Allspring Global Investments Holdings LLC Reduces Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 6.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,205 shares of the technology infrastructure company’s stock after selling 10,651 shares during the period. Allspring Global Investments Holdings LLC owned about 0.11% of Akamai Technologies worth $12,913,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AKAM. SBI Securities Co. Ltd. acquired a new position in shares of Akamai Technologies in the 4th quarter valued at $49,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Akamai Technologies in the 4th quarter valued at $617,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Akamai Technologies by 3.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 922,244 shares of the technology infrastructure company’s stock valued at $88,213,000 after purchasing an additional 29,888 shares during the last quarter. Atria Investments Inc boosted its holdings in shares of Akamai Technologies by 5.6% in the 4th quarter. Atria Investments Inc now owns 5,497 shares of the technology infrastructure company’s stock valued at $526,000 after purchasing an additional 293 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in shares of Akamai Technologies by 2.9% in the 1st quarter. QRG Capital Management Inc. now owns 7,302 shares of the technology infrastructure company’s stock valued at $588,000 after purchasing an additional 208 shares during the last quarter. 94.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. UBS Group lifted their target price on shares of Akamai Technologies from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Wall Street Zen downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Oppenheimer started coverage on shares of Akamai Technologies in a research note on Thursday, March 20th. They set an “outperform” rating and a $100.00 price target on the stock. Piper Sandler reaffirmed a “neutral” rating and set a $88.00 price target (up previously from $80.00) on shares of Akamai Technologies in a research note on Friday, May 9th. Finally, Scotiabank dropped their price target on shares of Akamai Technologies from $107.00 to $105.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $101.25.

Akamai Technologies Stock Down 0.3%

AKAM stock opened at $79.20 on Friday. Akamai Technologies, Inc. has a 12 month low of $67.51 and a 12 month high of $106.80. The firm has a market cap of $11.58 billion, a PE ratio of 26.67, a P/E/G ratio of 2.51 and a beta of 0.77. The firm has a 50 day simple moving average of $78.72 and a 200 day simple moving average of $84.48. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 1.18.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 EPS for the quarter, beating the consensus estimate of $1.58 by $0.12. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.64 EPS. Equities research analysts forecast that Akamai Technologies, Inc. will post 4.6 earnings per share for the current fiscal year.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, EVP Kim Salem-Jackson sold 13,157 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total value of $1,004,273.81. Following the transaction, the executive vice president owned 43,575 shares in the company, valued at approximately $3,326,079.75. This represents a 23.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Adam Karon sold 3,927 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $85.02, for a total transaction of $333,873.54. Following the completion of the transaction, the chief operating officer owned 10,809 shares in the company, valued at approximately $918,981.18. This represents a 26.65% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate 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.