Akamai Technologies, Inc. (NASDAQ:AKAM) Position Reduced by DnB Asset Management AS

DnB Asset Management AS cut its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAMGet Rating) by 15.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 28,184 shares of the technology infrastructure company’s stock after selling 4,981 shares during the period. DnB Asset Management AS’s holdings in Akamai Technologies were worth $2,574,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AKAM. Aigen Investment Management LP acquired a new position in shares of Akamai Technologies in the 1st quarter valued at about $737,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Akamai Technologies in the 1st quarter valued at about $149,000. Kentucky Retirement Systems Insurance Trust Fund increased its holdings in shares of Akamai Technologies by 12.2% in the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,796 shares of the technology infrastructure company’s stock valued at $573,000 after purchasing an additional 523 shares during the period. Balentine LLC acquired a new position in shares of Akamai Technologies in the 1st quarter valued at about $245,000. Finally, Penserra Capital Management LLC increased its holdings in shares of Akamai Technologies by 7.4% in the 4th quarter. Penserra Capital Management LLC now owns 329,453 shares of the technology infrastructure company’s stock valued at $38,557,000 after purchasing an additional 22,571 shares during the period. 92.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CTO Robert Blumofe sold 5,000 shares of the stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $94.25, for a total value of $471,250.00. Following the completion of the sale, the chief technology officer now directly owns 14,835 shares of the company’s stock, valued at $1,398,198.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is owned by company insiders.

Akamai Technologies Trading Down 3.0 %

Shares of AKAM stock opened at $85.93 on Wednesday. Akamai Technologies, Inc. has a 12 month low of $85.85 and a 12 month high of $123.25. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.53. The company has a market cap of $13.66 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 1.73 and a beta of 0.66. The business’s 50 day moving average is $92.41 and its two-hundred day moving average is $100.84.

Akamai Technologies (NASDAQ:AKAMGet Rating) last posted its quarterly earnings data on Tuesday, August 9th. The technology infrastructure company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.04. Akamai Technologies had a return on equity of 16.97% and a net margin of 16.18%. The company had revenue of $903.33 million during the quarter, compared to analysts’ expectations of $898.75 million. During the same period in the prior year, the business earned $1.18 earnings per share. Akamai Technologies’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities analysts predict that Akamai Technologies, Inc. will post 4.19 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AKAM shares. DA Davidson dropped their target price on Akamai Technologies to $115.00 in a report on Monday, August 15th. StockNews.com upgraded Akamai Technologies from a “hold” rating to a “buy” rating in a report on Monday. Evercore ISI dropped their price objective on Akamai Technologies to $110.00 in a report on Monday, August 15th. Truist Financial dropped their price objective on Akamai Technologies from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, August 10th. Finally, KeyCorp lowered their price target on Akamai Technologies from $123.00 to $116.00 and set an “overweight” rating on the stock in a report on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $118.21.

Akamai Technologies Company Profile

(Get Rating)

Akamai Technologies, Inc provides cloud services for securing, delivering, and optimizing content and business applications over the internet 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.

See Also

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Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

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