Sawgrass Asset Management LLC Acquires 60,241 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Sawgrass Asset Management LLC increased its position in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 72.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 143,269 shares of the technology infrastructure company's stock after purchasing an additional 60,241 shares during the quarter. Akamai Technologies makes up about 1.5% of Sawgrass Asset Management LLC's portfolio, making the stock its 21st biggest position. Sawgrass Asset Management LLC owned approximately 0.09% of Akamai Technologies worth $14,463,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in AKAM. Farther Finance Advisors LLC lifted its stake 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 valued at $25,000 after buying an additional 114 shares during 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 purchasing an additional 193 shares in the last quarter. Innealta Capital LLC purchased a new stake in Akamai Technologies in the 2nd quarter worth about $28,000. EntryPoint Capital LLC purchased a new stake in shares of Akamai Technologies during the first quarter valued at approximately $31,000. Finally, Family Firm Inc. bought a new position in shares of Akamai Technologies during the second quarter valued at $35,000. 94.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Tigress Financial reaffirmed a "strong-buy" rating and issued a $140.00 price target on shares of Akamai Technologies in a report on Thursday, August 29th. HSBC raised Akamai Technologies from a "hold" rating to a "buy" rating and set a $121.00 target price for the company in a research report on Monday, November 11th. Guggenheim raised shares of Akamai Technologies from a "neutral" rating to a "buy" rating and set a $128.00 price target for the company in a report on Monday, July 29th. TD Cowen boosted their target price on shares of Akamai Technologies from $129.00 to $131.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Finally, Hsbc Global Res upgraded shares of Akamai Technologies from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $117.47.

Akamai Technologies Stock Down 1.0 %

Shares of NASDAQ AKAM traded down $0.92 during mid-day trading on Friday, reaching $87.43. 2,616,717 shares of the company's stock were exchanged, compared to its average volume of 2,213,016. The firm has a market capitalization of $13.13 billion, a price-to-earnings ratio of 25.87, a PEG ratio of 3.33 and a beta of 0.68. The business has a fifty day simple moving average of $99.84 and a 200 day simple moving average of $96.76. Akamai Technologies, Inc. has a twelve month low of $86.78 and a twelve month high of $129.17. The company has a current ratio of 1.33, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50.

Insider Buying and Selling

In other news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the sale, the director now owns 16,719 shares in the company, valued at approximately $1,684,104.87. This represents a 5.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $97.30, for a total transaction of $389,200.00. Following the completion of the sale, the executive vice president now owns 30,703 shares of the company's stock, valued at $2,987,401.90. This trade represents a 11.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,500 shares of company stock valued at $1,065,975. 1.80% of the stock is owned by insiders.

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.