CIBC Asset Management Inc Cuts Stake in Akamai Technologies, Inc. (AKAM)

CIBC Asset Management Inc cut its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 3.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,613 shares of the technology infrastructure company’s stock after selling 711 shares during the period. CIBC Asset Management Inc’s holdings in Akamai Technologies were worth $1,335,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc increased its holdings in shares of Akamai Technologies by 0.4% in the third quarter. Vanguard Group Inc now owns 17,093,767 shares of the technology infrastructure company’s stock valued at $1,250,409,000 after purchasing an additional 63,759 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of Akamai Technologies by 10.9% in the fourth quarter. Canada Pension Plan Investment Board now owns 4,719,117 shares of the technology infrastructure company’s stock valued at $288,219,000 after purchasing an additional 465,230 shares during the period. Elliott Management Corp increased its holdings in shares of Akamai Technologies by 19.2% in the fourth quarter. Elliott Management Corp now owns 2,383,468 shares of the technology infrastructure company’s stock valued at $145,582,000 after purchasing an additional 383,468 shares during the period. Millennium Management LLC boosted its stake in shares of Akamai Technologies by 220.0% in the fourth quarter. Millennium Management LLC now owns 2,351,173 shares of the technology infrastructure company’s stock worth $143,610,000 after buying an additional 1,616,320 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Akamai Technologies by 2.1% in the fourth quarter. Geode Capital Management LLC now owns 2,150,566 shares of the technology infrastructure company’s stock worth $131,125,000 after buying an additional 43,330 shares during the last quarter. 88.56% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently commented on AKAM shares. BidaskClub upgraded Akamai Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. Zacks Investment Research upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research note on Monday, February 18th. B. Riley restated a “buy” rating and issued a $102.00 target price (down previously from $105.00) on shares of Akamai Technologies in a research note on Wednesday, February 13th. Needham & Company LLC started coverage on Akamai Technologies in a research note on Monday, April 22nd. They issued a “buy” rating and a $95.00 target price on the stock. Finally, Craig Hallum restated a “buy” rating and issued a $92.00 target price (up previously from $82.00) on shares of Akamai Technologies in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Akamai Technologies currently has a consensus rating of “Buy” and an average price target of $82.47.

Shares of AKAM stock opened at $77.90 on Wednesday. The company has a market cap of $12.61 billion, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 1.65 and a beta of 0.60. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.27. Akamai Technologies, Inc. has a 12-month low of $57.18 and a 12-month high of $86.19.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Tuesday, April 30th. The technology infrastructure company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.09. The company had revenue of $706.51 million for the quarter, compared to the consensus estimate of $698.33 million. Akamai Technologies had a return on equity of 15.29% and a net margin of 12.78%. Akamai Technologies’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.79 earnings per share. On average, research analysts predict that Akamai Technologies, Inc. will post 3.21 EPS for the current year.

In other Akamai Technologies news, EVP James Gemmell sold 10,356 shares of the stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $70.37, for a total transaction of $728,751.72. Following the transaction, the executive vice president now owns 11,504 shares in the company, valued at $809,536.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert Blumofe sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $80.95, for a total value of $404,750.00. The disclosure for this sale can be found here. Insiders have sold 85,194 shares of company stock worth $6,237,808 in the last quarter. 2.40% of the stock is currently owned by company insiders.

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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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Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

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