Victory Capital Management Inc. trimmed its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 99.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,403 shares of the technology infrastructure company’s stock after selling 5,061,676 shares during the quarter. Victory Capital Management Inc.’s holdings in Akamai Technologies were worth $3,321,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC raised its position in shares of Akamai Technologies by 729.0% during the 2nd quarter. Janus Henderson Group PLC now owns 1,162,103 shares of the technology infrastructure company’s stock valued at $85,101,000 after buying an additional 1,021,926 shares during the period. First Trust Advisors LP raised its position in shares of Akamai Technologies by 18.1% during the 3rd quarter. First Trust Advisors LP now owns 4,554,723 shares of the technology infrastructure company’s stock valued at $333,178,000 after buying an additional 699,457 shares during the period. Robeco Institutional Asset Management B.V. raised its position in shares of Akamai Technologies by 237.9% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 693,349 shares of the technology infrastructure company’s stock valued at $50,772,000 after buying an additional 488,170 shares during the period. KBC Group NV raised its position in shares of Akamai Technologies by 488.0% during the 2nd quarter. KBC Group NV now owns 567,665 shares of the technology infrastructure company’s stock valued at $41,570,000 after buying an additional 471,120 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Akamai Technologies by 283.5% during the 3rd quarter. Bank of Montreal Can now owns 562,035 shares of the technology infrastructure company’s stock valued at $41,113,000 after buying an additional 415,497 shares during the period. 90.50% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently commented on AKAM shares. TheStreet raised shares of Akamai Technologies from a “c+” rating to a “b-” rating in a research report on Friday, November 16th. Deutsche Bank reduced their price target on shares of Akamai Technologies and set a “hold” rating on the stock in a research report on Thursday, October 4th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Akamai Technologies in a research report on Monday, October 1st. BidaskClub lowered shares of Akamai Technologies from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 9th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $77.00 price target on shares of Akamai Technologies in a research report on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $80.44.
Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The company had revenue of $669.63 million for the quarter, compared to analyst estimates of $664.17 million. Akamai Technologies had a return on equity of 12.06% and a net margin of 8.39%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.62 earnings per share. Analysts predict that Akamai Technologies, Inc. will post 2.66 earnings per share for the current fiscal year.
Akamai Technologies declared that its board has approved a stock buyback program on Monday, October 29th that allows the company to repurchase $1.10 billion in shares. This repurchase authorization allows the technology infrastructure company to reacquire up to 10.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Akamai Technologies news, SVP Aaron Ahola sold 1,123 shares of the business’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $73.63, for a total value of $82,686.49. Following the completion of the transaction, the senior vice president now owns 4,035 shares in the company, valued at $297,097.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul Sagan sold 55,500 shares of the business’s stock in a transaction on Friday, November 9th. The stock was sold at an average price of $70.46, for a total transaction of $3,910,530.00. Following the completion of the transaction, the director now owns 59,678 shares of the company’s stock, valued at approximately $4,204,911.88. The disclosure for this sale can be found here. In the last three months, insiders sold 64,545 shares of company stock worth $4,567,902. 3.20% of the stock is owned by corporate insiders.
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Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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