Financial services

Prospera Financial Services Inc completes new $104,000 investment in Akamai Technologies, Inc. (NASDAQ: AKAM)


Prospera Financial Services Inc. bought a new position in Akamai Technologies, Inc. (NASDAQ: AKAM – Get Rating) in Q1, according to its most recent disclosure to the Securities & Exchange Commission. The fund bought 870 shares of the technology infrastructure company, valued at around $104,000.

Several other large investors also bought and sold shares of AKAM. Lombard Odier Asset Management Europe Ltd increased its stake in Akamai Technologies by 10,159.2% in the fourth quarter. Lombard Odier Asset Management Europe Ltd now owns 54,504,000 shares of the technology infrastructure company worth $63,892,000 after buying an additional 53,972,730 shares in the last quarter. Champlain Investment Partners LLC purchased a new stock position in Akamai Technologies during the fourth quarter, valued at approximately $154,558,000. Assenagon Asset Management SA increased its equity stake in Akamai Technologies by 892.9% during the first quarter. Assenagon Asset Management SA now owns 628,180 shares of the technology infrastructure company valued at $74,998,000 after purchasing an additional 564,910 shares in the last quarter. Korea Investment CORP increased its equity stake in Akamai Technologies by 516.9% during the fourth quarter. Korea Investment CORP now owns 383,105 shares of the technology infrastructure company valued at $44,839,000 after buying an additional 321,000 shares in the last quarter. Finally, Alliancebernstein LP increased its equity stake in Akamai Technologies by 15.8% during the fourth quarter. Alliancebernstein LP now owns 2,259,687 shares of the technology infrastructure company valued at $264,474,000 after buying 308,711 additional shares in the last quarter. 91.05% of the shares are held by hedge funds and other institutional investors.

Akamai Technologies Stock Performance

AKAM opened at $96.28 on Friday. The company has a market capitalization of $15.43 billion, a P/E ratio of 25.88, a PEG ratio of 1.88 and a beta of 0.64. Akamai Technologies, Inc. has a 1-year minimum of $85.90 and a 1-year maximum of $123.25. The company has a 50-day simple moving average of $93.72 and a two-hundred-day simple moving average of $104.83. The company has a debt ratio of 0.53, a current ratio of 1.68 and a quick ratio of 1.68.

Akamai Technologies (NASDAQ:AKAM – Get Rating) last released its quarterly results on Tuesday, May 3. The technology infrastructure company reported earnings per share of $1.12 for the quarter, missing analyst consensus estimates of $1.13 per ($0.01). The company posted revenue of $903.65 million in the quarter, versus a consensus estimate of $904.89 million. Akamai Technologies achieved a return on equity of 17.42% and a net margin of 17.46%. The company’s revenue for the quarter increased by 7.2% compared to the same quarter last year. In the same quarter of the previous year, the company had earned earnings per share of $1.10. Stock analysts expect Akamai Technologies, Inc. to post earnings per share of 4.25 for the current fiscal year.

Insiders place their bets

Separately, CTO Robert Blumofe sold 5,000 shares of the company in a trade on Friday, May 13. The shares were sold at an average price of $97.68, for a total transaction of $488,400.00. Following the completion of the transaction, the chief technology officer now owns 19,725 shares of the company, valued at $1,926,738. The sale was disclosed in a document filed with the SEC, which is available via this hyperlink. Separately, CTO Robert Blumofe sold 5,000 shares of the company in a trade on Friday, May 13. The shares were sold at an average price of $97.68, for a total transaction of $488,400.00. Following the completion of the transaction, the chief technology officer now owns 19,725 shares of the company, valued at $1,926,738. The sale was disclosed in a document filed with the SEC, which is available via this hyperlink. Additionally, Executive Vice President Paul C. Joseph sold 12,500 shares of the company in a trade on Tuesday, May 10. The stock was sold at an average price of $95.22, for a total transaction of $1,190,250.00. Following the transaction, the executive vice president now owns 32,573 shares of the company, valued at approximately $3,101,601.06. The disclosure of this sale can be found here. Insiders of the company own 1.70% of the shares of the company.

Changes to analyst ratings

AKAM has been the subject of several research reports. Piper Sandler cut her price target on Akamai Technologies shares from $118.00 to $102.00 and set a “neutral” rating for the company in a Wednesday, July 6 report. Cowen cut his price target on Akamai Technologies shares from $186.00 to $164.00 in a Wednesday, May 4 report. Citigroup cut shares of Akamai Technologies from a “buy” rating to a “neutral” rating and lowered its price target for the company from $118.00 to $105.00 in a Friday, July 22 report. Raymond James cut his price target on Akamai Technologies shares from $118.00 to $115.00 in a Wednesday May 4 research report. Finally, Royal Bank of Canada reduced its target price on Akamai Technologies shares from $140.00 to $135.00 in a Wednesday, May 4 research report. One financial analyst has assigned the stock a sell rating, six have issued a hold rating and five have assigned the company’s stock a buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $121.91.

Akamai Technologies Company Profile

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Akamai Technologies, Inc. provides cloud services to secure, deliver, and optimize content and business applications on the Internet in the United States and around the world. The company offers cloud solutions to protect infrastructure, websites, applications, application programming interfaces and users against various cyberattacks and online threats while improving performance.

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Institutional ownership by quarter for Akamai Technologies (NASDAQ: AKAM)



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