Vestcor Inc Decreases Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Vestcor Inc cut its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 80.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,992 shares of the technology infrastructure company’s stock after selling 12,351 shares during the quarter. Vestcor Inc’s holdings in Akamai Technologies were worth $302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of AKAM. Nomura Asset Management Co. Ltd. lifted its stake in Akamai Technologies by 8.7% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 46,235 shares of the technology infrastructure company’s stock valued at $4,667,000 after acquiring an additional 3,693 shares during the period. MML Investors Services LLC raised its holdings in shares of Akamai Technologies by 3.2% during the third quarter. MML Investors Services LLC now owns 21,406 shares of the technology infrastructure company’s stock valued at $2,161,000 after purchasing an additional 658 shares during the last quarter. XTX Topco Ltd bought a new position in Akamai Technologies during the third quarter valued at approximately $935,000. National Bank of Canada FI boosted its holdings in Akamai Technologies by 83.1% in the third quarter. National Bank of Canada FI now owns 77,443 shares of the technology infrastructure company’s stock worth $7,818,000 after purchasing an additional 35,142 shares during the last quarter. Finally, iA Global Asset Management Inc. grew its position in Akamai Technologies by 12.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 3,145 shares of the technology infrastructure company’s stock worth $317,000 after purchasing an additional 341 shares during the period. 94.28% of the stock is currently owned by institutional investors.

Akamai Technologies Trading Down 0.8 %

Shares of AKAM stock opened at $99.24 on Friday. The company has a market cap of $14.91 billion, a PE ratio of 29.36, a price-to-earnings-growth ratio of 3.83 and a beta of 0.65. Akamai Technologies, Inc. has a 1 year low of $84.70 and a 1 year high of $129.17. The stock’s 50 day simple moving average is $98.19 and its two-hundred day simple moving average is $96.50. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33.

Insider Activity at Akamai Technologies

In other news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $88.61, for a total transaction of $221,525.00. Following the transaction, the chief technology officer now owns 19,510 shares of the company’s stock, valued at approximately $1,728,781.10. This represents a 11.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total value of $93,380.00. Following the completion of the sale, the director now owns 15,719 shares in the company, valued at approximately $1,467,840.22. The trade was a 5.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,500 shares of company stock worth $669,425. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AKAM shares. Robert W. Baird lowered their price target on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Oppenheimer raised Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a research report on Monday, December 2nd. Scotiabank cut their price target on Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. Tigress Financial reiterated a “strong-buy” rating and issued a $140.00 price objective on shares of Akamai Technologies in a research note on Thursday, August 29th. Finally, Hsbc Global Res raised shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Akamai Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $117.61.

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.