Millennium Management LLC reduced its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 70.6% during the fourth quarter, HoldingsChannel reports. The firm owned 89,987 shares of the technology infrastructure company’s stock after selling 215,574 shares during the period. Millennium Management LLC’s holdings in Akamai Technologies were worth $5,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in AKAM. CenterStar Asset Management LLC bought a new position in shares of Akamai Technologies during the fourth quarter valued at $114,000. Avestar Capital LLC bought a new position in Akamai Technologies in the fourth quarter valued at about $131,000. Delpha Capital Management LLC bought a new position in Akamai Technologies in the fourth quarter valued at about $177,000. Wealth Architects LLC bought a new position in Akamai Technologies in the fourth quarter valued at about $202,000. Finally, Welch & Forbes LLC bought a new position in Akamai Technologies in the fourth quarter valued at about $203,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AKAM opened at $71.43 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.82 and a quick ratio of 2.82. The stock has a market capitalization of $12,141.51, a price-to-earnings ratio of 38.20, a P/E/G ratio of 2.51 and a beta of 0.67. Akamai Technologies, Inc. has a 52 week low of $44.65 and a 52 week high of $78.28.
Akamai Technologies announced that its board has initiated a stock repurchase program on Thursday, March 8th that allows the company to buyback $417.00 million in shares. This buyback authorization allows the technology infrastructure company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, insider Rick M. Mcconnell sold 12,618 shares of the stock in a transaction dated Wednesday, April 4th. The stock was sold at an average price of $69.76, for a total transaction of $880,231.68. Following the completion of the sale, the insider now owns 32,434 shares in the company, valued at $2,262,595.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Gemmell sold 8,430 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $67.00, for a total value of $564,810.00. The disclosure for this sale can be found here. Insiders have sold 34,427 shares of company stock valued at $2,388,359 in the last quarter. 3.20% of the stock is currently owned by company insiders.
A number of research firms have weighed in on AKAM. Credit Suisse Group reissued an “outperform” rating and issued a $88.00 target price (up previously from $78.00) on shares of Akamai Technologies in a report on Friday, March 9th. JPMorgan Chase raised Akamai Technologies from a “neutral” rating to an “overweight” rating and increased their target price for the company from $44.65 to $75.19 in a report on Friday, March 9th. Cowen raised Akamai Technologies from a “market perform” rating to an “outperform” rating in a report on Thursday, March 8th. KeyCorp raised Akamai Technologies from an “underweight” rating to a “sector weight” rating and set a $57.00 target price on the stock in a report on Thursday, March 15th. Finally, Zacks Investment Research downgraded Akamai Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, April 10th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Akamai Technologies presently has a consensus rating of “Buy” and an average price target of $69.96.
Akamai Technologies Company Profile
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.
Want to see what other hedge funds are holding AKAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Akamai Technologies, Inc. (NASDAQ:AKAM).
Receive News & Ratings for Akamai Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akamai Technologies and related companies with MarketBeat.com's FREE daily email newsletter.