, a PE ratio of 37.99, a price-to-earnings-growth ratio of 1.79 and a beta of 0.56.
Akamai Technologies announced that its Board of Directors has initiated a share buyback plan on Monday, October 29th that permits the company to repurchase $1.10 billion in outstanding shares. This repurchase authorization permits the technology infrastructure company to purchase up to 10.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Several equities research analysts have recently issued reports on AKAM shares. Deutsche Bank lowered their price target on Akamai Technologies and set a “hold” rating on the stock in a research report on Thursday, October 4th. DA Davidson raised Akamai Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $82.00 to $93.00 in a research report on Monday, September 10th. Piper Jaffray Companies reissued a “buy” rating on shares of Akamai Technologies in a research report on Monday, October 1st. Credit Suisse Group reissued a “neutral” rating and set a $84.00 target price (down from $88.00) on shares of Akamai Technologies in a research report on Monday, August 13th. Finally, BidaskClub raised Akamai Technologies from a “strong sell” rating to a “sell” rating in a research report on Friday, October 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $80.29.
In other Akamai Technologies news, EVP Robert Blumofe sold 4,000 shares of the business’s stock in a transaction dated Wednesday, October 31st. The shares were sold at an average price of $73.34, for a total transaction of $293,360.00. Following the sale, the executive vice president now directly owns 15,951 shares of the company’s stock, valued at approximately $1,169,846.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Aaron Ahola sold 1,123 shares of the business’s stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $73.63, for a total transaction of $82,686.49. Following the sale, the senior vice president now directly owns 4,035 shares in the company, valued at $297,097.05. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.
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Akamai Technologies Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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