King Luther Capital Management Corp Reduces Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

King Luther Capital Management Corp reduced its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 13.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,175,681 shares of the technology infrastructure company's stock after selling 183,082 shares during the period. King Luther Capital Management Corp owned 0.78% of Akamai Technologies worth $118,685,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AKAM. Farther Finance Advisors LLC lifted its holdings in Akamai Technologies by 85.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company's stock worth $25,000 after purchasing an additional 114 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Akamai Technologies by 170.8% during the 2nd quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company's stock valued at $28,000 after acquiring an additional 193 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Akamai Technologies during the 2nd quarter valued at approximately $28,000. EntryPoint Capital LLC bought a new position in shares of Akamai Technologies during the 1st quarter valued at approximately $31,000. Finally, Family Firm Inc. bought a new position in shares of Akamai Technologies during the 2nd quarter valued at approximately $35,000. 94.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. DA Davidson reiterated a "buy" rating and set a $115.00 target price on shares of Akamai Technologies in a research report on Friday, August 9th. TD Cowen increased their price target on Akamai Technologies from $129.00 to $131.00 and gave the company a "buy" rating in a report on Friday, August 9th. Craig Hallum upgraded Akamai Technologies from a "hold" rating to a "buy" rating and increased their price target for the company from $110.00 to $125.00 in a report on Friday, August 9th. Guggenheim upgraded Akamai Technologies from a "neutral" rating to a "buy" rating and set a $128.00 price target on the stock in a report on Monday, July 29th. Finally, HSBC upgraded Akamai Technologies from a "hold" rating to a "buy" rating and set a $121.00 target price on the stock in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Akamai Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $117.47.

Insiders Place Their Bets

In other news, EVP Paul C. Joseph sold 4,000 shares of the firm's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the transaction, the executive vice president now directly owns 30,703 shares in the company, valued at $2,987,401.90. This trade represents a 11.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the firm's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $88.61, for a total value of $221,525.00. Following the completion of the transaction, the chief technology officer now owns 19,510 shares of the company's stock, valued at approximately $1,728,781.10. The trade was a 11.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,500 shares of company stock valued at $1,065,975. 2.00% of the stock is currently owned by corporate insiders.

Akamai Technologies Price Performance

Shares of NASDAQ AKAM opened at $87.96 on Thursday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market cap of $13.21 billion, a PE ratio of 26.02, a P/E/G ratio of 3.33 and a beta of 0.68. The business has a 50-day simple moving average of $99.33 and a two-hundred day simple moving average of $96.48. Akamai Technologies, Inc. has a fifty-two week low of $84.70 and a fifty-two week high of $129.17.

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.

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