Sequoia Financial Advisors LLC Trims Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Sequoia Financial Advisors LLC lessened its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 11.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,465 shares of the technology infrastructure company’s stock after selling 4,793 shares during the period. Sequoia Financial Advisors LLC’s holdings in Akamai Technologies were worth $3,966,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cibc World Markets Corp increased its stake in shares of Akamai Technologies by 131.6% in the 4th quarter. Cibc World Markets Corp now owns 19,433 shares of the technology infrastructure company’s stock valued at $2,300,000 after purchasing an additional 11,044 shares in the last quarter. Franklin Resources Inc. increased its stake in Akamai Technologies by 190.3% during the 4th quarter. Franklin Resources Inc. now owns 73,579 shares of the technology infrastructure company’s stock worth $8,708,000 after buying an additional 48,236 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Akamai Technologies by 3.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 480,908 shares of the technology infrastructure company’s stock worth $56,915,000 after buying an additional 15,890 shares in the last quarter. TKG Advisors LLC purchased a new stake in Akamai Technologies during the 4th quarter worth approximately $3,245,000. Finally, RWA Wealth Partners LLC purchased a new stake in Akamai Technologies during the 4th quarter worth approximately $4,441,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Trading Up 0.2 %

AKAM traded up $0.14 during trading hours on Friday, reaching $90.47. The company’s stock had a trading volume of 880,916 shares, compared to its average volume of 1,398,586. The stock has a market cap of $13.78 billion, a PE ratio of 22.51, a P/E/G ratio of 4.33 and a beta of 0.67. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. Akamai Technologies, Inc. has a fifty-two week low of $87.59 and a fifty-two week high of $129.17. The business’s 50-day moving average is $92.98 and its 200-day moving average is $106.14.

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

Akamai Technologies declared that its board has initiated a stock repurchase plan on Thursday, May 9th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the technology infrastructure company to reacquire up to 13.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Akamai Technologies

In related news, CEO F Thomson Leighton acquired 22,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average price of $92.68 per share, with a total value of $2,038,960.00. Following the completion of the transaction, the chief executive officer now owns 2,342,621 shares of the company’s stock, valued at $217,114,114.28. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Anthony P. Williams sold 5,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO F Thomson Leighton bought 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $92.68 per share, for a total transaction of $2,038,960.00. Following the acquisition, the chief executive officer now directly owns 2,342,621 shares of the company’s stock, valued at $217,114,114.28. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 9,000 shares of company stock valued at $826,460. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AKAM shares. Citigroup cut their price objective on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. KeyCorp cut their price objective on Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Craig Hallum lowered their target price on Akamai Technologies from $120.00 to $110.00 and set a “hold” rating on the stock in a report on Friday, May 10th. Morgan Stanley lowered their target price on Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating on the stock in a report on Friday, May 10th. Finally, Raymond James lowered their target price on Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target 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.