WASHINGTON TRUST Co Cuts Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

WASHINGTON TRUST Co cut its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 4.1% during the third quarter, HoldingsChannel.com reports. The firm owned 118,676 shares of the technology infrastructure company’s stock after selling 5,090 shares during the period. WASHINGTON TRUST Co’s holdings in Akamai Technologies were worth $11,980,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc increased its position in Akamai Technologies by 170.8% during the 2nd quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock valued at $28,000 after buying an additional 193 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Akamai Technologies in the 2nd quarter valued at approximately $28,000. EntryPoint Capital LLC acquired a new stake in Akamai Technologies in the 1st quarter worth approximately $31,000. Family Firm Inc. purchased a new stake in Akamai Technologies during the 2nd quarter worth approximately $35,000. Finally, Covestor Ltd increased its stake in Akamai Technologies by 224.6% during the 1st quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock valued at $48,000 after purchasing an additional 310 shares in the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Price Performance

AKAM stock traded up $0.18 during mid-day trading on Wednesday, reaching $103.14. 204,790 shares of the company’s stock were exchanged, compared to its average volume of 1,583,472. The company has a market cap of $15.63 billion, a price-to-earnings ratio of 25.49, a price-to-earnings-growth ratio of 3.31 and a beta of 0.68. Akamai Technologies, Inc. has a 12-month low of $87.59 and a 12-month high of $129.17. The stock’s 50 day moving average is $101.04 and its 200 day moving average is $97.21. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.53 by $0.05. The company had revenue of $979.60 million during the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 EPS. On average, research analysts expect that Akamai Technologies, Inc. will post 4.42 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AKAM shares. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price objective on the stock in a report on Monday, July 29th. HSBC raised Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective on the stock in a report on Wednesday, July 24th. Tigress Financial reaffirmed a “strong-buy” rating and set a $140.00 target price on shares of Akamai Technologies in a report on Thursday, August 29th. Piper Sandler reduced their price target on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Finally, Scotiabank increased their price objective on shares of Akamai Technologies from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.47.

Insider Buying and Selling

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the completion of the sale, the executive vice president now directly owns 30,703 shares in the company, valued at approximately $2,987,401.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the sale, the director now owns 16,719 shares of the company’s stock, valued at $1,684,104.87. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the sale, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,500 shares of company stock worth $741,655 in the last 90 days. Insiders own 2.00% of the company’s stock.

Akamai Technologies Company 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.