Pictet Asset Management Ltd. increased its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 0.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,751 shares of the technology infrastructure company’s stock after buying an additional 200 shares during the period. Pictet Asset Management Ltd. owned 0.05% of Akamai Technologies worth $5,478,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of AKAM. Advantage Investment Management LLC acquired a new position in shares of Akamai Technologies during the fourth quarter valued at $105,000. Acrospire Investment Management LLC raised its position in shares of Akamai Technologies by 16.7% in the third quarter. Acrospire Investment Management LLC now owns 2,100 shares of the technology infrastructure company’s stock valued at $111,000 after buying an additional 300 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Akamai Technologies during the first quarter valued at $111,000. Massmutual Trust Co. FSB ADV acquired a new position in shares of Akamai Technologies during the fourth quarter valued at $134,000. Finally, Whittier Trust Co. raised its position in shares of Akamai Technologies by 28.6% in the first quarter. Whittier Trust Co. now owns 2,251 shares of the technology infrastructure company’s stock valued at $134,000 after buying an additional 501 shares during the last quarter. Institutional investors and hedge funds own 91.07% of the company’s stock.
Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) traded up 1.266% during midday trading on Friday, hitting $47.595. 1,836,817 shares of the stock traded hands. Akamai Technologies, Inc. has a 1-year low of $46.90 and a 1-year high of $71.64. The company has a market capitalization of $8.23 billion, a P/E ratio of 26.008 and a beta of 0.95. The stock has a 50 day moving average of $56.50 and a 200 day moving average of $63.70.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Tuesday, May 2nd. The technology infrastructure company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $609.24 million for the quarter, compared to analysts’ expectations of $604.94 million. Akamai Technologies had a return on equity of 11.45% and a net margin of 13.51%. Equities research analysts predict that Akamai Technologies, Inc. will post $2.56 earnings per share for the current fiscal year.
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AKAM has been the topic of several recent research reports. Drexel Hamilton initiated coverage on shares of Akamai Technologies in a research report on Tuesday, March 21st. They set a “buy” rating and a $90.00 price objective on the stock. B. Riley reaffirmed a “buy” rating and set a $75.00 price objective on shares of Akamai Technologies in a research report on Thursday, March 16th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $74.00 price objective on shares of Akamai Technologies in a research report on Wednesday, February 8th. MKM Partners reaffirmed a “buy” rating and set a $79.00 price objective on shares of Akamai Technologies in a research report on Monday, April 3rd. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $73.00 price objective (down previously from $80.00) on shares of Akamai Technologies in a research report on Wednesday, May 3rd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $66.85.
In other news, Director Paul Sagan sold 18,666 shares of the stock in a transaction on Wednesday, April 12th. The stock was sold at an average price of $58.75, for a total transaction of $1,096,627.50. Following the sale, the director now directly owns 60,488 shares of the company’s stock, valued at approximately $3,553,670. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO James M. Benson sold 22,155 shares of the stock in a transaction on Monday, March 13th. The stock was sold at an average price of $65.00, for a total value of $1,440,075.00. Following the sale, the chief financial officer now directly owns 64,200 shares in the company, valued at $4,173,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 121,999 shares of company stock worth $7,813,255. 2.70% of the stock is currently owned by insiders.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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