Akamai Technologies, Inc. (NASDAQ:AKAM) Short Interest Down 16.2% in March

Akamai Technologies, Inc. (NASDAQ:AKAM - Get Free Report) saw a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 6,590,000 shares, a decrease of 16.2% from the March 15th total of 7,860,000 shares. Currently, 4.6% of the company's shares are sold short. Based on an average daily trading volume, of 2,660,000 shares, the days-to-cover ratio is presently 2.5 days.

Akamai Technologies Stock Performance

AKAM stock traded up $3.33 on Thursday, hitting $79.20. The company's stock had a trading volume of 2,048,221 shares, compared to its average volume of 1,929,262. The company has a current ratio of 1.23, a quick ratio of 1.33 and a debt-to-equity ratio of 0.49. The stock has a market cap of $11.57 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 2.74 and a beta of 0.80. Akamai Technologies has a 1 year low of $67.51 and a 1 year high of $106.80. The firm has a 50 day moving average of $79.97 and a two-hundred day moving average of $91.32.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.52 by ($0.33). The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.02 billion. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. Equities analysts predict that Akamai Technologies will post 4.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AKAM has been the topic of several recent research reports. Susquehanna cut their target price on shares of Akamai Technologies from $110.00 to $105.00 and set a "positive" rating on the stock in a research note on Friday, February 21st. Piper Sandler reduced their price objective on Akamai Technologies from $100.00 to $80.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. lowered their target price on Akamai Technologies from $76.00 to $72.00 and set an "underweight" rating for the company in a research note on Friday, February 21st. Craig Hallum lowered Akamai Technologies from a "buy" rating to a "hold" rating and set a $90.00 price target on the stock. in a research report on Friday, February 21st. Finally, Morgan Stanley decreased their price objective on Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Akamai Technologies has an average rating of "Moderate Buy" and a consensus price target of $104.75.

Insiders Place Their Bets

In related news, CFO Edward J. Mcgowan sold 4,652 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $86.48, for a total transaction of $402,304.96. Following the transaction, the chief financial officer now owns 34,510 shares of the company's stock, valued at approximately $2,984,424.80. This represents a 11.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO F Thomson Leighton bought 37,670 shares of the company's stock in a transaction on Thursday, February 27th. The stock was purchased at an average cost of $79.58 per share, with a total value of $2,997,778.60. Following the completion of the transaction, the chief executive officer now owns 137,342 shares in the company, valued at $10,929,676.36. This represents a 37.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 31,394 shares of company stock valued at $2,653,043 over the last 90 days. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Akamai Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of AKAM. First Trust Advisors LP boosted its holdings in shares of Akamai Technologies by 15.6% in the fourth quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company's stock valued at $489,383,000 after acquiring an additional 690,341 shares in the last quarter. Norges Bank acquired a new stake in Akamai Technologies in the fourth quarter valued at about $477,454,000. Mackenzie Financial Corp boosted its holdings in Akamai Technologies by 3.5% in the 4th quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company's stock valued at $232,198,000 after purchasing an additional 81,744 shares in the last quarter. Earnest Partners LLC increased its position in Akamai Technologies by 2.7% during the 4th quarter. Earnest Partners LLC now owns 2,215,735 shares of the technology infrastructure company's stock worth $211,935,000 after purchasing an additional 58,013 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in shares of Akamai Technologies by 6.9% in the 4th quarter. Nordea Investment Management AB now owns 2,140,257 shares of the technology infrastructure company's stock valued at $205,743,000 after buying an additional 138,380 shares during the period. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

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.