Congress Asset Management Co. Sells 727 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Congress Asset Management Co. cut its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 13.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,863 shares of the technology infrastructure company’s stock after selling 727 shares during the quarter. Congress Asset Management Co.’s holdings in Akamai Technologies were worth $491,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AKAM. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its position in shares of Akamai Technologies by 7.8% in the third quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 7,032 shares of the technology infrastructure company’s stock worth $710,000 after purchasing an additional 507 shares during the period. Smithbridge Asset Management Inc. DE boosted its stake in Akamai Technologies by 75.7% during the third quarter. Smithbridge Asset Management Inc. DE now owns 35,517 shares of the technology infrastructure company’s stock valued at $3,585,000 after buying an additional 15,303 shares during the last quarter. IVC Wealth Advisors LLC purchased a new position in Akamai Technologies during the 3rd quarter valued at approximately $226,000. DekaBank Deutsche Girozentrale increased its stake in Akamai Technologies by 2.7% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 520,665 shares of the technology infrastructure company’s stock worth $52,613,000 after acquiring an additional 13,570 shares during the last quarter. Finally, Boston Trust Walden Corp raised its holdings in shares of Akamai Technologies by 28.9% during the 3rd quarter. Boston Trust Walden Corp now owns 315,946 shares of the technology infrastructure company’s stock worth $31,895,000 after acquiring an additional 70,868 shares in the last quarter. 94.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $100.69, for a total transaction of $251,725.00. Following the transaction, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the transaction, the chief technology officer now directly owns 22,010 shares in the company, valued at approximately $2,216,186.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction that occurred 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 transaction, the director now directly owns 16,719 shares in the company, valued at approximately $1,684,104.87. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,500 shares of company stock worth $741,655. 1.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AKAM has been the topic of several research reports. TD Cowen boosted their price target on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Guggenheim upgraded shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 target price on the stock in a report on Monday, July 29th. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 target price on shares of Akamai Technologies in a research report on Thursday, August 15th. Craig Hallum upgraded Akamai Technologies from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $125.00 in a research report on Friday, August 9th. Finally, Piper Sandler decreased their price objective on Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.47.

Akamai Technologies Price Performance

Akamai Technologies stock opened at $100.57 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market cap of $15.24 billion, a price-to-earnings ratio of 24.89, a price-to-earnings-growth ratio of 3.27 and a beta of 0.68. The firm has a 50-day moving average of $101.00 and a two-hundred day moving average of $97.26. Akamai Technologies, Inc. has a 1 year low of $87.59 and a 1 year high of $129.17.

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

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.