Stoneridge Investment Partners LLC purchased a new stake in Akamai Technologies, Inc. (NASDAQ:AKAM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 90,287 shares of the technology infrastructure company’s stock, valued at approximately $4,497,000. Stoneridge Investment Partners LLC owned about 0.05% of Akamai Technologies at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AKAM. Endurance Wealth Management Inc. increased its position in Akamai Technologies by 5.5% in the second quarter. Endurance Wealth Management Inc. now owns 169,797 shares of the technology infrastructure company’s stock valued at $8,458,000 after buying an additional 8,884 shares during the last quarter. Norris Perne & French LLP MI acquired a new position in Akamai Technologies during the second quarter valued at $6,752,000. Korea Investment CORP increased its position in Akamai Technologies by 2.8% in the second quarter. Korea Investment CORP now owns 109,855 shares of the technology infrastructure company’s stock valued at $5,472,000 after buying an additional 2,985 shares during the last quarter. Garde Capital Inc. acquired a new position in Akamai Technologies during the second quarter valued at $318,000. Finally, CAPROCK Group Inc. acquired a new position in Akamai Technologies during the second quarter valued at $264,000. Institutional investors and hedge funds own 86.44% of the company’s stock.
Akamai Technologies, Inc. (AKAM) opened at 45.36 on Friday. Akamai Technologies, Inc. has a 1-year low of $45.18 and a 1-year high of $71.64. The company’s 50 day moving average is $48.77 and its 200-day moving average is $55.32. The stock has a market capitalization of $7.78 billion, a PE ratio of 25.91 and a beta of 0.66.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Tuesday, July 25th. The technology infrastructure company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Akamai Technologies had a net margin of 12.67% and a return on equity of 10.97%. The business had revenue of $608.90 million during the quarter, compared to analyst estimates of $604.51 million. During the same quarter last year, the firm posted $0.64 earnings per share. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts forecast that Akamai Technologies, Inc. will post $2.52 earnings per share for the current fiscal year.
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Several research firms have weighed in on AKAM. B. Riley reiterated a “buy” rating and issued a $60.00 price target on shares of Akamai Technologies in a research report on Friday, July 28th. Cowen and Company reiterated a “hold” rating and issued a $60.00 price target on shares of Akamai Technologies in a research report on Friday, July 28th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $54.00 price target (down from $58.00) on shares of Akamai Technologies in a research report on Wednesday, July 26th. Oppenheimer Holdings, Inc. decreased their price target on shares of Akamai Technologies from $70.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 26th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $56.00 price target (down from $58.00) on shares of Akamai Technologies in a research report on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $62.76.
In related news, Director Paul Sagan sold 17,889 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $49.53, for a total value of $886,042.17. Following the sale, the director now owns 64,147 shares of the company’s stock, valued at $3,177,200.91. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO F Thomson Leighton acquired 21,196 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were bought at an average cost of $47.17 per share, for a total transaction of $999,815.32. Following the acquisition, the chief executive officer now owns 227,057 shares of the company’s stock, valued at approximately $10,710,278.69. The disclosure for this purchase can be found here. In the last three months, insiders bought 87,964 shares of company stock valued at $4,244,692. Insiders own 3.20% of the company’s stock.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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