Sompo Asset Management Co. Ltd. Has $903,000 Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Sompo Asset Management Co. Ltd. reduced its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 62.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,630 shares of the technology infrastructure company’s stock after selling 12,853 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Akamai Technologies were worth $903,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Planned Solutions Inc. acquired a new stake in Akamai Technologies during the 4th quarter worth approximately $37,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Akamai Technologies during the 4th quarter worth approximately $43,000. Bruce G. Allen Investments LLC acquired a new stake in Akamai Technologies during the 4th quarter worth approximately $44,000. Headinvest LLC acquired a new stake in Akamai Technologies during the 3rd quarter worth approximately $40,000. Finally, Lindbrook Capital LLC raised its holdings in Akamai Technologies by 43.7% during the 4th quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock worth $49,000 after purchasing an additional 125 shares during the last quarter. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Akamai Technologies Stock Down 0.9 %

NASDAQ AKAM traded down $0.84 during mid-day trading on Friday, hitting $89.18. The company’s stock had a trading volume of 1,472,732 shares, compared to its average volume of 2,247,439. The company’s 50 day simple moving average is $98.77 and its 200 day simple moving average is $109.77. Akamai Technologies, Inc. has a twelve month low of $86.94 and a twelve month high of $129.17. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $13.58 billion, a price-to-earnings ratio of 22.18, a PEG ratio of 4.22 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.03. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The business had revenue of $986.97 million during the quarter, compared to the consensus estimate of $989.03 million. During the same quarter last year, the firm posted $1.01 EPS. Akamai Technologies’s revenue was up 7.8% compared to the same quarter last year. Analysts anticipate that Akamai Technologies, Inc. will post 4.47 earnings per share for the current year.

Akamai Technologies declared that its Board of Directors has authorized a share buyback program on Thursday, May 9th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the technology infrastructure company to purchase up to 13.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

AKAM has been the subject of several analyst reports. StockNews.com lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a report on Friday, May 17th. HSBC lowered shares of Akamai Technologies from a “hold” rating to a “reduce” rating and lowered their price target for the stock from $109.00 to $96.00 in a report on Thursday, February 15th. Piper Sandler lowered their price target on shares of Akamai Technologies from $136.00 to $114.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, KeyCorp lowered their price target on shares of Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies has an average rating of “Hold” and an average price target of $114.00.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the transaction, the director now directly owns 14,519 shares of the company’s stock, valued at approximately $1,358,107.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Akamai Technologies news, EVP Anthony P. Williams sold 4,500 shares of Akamai Technologies stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $108.73, for a total transaction of $489,285.00. Following the transaction, the executive vice president now directly owns 14,938 shares of the company’s stock, valued at approximately $1,624,208.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $93.54, for a total transaction of $93,540.00. Following the transaction, the director now directly owns 14,519 shares in the company, valued at $1,358,107.26. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,243 shares of company stock valued at $3,534,693. 1.80% of the stock is owned by company insiders.

Akamai Technologies 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.