Westpac Banking Corp trimmed its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 5.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,948 shares of the technology infrastructure company’s stock after selling 4,135 shares during the period. Westpac Banking Corp’s holdings in Akamai Technologies were worth $7,953,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Dai Ichi Life Insurance Company Ltd increased its holdings in Akamai Technologies by 53.2% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 21,576 shares of the technology infrastructure company’s stock valued at $2,311,000 after buying an additional 7,488 shares during the last quarter. American International Group Inc. increased its holdings in Akamai Technologies by 4.0% in the second quarter. American International Group Inc. now owns 61,762 shares of the technology infrastructure company’s stock valued at $6,614,000 after buying an additional 2,380 shares during the last quarter. WINTON GROUP Ltd increased its holdings in Akamai Technologies by 17.4% in the third quarter. WINTON GROUP Ltd now owns 19,076 shares of the technology infrastructure company’s stock valued at $2,109,000 after buying an additional 2,829 shares during the last quarter. LGT Capital Partners LTD. increased its holdings in Akamai Technologies by 11.5% in the third quarter. LGT Capital Partners LTD. now owns 1,053,990 shares of the technology infrastructure company’s stock valued at $116,508,000 after buying an additional 108,531 shares during the last quarter. Finally, Duality Advisers LP purchased a new position in Akamai Technologies in the second quarter valued at $668,000. Institutional investors own 85.33% of the company’s stock.
Shares of Akamai Technologies stock opened at $102.32 on Friday. Akamai Technologies, Inc. has a 12-month low of $75.18 and a 12-month high of $120.00. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 0.46. The stock has a market cap of $16.66 billion, a PE ratio of 30.01, a price-to-earnings-growth ratio of 1.95 and a beta of 0.47. The company has a 50-day moving average of $104.87 and a two-hundred day moving average of $106.58.
Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Sunday, November 1st. The technology infrastructure company reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.08. Akamai Technologies had a net margin of 18.01% and a return on equity of 17.69%. The company had revenue of $792.85 million during the quarter, compared to analysts’ expectations of $775.85 million. On average, sell-side analysts forecast that Akamai Technologies, Inc. will post 4.18 EPS for the current fiscal year.
In other news, insider Rick M. Mcconnell sold 3,409 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $112.50, for a total transaction of $383,512.50. Following the completion of the transaction, the insider now directly owns 20,007 shares of the company’s stock, valued at approximately $2,250,787.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Robert Blumofe sold 6,089 shares of the firm’s stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $95.23, for a total transaction of $579,855.47. Following the transaction, the executive vice president now directly owns 17,154 shares of the company’s stock, valued at $1,633,575.42. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.
AKAM has been the topic of several recent analyst reports. Zacks Investment Research raised Akamai Technologies from a “sell” rating to a “hold” rating and set a $102.00 target price on the stock in a report on Thursday, October 29th. Raymond James upped their price objective on shares of Akamai Technologies from $110.00 to $117.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Royal Bank of Canada upped their price objective on shares of Akamai Technologies from $94.00 to $105.00 in a research note on Wednesday, July 29th. Piper Sandler decreased their price objective on shares of Akamai Technologies from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, November 12th. Finally, DA Davidson upped their price objective on shares of Akamai Technologies from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $118.74.
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 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; Edge DNS, which translates human-readable domain names into numerical IP addresses; Site Shield that prevents attacker from directly targeting the application origin and forces traffic to go through its network, where attack can be better detected and mitigated; identity Cloud, a customer identity access management solution; Prolexic Routed to protect web- and IP-based application; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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