Akamai Technologies, Inc. (NASDAQ:AKAM) is Invenomic Capital Management LP’s 10th Largest Position

Invenomic Capital Management LP lifted its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 92.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 338,089 shares of the technology infrastructure company’s stock after purchasing an additional 162,105 shares during the period. Akamai Technologies makes up approximately 1.5% of Invenomic Capital Management LP’s investment portfolio, making the stock its 10th biggest position. Invenomic Capital Management LP’s holdings in Akamai Technologies were worth $32,338,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AKAM. SBI Securities Co. Ltd. bought a new position in shares of Akamai Technologies during the fourth quarter worth $49,000. Van ECK Associates Corp boosted its holdings in shares of Akamai Technologies by 49.6% during the 4th quarter. Van ECK Associates Corp now owns 2,746 shares of the technology infrastructure company’s stock valued at $263,000 after purchasing an additional 910 shares during the last quarter. Cascade Investment Advisors Inc. purchased a new position in shares of Akamai Technologies during the fourth quarter valued at about $827,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Akamai Technologies in the fourth quarter worth about $617,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Akamai Technologies by 3.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 922,244 shares of the technology infrastructure company’s stock worth $88,213,000 after buying an additional 29,888 shares in the last quarter. Institutional investors own 94.28% of the company’s stock.

Insider Transactions at Akamai Technologies

In related news, EVP Aaron Ahola sold 4,000 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $80.92, for a total transaction of $323,680.00. Following the completion of the sale, the executive vice president now directly owns 25,211 shares in the company, valued at $2,040,074.12. This represents a 13.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Adam Karon sold 3,927 shares of the firm’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $85.02, for a total value of $333,873.54. Following the sale, the chief operating officer now directly owns 10,809 shares in the company, valued at approximately $918,981.18. The trade was a 26.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,321 shares of company stock valued at $2,986,916. Company insiders own 2.00% of the company’s stock.

Akamai Technologies Stock Down 10.5 %

Shares of NASDAQ:AKAM opened at $76.51 on Friday. The business’s 50 day moving average is $78.85 and its 200 day moving average is $89.35. The stock has a market cap of $11.18 billion, a P/E ratio of 23.47, a price-to-earnings-growth ratio of 2.74 and a beta of 0.82. Akamai Technologies, Inc. has a 52-week low of $67.51 and a 52-week high of $106.80. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.12. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company earned $1.64 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. Sell-side analysts predict that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AKAM. Bank of America downgraded Akamai Technologies from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $100.00 in a research note on Friday, February 21st. Craig Hallum cut shares of Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a research report on Friday, February 21st. Scotiabank lowered their price objective on shares of Akamai Technologies from $107.00 to $105.00 and set a “sector outperform” rating for the company in a research report on Friday. JPMorgan Chase & Co. reduced their target price on shares of Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating on the stock in a report on Friday, February 21st. Finally, Susquehanna lowered their price target on shares of Akamai Technologies from $110.00 to $105.00 and set a “positive” rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $103.26.

About Akamai Technologies

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.