Rhumbline Advisers Reduces Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Rhumbline Advisers lessened its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 5.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 276,705 shares of the technology infrastructure company's stock after selling 14,684 shares during the quarter. Rhumbline Advisers owned about 0.18% of Akamai Technologies worth $26,467,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of AKAM. Farther Finance Advisors LLC grew its holdings in Akamai Technologies by 85.7% in the third 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 during the period. Bruce G. Allen Investments LLC grew its holdings in Akamai Technologies by 38.8% in the fourth quarter. Bruce G. Allen Investments LLC now owns 554 shares of the technology infrastructure company's stock worth $53,000 after purchasing an additional 155 shares during the period. Eastern Bank purchased a new stake in Akamai Technologies in the third quarter worth about $71,000. Covestor Ltd grew its holdings in shares of Akamai Technologies by 67.7% during the third quarter. Covestor Ltd now owns 887 shares of the technology infrastructure company's stock valued at $90,000 after buying an additional 358 shares during the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new stake in shares of Akamai Technologies during the third quarter valued at approximately $102,000. Hedge funds and other institutional investors own 94.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AKAM. TD Cowen cut shares of Akamai Technologies from a "buy" rating to a "hold" rating and cut their price target for the company from $125.00 to $98.00 in a report on Friday. Royal Bank of Canada cut their price target on shares of Akamai Technologies from $100.00 to $90.00 and set a "sector perform" rating on the stock in a report on Friday. Robert W. Baird cut their price target on shares of Akamai Technologies from $120.00 to $115.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. Piper Sandler cut shares of Akamai Technologies from an "overweight" rating to a "neutral" rating and cut their price target for the company from $112.00 to $100.00 in a report on Friday. Finally, Citigroup cut their price target on shares of Akamai Technologies from $104.00 to $102.00 and set a "neutral" rating on the stock in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.90.

Insider Activity

In related news, Director William Raymond Wagner sold 1,000 shares of the firm's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $93.38, for a total transaction of $93,380.00. Following the completion of the transaction, the director now directly owns 15,719 shares of the company's stock, valued at approximately $1,467,840.22. This trade represents a 5.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Edward J. Mcgowan sold 10,782 shares of the firm's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $98.71, for a total transaction of $1,064,291.22. Following the transaction, the chief financial officer now directly owns 12,716 shares of the company's stock, valued at $1,255,196.36. The trade was a 45.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,782 shares of company stock worth $1,523,951 in the last three months. Company insiders own 1.80% of the company's stock.

Akamai Technologies Price Performance

Shares of AKAM stock traded down $20.42 on Friday, hitting $77.61. 14,360,198 shares of the stock traded hands, compared to its average volume of 2,113,771. The firm has a market cap of $11.66 billion, a price-to-earnings ratio of 22.97, a PEG ratio of 3.58 and a beta of 0.65. Akamai Technologies, Inc. has a 52 week low of $77.35 and a 52 week high of $113.36. The firm has a 50 day simple moving average of $96.60 and a two-hundred day simple moving average of $97.96. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The technology infrastructure company reported $1.19 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.33). The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. Akamai Technologies had a net margin of 13.27% and a return on equity of 14.63%. As a group, equities research analysts predict that Akamai Technologies, Inc. will post 4.28 earnings per share for the current fiscal year.

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.