Boston Private Wealth LLC Takes Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Boston Private Wealth LLC bought a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 2,177 shares of the technology infrastructure company’s stock, valued at approximately $228,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of AKAM. First Horizon Advisors Inc. raised its stake in shares of Akamai Technologies by 9,164.2% during the 3rd quarter. First Horizon Advisors Inc. now owns 48,359 shares of the technology infrastructure company’s stock worth $5,366,000 after purchasing an additional 47,837 shares in the last quarter. WASHINGTON TRUST Co raised its position in Akamai Technologies by 1.0% during the third quarter. WASHINGTON TRUST Co now owns 134,956 shares of the technology infrastructure company’s stock worth $14,115,000 after acquiring an additional 1,390 shares in the last quarter. Commerce Bank lifted its stake in Akamai Technologies by 6.6% in the third quarter. Commerce Bank now owns 13,051 shares of the technology infrastructure company’s stock valued at $1,365,000 after acquiring an additional 805 shares during the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co lifted its stake in Akamai Technologies by 18.6% in the third quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 2,490 shares of the technology infrastructure company’s stock valued at $260,000 after acquiring an additional 390 shares during the last quarter. Finally, Boussard & Gavaudan Investment Management LLP bought a new position in shares of Akamai Technologies in the 3rd quarter valued at about $9,214,000. 88.60% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on AKAM. Oppenheimer downgraded shares of Akamai Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, November 15th. DA Davidson reaffirmed a “buy” rating on shares of Akamai Technologies in a research report on Monday, January 3rd. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a report on Wednesday, November 3rd. JPMorgan Chase & Co. cut Akamai Technologies from a “neutral” rating to an “underweight” rating and set a $120.00 price target on the stock. in a research note on Tuesday, December 14th. Finally, Morgan Stanley lifted their price objective on shares of Akamai Technologies from $119.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $128.83.

In related news, EVP Aaron Ahola sold 1,500 shares of the company’s stock in a transaction dated Friday, January 14th. The shares were sold at an average price of $112.52, for a total transaction of $168,780.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Kim Salem-Jackson sold 2,736 shares of the stock in a transaction dated Thursday, December 16th. The stock was sold at an average price of $116.67, for a total transaction of $319,209.12. The disclosure for this sale can be found here. Insiders have sold 17,325 shares of company stock worth $1,894,557 in the last three months. 2.40% of the stock is currently owned by company insiders.

AKAM stock opened at $112.62 on Friday. Akamai Technologies, Inc. has a 52 week low of $92.64 and a 52 week high of $124.91. The company has a market capitalization of $18.30 billion, a PE ratio of 30.94, a price-to-earnings-growth ratio of 1.95 and a beta of 0.54. The company’s 50-day simple moving average is $113.22 and its 200 day simple moving average is $112.39. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.78 and a current ratio of 3.78.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Tuesday, November 2nd. The technology infrastructure company reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.06. Akamai Technologies had a net margin of 17.77% and a return on equity of 16.98%. The firm had revenue of $860.33 million for the quarter, compared to analyst estimates of $852.50 million. During the same quarter in the prior year, the business posted $1.11 EPS. On average, analysts forecast that Akamai Technologies, Inc. will post 4.57 EPS for the current year.

Akamai Technologies announced that its board has authorized a stock repurchase program on Tuesday, November 2nd that allows the company to buyback $1.80 billion in shares. This buyback authorization allows the technology infrastructure company to repurchase up to 10% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

About Akamai Technologies

Akamai Technologies, Inc engages in the provision of cloud services for delivering, optimizing, and securing content and business applications over the Internet. Its products include security, web performance, media delivery, and network operator. The company was founded by Frank T. Leighton, Jonathan Seelig, Randall S.

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Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

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