First Long Island Investors LLC decreased its position in Akamai Technologies, Inc. (NASDAQ:AKAM – Get Rating) by 21.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,981 shares of the technology infrastructure company’s stock after selling 537 shares during the quarter. First Long Island Investors LLC’s holdings in Akamai Technologies were worth $237,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Johnson Financial Group Inc. bought a new stake in shares of Akamai Technologies in the 4th quarter worth $25,000. Baystate Wealth Management LLC grew its position in Akamai Technologies by 33.3% during the first quarter. Baystate Wealth Management LLC now owns 400 shares of the technology infrastructure company’s stock valued at $48,000 after buying an additional 100 shares during the period. UMB Bank N A MO bought a new position in Akamai Technologies during the fourth quarter valued at about $47,000. Covestor Ltd bought a new position in Akamai Technologies during the fourth quarter valued at about $50,000. Finally, Quent Capital LLC bought a new position in Akamai Technologies during the fourth quarter valued at about $58,000. Institutional investors own 91.05% of the company’s stock.
Insider Activity at Akamai Technologies
In related news, CTO Robert Blumofe sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $97.68, for a total value of $488,400.00. Following the sale, the chief technology officer now directly owns 19,725 shares of the company’s stock, valued at $1,926,738. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is currently owned by insiders.
Akamai Technologies Price Performance
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Akamai Technologies from $118.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, July 11th. Robert W. Baird restated a “neutral” rating and set a $102.00 price target on shares of Akamai Technologies in a research report on Friday, May 20th. Cowen reduced their price target on shares of Akamai Technologies from $186.00 to $164.00 in a research report on Wednesday, May 4th. Piper Sandler dropped their price objective on shares of Akamai Technologies from $118.00 to $102.00 and set a “neutral” rating on the stock in a report on Wednesday, July 6th. Finally, Royal Bank of Canada dropped their price objective on shares of Akamai Technologies from $140.00 to $135.00 in a report on Wednesday, May 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $121.91.
Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for securing, delivering, and optimizing content and business applications over the internet in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.
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