Carnegie Investment Counsel Sells 5,196 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Carnegie Investment Counsel lessened its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 73,490 shares of the technology infrastructure company's stock after selling 5,196 shares during the period. Carnegie Investment Counsel's holdings in Akamai Technologies were worth $7,029,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in Akamai Technologies by 25.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company's stock worth $156,088,000 after purchasing an additional 347,626 shares during the period. Geode Capital Management LLC raised its holdings in Akamai Technologies by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company's stock worth $423,066,000 after buying an additional 202,746 shares during the period. Empyrean Capital Partners LP acquired a new stake in shares of Akamai Technologies during the second quarter worth approximately $15,314,000. Distillate Capital Partners LLC acquired a new stake in Akamai Technologies in the second quarter valued at approximately $14,130,000. Finally, Retirement Systems of Alabama raised its holdings in Akamai Technologies by 20.0% during the third quarter. Retirement Systems of Alabama now owns 837,155 shares of the technology infrastructure company's stock valued at $84,511,000 after buying an additional 139,760 shares in the last quarter. Institutional investors and hedge funds own 94.28% of the company's stock.

Analyst Ratings Changes

AKAM has been the topic of a number of recent research reports. 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. UBS Group began coverage on Akamai Technologies in a research note on Monday, December 16th. They set a "neutral" rating and a $110.00 price objective for the company. Citigroup cut their price target on shares of Akamai Technologies from $104.00 to $102.00 and set a "neutral" rating for the company in a report on Friday. HSBC upgraded Akamai Technologies from a "hold" rating to a "buy" rating and set a $121.00 target price on the stock in a report on Monday, November 11th. Finally, Robert W. Baird reduced their price objective on Akamai Technologies from $120.00 to $115.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Akamai Technologies has an average rating of "Moderate Buy" and an average price target of $116.10.

Insiders Place Their Bets

In related news, CFO Edward J. Mcgowan sold 10,782 shares of Akamai Technologies stock in a transaction on Monday, December 16th. The stock was sold at an average price of $98.71, for a total transaction of $1,064,291.22. Following the sale, the chief financial officer now directly owns 12,716 shares in the company, valued at approximately $1,255,196.36. This trade represents a 45.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William Raymond Wagner sold 1,000 shares of the company's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $93.38, for a total transaction of $93,380.00. Following the sale, the director now directly owns 15,719 shares in the company, valued at approximately $1,467,840.22. This trade represents a 5.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,282 shares of company stock worth $2,099,996 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Akamai Technologies Stock Performance

Shares of Akamai Technologies stock traded up $0.51 on Friday, hitting $91.01. The stock had a trading volume of 2,346,395 shares, compared to its average volume of 1,235,796. The business's 50 day moving average is $94.02 and its two-hundred day moving average is $97.32. The stock has a market cap of $13.67 billion, a price-to-earnings ratio of 26.93, a price-to-earnings-growth ratio of 3.17 and a beta of 0.64. Akamai Technologies, Inc. has a twelve month low of $84.70 and a twelve month high of $129.17. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.50.

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.