Covenant Partners LLC Takes $218,000 Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Covenant Partners LLC purchased a new position in Akamai Technologies, Inc. (NASDAQ:AKAM) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 2,163 shares of the technology infrastructure company’s stock, valued at approximately $218,000.

Other large investors also recently bought and sold shares of the company. Janus Henderson Group PLC boosted its holdings in Akamai Technologies by 19.6% in the first quarter. Janus Henderson Group PLC now owns 41,034 shares of the technology infrastructure company’s stock worth $4,462,000 after acquiring an additional 6,724 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in Akamai Technologies by 15.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 211,820 shares of the technology infrastructure company’s stock valued at $23,038,000 after purchasing an additional 28,304 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Akamai Technologies by 17.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 185,101 shares of the technology infrastructure company’s stock worth $20,132,000 after buying an additional 27,484 shares during the last quarter. EP Wealth Advisors LLC bought a new position in shares of Akamai Technologies in the first quarter worth approximately $1,093,000. Finally, Quadrature Capital Ltd bought a new position in shares of Akamai Technologies in the first quarter worth approximately $2,610,000. 94.28% of the stock is owned by hedge funds and other institutional investors.

Akamai Technologies Stock Performance

Shares of NASDAQ:AKAM traded down $0.83 during mid-day trading on Friday, reaching $101.97. 898,241 shares of the company traded hands, compared to its average volume of 1,595,588. The company’s 50 day moving average price is $100.99 and its 200-day moving average price is $97.36. The firm has a market cap of $15.53 billion, a PE ratio of 25.37, a PEG ratio of 3.31 and a beta of 0.68. Akamai Technologies, Inc. has a 52 week low of $87.59 and a 52 week high of $129.17. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.05. The business had revenue of $979.60 million during the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The company’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. On average, equities analysts expect that Akamai Technologies, Inc. will post 4.42 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $97.30, for a total value of $389,200.00. Following the transaction, the executive vice president now directly owns 30,703 shares in the company, valued at $2,987,401.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the transaction, the chief technology officer now owns 22,010 shares of the company’s stock, valued at $2,216,186.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the sale, the executive vice president now directly owns 30,703 shares in the company, valued at $2,987,401.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,500 shares of company stock valued at $741,655. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

AKAM has been the subject of a number of recent analyst reports. Piper Sandler decreased their price objective on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Scotiabank upped their price target on Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a report on Friday, August 9th. Craig Hallum upgraded Akamai Technologies from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $125.00 in a report on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. Finally, Hsbc Global Res raised shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.47.

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.