UniSuper Management Pty Ltd Increases Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

UniSuper Management Pty Ltd raised its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 50.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 27,643 shares of the technology infrastructure company’s stock after purchasing an additional 9,262 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Akamai Technologies were worth $3,006,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Planned Solutions Inc. purchased a new stake in shares of Akamai Technologies in the fourth quarter valued at approximately $37,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Akamai Technologies in the fourth quarter valued at approximately $43,000. Covestor Ltd boosted its stake in shares of Akamai Technologies by 224.6% in the first quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock valued at $48,000 after buying an additional 310 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of Akamai Technologies by 43.7% in the fourth quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock valued at $49,000 after buying an additional 125 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in shares of Akamai Technologies by 40.3% in the fourth quarter. Quadrant Capital Group LLC now owns 449 shares of the technology infrastructure company’s stock valued at $53,000 after buying an additional 129 shares in the last quarter. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Akamai Technologies Stock Down 0.3 %

AKAM traded down $0.27 on Tuesday, reaching $96.06. The company’s stock had a trading volume of 947,333 shares, compared to its average volume of 1,677,950. The stock has a market cap of $14.63 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 4.55 and a beta of 0.67. Akamai Technologies, Inc. has a 1 year low of $87.59 and a 1 year high of $129.17. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. The business’s 50 day moving average is $92.05 and its 200 day moving average is $104.03.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.03. The firm had revenue of $986.97 million during the quarter, compared to the consensus estimate of $989.03 million. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. Akamai Technologies’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.01 earnings per share. As a group, research analysts forecast that Akamai Technologies, Inc. will post 4.38 EPS for the current fiscal year.

Akamai Technologies announced that its Board of Directors has authorized a share repurchase program on Thursday, May 9th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology infrastructure company to purchase up to 13.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Bank of America decreased their price target on Akamai Technologies from $145.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Scotiabank assumed coverage on Akamai Technologies in a research report on Monday, July 8th. They set a “sector outperform” rating and a $110.00 target price on the stock. Citigroup dropped their price target on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Raymond James decreased their price objective on shares of Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Finally, Royal Bank of Canada lowered their price objective on shares of Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Friday, May 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $113.65.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total transaction of $467,900.00. Following the sale, the executive vice president now owns 9,938 shares in the company, valued at $929,998.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $93.54, for a total transaction of $93,540.00. Following the sale, the director now owns 14,519 shares in the company, valued at $1,358,107.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the sale, the executive vice president now owns 9,938 shares in the company, valued at approximately $929,998.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,000 shares of company stock valued at $826,460. Insiders own 1.80% of the company’s stock.

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.