Arrowstreet Capital Limited Partnership Sells 667,726 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Arrowstreet Capital Limited Partnership lowered its position in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 58.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 471,122 shares of the technology infrastructure company's stock after selling 667,726 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.31% of Akamai Technologies worth $45,063,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Public Sector Pension Investment Board boosted its stake in shares of Akamai Technologies by 8.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 6,475 shares of the technology infrastructure company's stock worth $654,000 after buying an additional 500 shares during the last quarter. Benjamin Edwards Inc. bought a new stake in Akamai Technologies during the third quarter worth $579,000. Centiva Capital LP purchased a new position in Akamai Technologies in the third quarter worth $325,000. Investment Management Corp of Ontario boosted its position in Akamai Technologies by 50.8% in the third quarter. Investment Management Corp of Ontario now owns 5,048 shares of the technology infrastructure company's stock worth $510,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Invenomic Capital Management LP increased its position in shares of Akamai Technologies by 252.2% during the 3rd quarter. Invenomic Capital Management LP now owns 175,984 shares of the technology infrastructure company's stock valued at $17,766,000 after purchasing an additional 126,021 shares during the last quarter. 94.28% of the stock is owned by institutional investors.

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Insider Transactions at Akamai Technologies

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total value of $366,280.00. Following the transaction, the executive vice president now directly owns 23,104 shares of the company's stock, valued at $2,115,633.28. The trade was a 14.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO F Thomson Leighton acquired 37,670 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were bought at an average cost of $79.58 per share, with a total value of $2,997,778.60. Following the purchase, the chief executive officer now owns 137,342 shares of the company's stock, valued at approximately $10,929,676.36. This trade represents a 37.79 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 35,394 shares of company stock valued at $3,019,323. Insiders own 1.80% of the company's stock.

Akamai Technologies Price Performance

NASDAQ AKAM traded down $5.09 during trading on Friday, reaching $73.69. The company's stock had a trading volume of 2,610,528 shares, compared to its average volume of 1,884,705. The firm has a fifty day moving average of $88.11 and a 200 day moving average of $94.01. Akamai Technologies, Inc. has a one year low of $73.42 and a one year high of $107.60. The stock has a market capitalization of $11.08 billion, a PE ratio of 22.60, a P/E/G ratio of 2.74 and a beta of 0.80. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.23 and a quick ratio of 1.33.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Raymond James cut their price target on shares of Akamai Technologies from $115.00 to $110.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. Scotiabank dropped their target price on shares of Akamai Technologies from $115.00 to $107.00 and set a "sector outperform" rating on the stock in a research note on Friday, February 21st. UBS Group began coverage on shares of Akamai Technologies in a research note on Monday, December 16th. They set a "neutral" rating and a $110.00 price target for the company. Craig Hallum downgraded Akamai Technologies from a "buy" rating to a "hold" rating and set a $90.00 price objective on the stock. in a research note on Friday, February 21st. Finally, Evercore ISI reissued an "outperform" rating and set a $110.00 price objective on shares of Akamai Technologies in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $106.55.

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.