Hartford Investment Management Co. lowered its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 25.6% during the first quarter, Holdings Channel reports. The fund owned 17,962 shares of the technology infrastructure company’s stock after selling 6,182 shares during the quarter. Hartford Investment Management Co.’s holdings in Akamai Technologies were worth $1,288,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. Kentucky Retirement Systems bought a new position in Akamai Technologies in the 3rd quarter worth approximately $697,000. Nordea Investment Management AB boosted its holdings in Akamai Technologies by 2,597.5% in the 3rd quarter. Nordea Investment Management AB now owns 428,252 shares of the technology infrastructure company’s stock worth $31,329,000 after buying an additional 412,376 shares during the period. Legal & General Group Plc boosted its holdings in Akamai Technologies by 9.2% in the 3rd quarter. Legal & General Group Plc now owns 1,231,681 shares of the technology infrastructure company’s stock worth $90,079,000 after buying an additional 103,977 shares during the period. Vanguard Group Inc boosted its holdings in Akamai Technologies by 0.4% in the 3rd quarter. Vanguard Group Inc now owns 17,093,767 shares of the technology infrastructure company’s stock worth $1,250,409,000 after buying an additional 63,759 shares during the period. Finally, Belpointe Asset Management LLC bought a new position in Akamai Technologies in the 3rd quarter worth approximately $113,000. Hedge funds and other institutional investors own 88.44% of the company’s stock.
NASDAQ AKAM opened at $80.03 on Friday. Akamai Technologies, Inc. has a 1 year low of $57.18 and a 1 year high of $86.19. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.09 and a current ratio of 3.19. The company has a market capitalization of $13.12 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 1.65 and a beta of 0.60.
Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Akamai Technologies from a “buy” rating to a “sell” rating in a report on Tuesday, April 16th. ValuEngine raised shares of Akamai Technologies from a “hold” rating to a “buy” rating in a report on Wednesday. Piper Jaffray Companies raised their price objective on shares of Akamai Technologies from $85.00 to $96.00 and gave the stock an “overweight” rating in a report on Wednesday. Craig Hallum reiterated a “buy” rating and issued a $92.00 target price (up from $82.00) on shares of Akamai Technologies in a research note on Wednesday. Finally, Needham & Company LLC initiated coverage on shares of Akamai Technologies in a research note on Monday, April 22nd. They issued a “buy” rating and a $95.00 target price on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $82.47.
In other news, insider William Wheaton sold 6,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $80.00, for a total transaction of $480,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Aaron Ahola sold 2,157 shares of the firm’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $70.16, for a total transaction of $151,335.12. Following the sale, the senior vice president now owns 4,035 shares in the company, valued at approximately $283,095.60. The disclosure for this sale can be found here. Insiders sold a total of 112,930 shares of company stock worth $8,185,826 over the last quarter. Corporate insiders own 2.40% of the company’s stock.
About Akamai Technologies
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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