Sumitomo Mitsui DS Asset Management Company Ltd Raises Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 0.7% in the 4th quarter, HoldingsChannel reports. The firm owned 16,625 shares of the technology infrastructure company’s stock after acquiring an additional 108 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Akamai Technologies were worth $1,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of Akamai Technologies during the fourth quarter worth $1,184,000. Quadrature Capital Ltd purchased a new position in Akamai Technologies in the third quarter valued at $4,238,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in Akamai Technologies in the fourth quarter valued at $1,879,000. Alpine Global Management LLC purchased a new position in Akamai Technologies in the third quarter valued at $2,791,000. Finally, International Assets Investment Management LLC purchased a new position in Akamai Technologies in the fourth quarter valued at $41,880,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Stock Performance

AKAM opened at $102.19 on Thursday. The firm has a market capitalization of $15.48 billion, a PE ratio of 28.95, a PEG ratio of 2.85 and a beta of 0.72. Akamai Technologies, Inc. has a twelve month low of $76.85 and a twelve month high of $129.17. The firm’s 50-day moving average price is $107.32 and its 200 day moving average price is $112.37. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.77.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, February 13th. The technology infrastructure company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.10. The firm had revenue of $995.00 million for the quarter, compared to analyst estimates of $999.09 million. Akamai Technologies had a net margin of 14.37% and a return on equity of 14.90%. Akamai Technologies’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.01 earnings per share. As a group, sell-side analysts expect that Akamai Technologies, Inc. will post 4.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Piper Sandler lifted their price objective on shares of Akamai Technologies from $130.00 to $136.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. KeyCorp lifted their price objective on shares of Akamai Technologies from $134.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, January 19th. JPMorgan Chase & Co. lifted their price objective on shares of Akamai Technologies from $78.00 to $81.00 and gave the company an “underweight” rating in a report on Wednesday, February 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $115.00 price objective on shares of Akamai Technologies in a report on Wednesday, February 14th. Finally, Robert W. Baird upgraded shares of Akamai Technologies from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $128.00 to $135.00 in a research report on Thursday, March 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and an average target price of $121.27.

Insider Buying and Selling

In other Akamai Technologies news, COO Adam Karon sold 14,349 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $109.78, for a total value of $1,575,233.22. Following the transaction, the chief operating officer now directly owns 6,697 shares in the company, valued at approximately $735,196.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Akamai Technologies news, COO Adam Karon sold 14,349 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $109.78, for a total value of $1,575,233.22. Following the transaction, the chief operating officer now directly owns 6,697 shares in the company, valued at approximately $735,196.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Anthony P. Williams sold 3,510 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $112.55, for a total transaction of $395,050.50. Following the completion of the transaction, the executive vice president now owns 4,299 shares in the company, valued at $483,852.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,353 shares of company stock worth $3,688,883. 2.00% of the stock is owned by insiders.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services 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.