Akamai Technologies, Inc. (NASDAQ:AKAM) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 387,246 shares of the technology infrastructure company’s stock after selling 7,174 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.27% of Akamai Technologies worth $31,173,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new position in Akamai Technologies during the fourth quarter worth approximately $477,454,000. First Trust Advisors LP grew its stake in shares of Akamai Technologies by 15.6% during the 4th quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company’s stock valued at $489,383,000 after buying an additional 690,341 shares during the period. Achmea Investment Management B.V. purchased a new stake in shares of Akamai Technologies during the 1st quarter valued at $21,626,000. GAMMA Investing LLC increased its holdings in shares of Akamai Technologies by 5,951.4% during the 1st quarter. GAMMA Investing LLC now owns 253,978 shares of the technology infrastructure company’s stock worth $20,445,000 after buying an additional 249,781 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Akamai Technologies by 43.4% in the 4th quarter. Hsbc Holdings PLC now owns 778,208 shares of the technology infrastructure company’s stock worth $74,473,000 after buying an additional 235,394 shares during the period. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Oppenheimer started coverage on Akamai Technologies in a research report on Thursday, March 20th. They set an “outperform” rating and a $100.00 price target for the company. Piper Sandler reaffirmed a “neutral” rating and issued a $88.00 price objective (up from $80.00) on shares of Akamai Technologies in a research note on Friday, May 9th. KeyCorp started coverage on shares of Akamai Technologies in a research report on Friday, June 6th. They set an “underweight” rating and a $63.00 target price for the company. Morgan Stanley cut their price target on shares of Akamai Technologies from $102.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Finally, Wall Street Zen cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, June 21st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $101.25.

Insider Transactions at Akamai Technologies

In related news, COO Adam Karon sold 3,927 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $85.02, for a total transaction of $333,873.54. Following the sale, the chief operating officer directly owned 10,809 shares of the company’s stock, valued at approximately $918,981.18. This represents a 26.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kim Salem-Jackson sold 13,157 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was 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 $3,326,079.75. This trade represents a 23.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Akamai Technologies Price Performance

AKAM stock opened at $79.46 on Thursday. The stock’s 50 day moving average is $78.72 and its two-hundred day moving average is $84.60. Akamai Technologies, Inc. has a 52-week low of $67.51 and a 52-week high of $106.80. The company has a market capitalization of $11.62 billion, a PE ratio of 26.75, a P/E/G ratio of 2.51 and a beta of 0.77. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.52.

Akamai Technologies (NASDAQ:AKAM) last issued 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 net margin of 11.26% and a return on equity of 14.09%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm earned $1.64 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. Analysts predict that Akamai Technologies, Inc. will post 4.6 earnings per share for the current fiscal year.

Akamai Technologies 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.