Carret Asset Management LLC Lowers Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Carret Asset Management LLC decreased its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,099 shares of the technology infrastructure company’s stock after selling 241 shares during the quarter. Carret Asset Management LLC’s holdings in Akamai Technologies were worth $1,642,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of AKAM. O Shaughnessy Asset Management LLC increased its holdings in shares of Akamai Technologies by 104.1% in the third quarter. O Shaughnessy Asset Management LLC now owns 5,934 shares of the technology infrastructure company’s stock valued at $632,000 after purchasing an additional 3,027 shares during the period. Alpine Global Management LLC purchased a new position in Akamai Technologies during the 3rd quarter worth $2,791,000. Quadrature Capital Ltd acquired a new stake in shares of Akamai Technologies in the 3rd quarter worth $4,238,000. Wahed Invest LLC lifted its stake in shares of Akamai Technologies by 9.4% in the 3rd quarter. Wahed Invest LLC now owns 2,425 shares of the technology infrastructure company’s stock worth $258,000 after acquiring an additional 209 shares during the period. Finally, Alps Advisors Inc. purchased a new stake in shares of Akamai Technologies in the third quarter valued at about $343,000. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Trading Down 0.5 %

Shares of AKAM stock traded down $0.49 on Wednesday, reaching $90.33. 726,798 shares of the stock were exchanged, compared to its average volume of 1,715,983. Akamai Technologies, Inc. has a 1-year low of $87.59 and a 1-year high of $129.17. The stock has a market cap of $13.76 billion, a P/E ratio of 22.59, a price-to-earnings-growth ratio of 4.32 and a beta of 0.67. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. The firm has a 50 day moving average of $93.67 and a two-hundred day moving average of $106.57.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.03. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. The business had revenue of $986.97 million for the quarter, compared to analyst estimates of $989.03 million. During the same period in the previous year, the company posted $1.01 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. On average, research analysts anticipate that Akamai Technologies, Inc. will post 4.38 EPS for the current year.

Akamai Technologies announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 9th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology infrastructure company to reacquire up to 13.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Akamai Technologies

In other news, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the completion of the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total value of $93,540.00. Following the transaction, the director now owns 14,519 shares in the company, valued at approximately $1,358,107.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Anthony P. Williams sold 5,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $929,998.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,000 shares of company stock worth $826,460. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on AKAM. Citigroup reduced their price objective on shares of Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Susquehanna cut their price target on Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company in a research note on Friday, May 10th. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research note on Friday, May 17th. StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Finally, Morgan Stanley dropped their price objective on shares of Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating for the company in a research note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $114.00.

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.