Akamai Technologies, Inc. (NASDAQ:AKAM) Shares Bought by Garner Asset Management Corp

Garner Asset Management Corp boosted its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 13.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,062 shares of the technology infrastructure company’s stock after acquiring an additional 245 shares during the quarter. Garner Asset Management Corp’s holdings in Akamai Technologies were worth $224,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AKAM. Cibc World Markets Corp grew its stake in shares of Akamai Technologies by 131.6% in the fourth quarter. Cibc World Markets Corp now owns 19,433 shares of the technology infrastructure company’s stock valued at $2,300,000 after buying an additional 11,044 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Akamai Technologies by 190.3% in the fourth quarter. Franklin Resources Inc. now owns 73,579 shares of the technology infrastructure company’s stock valued at $8,708,000 after buying an additional 48,236 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Akamai Technologies by 3.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 480,908 shares of the technology infrastructure company’s stock valued at $56,915,000 after buying an additional 15,890 shares in the last quarter. TKG Advisors LLC acquired a new stake in shares of Akamai Technologies in the fourth quarter valued at $3,245,000. Finally, RWA Wealth Partners LLC acquired a new stake in shares of Akamai Technologies in the fourth quarter valued at $4,441,000. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Stock Performance

Shares of Akamai Technologies stock traded down $2.84 on Thursday, hitting $95.44. The stock had a trading volume of 1,223,408 shares, compared to its average volume of 1,652,459. Akamai Technologies, Inc. has a 52-week low of $87.59 and a 52-week 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 stock has a market cap of $14.54 billion, a price-to-earnings ratio of 24.45, a P/E/G ratio of 4.69 and a beta of 0.67. The company’s 50 day moving average price is $92.24 and its 200 day moving average price is $103.29.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.03. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. The business had revenue of $986.97 million during the quarter, compared to the consensus estimate of $989.03 million. During the same period in the previous year, the business earned $1.01 EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis. On average, research analysts anticipate that Akamai Technologies, Inc. will post 4.38 EPS for the current year.

Akamai Technologies declared that its board has initiated a stock buyback program on Thursday, May 9th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology infrastructure company to reacquire up to 13.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Akamai Technologies

In related news, EVP Anthony P. Williams sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now owns 9,938 shares in the company, valued at approximately $929,998.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Anthony P. Williams sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now owns 9,938 shares in the company, valued at approximately $929,998.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO F Thomson Leighton purchased 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average price of $92.68 per share, for a total transaction of $2,038,960.00. Following the transaction, the chief executive officer now directly owns 2,342,621 shares in the company, valued at $217,114,114.28. The disclosure for this purchase can be found here. Insiders have sold 9,000 shares of company stock worth $826,460 in the last quarter. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada decreased their target price on Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating for the company in a report on Friday, May 10th. Robert W. Baird decreased their target price on Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating for the company in a report on Friday, May 10th. HSBC upgraded Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 target price for the company in a report on Wednesday, July 24th. Guggenheim upgraded Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 target price for the company in a report on Monday. Finally, Hsbc Global Res upgraded Akamai Technologies from a “moderate sell” rating to a “hold” rating in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.44.

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.