Sequoia Financial Advisors LLC Sells 4,793 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Sequoia Financial Advisors LLC reduced its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 11.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,465 shares of the technology infrastructure company’s stock after selling 4,793 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Akamai Technologies were worth $3,966,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Akamai Technologies in the 4th quarter valued at approximately $325,242,000. FIL Ltd boosted its holdings in shares of Akamai Technologies by 14.5% in the 4th quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock valued at $174,248,000 after buying an additional 186,124 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Akamai Technologies by 23.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 912,409 shares of the technology infrastructure company’s stock valued at $107,984,000 after buying an additional 176,173 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Akamai Technologies by 12.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,339,978 shares of the technology infrastructure company’s stock valued at $158,596,000 after buying an additional 146,778 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Akamai Technologies by 36.1% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 456,858 shares of the technology infrastructure company’s stock valued at $541,000 after buying an additional 121,092 shares during the last quarter. 94.28% of the stock is owned by institutional investors.

Akamai Technologies Price Performance

Shares of NASDAQ AKAM traded up $0.14 during mid-day trading on Friday, reaching $90.47. The company had a trading volume of 880,916 shares, compared to its average volume of 1,398,586. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. Akamai Technologies, Inc. has a one year low of $87.59 and a one year high of $129.17. The firm has a market cap of $13.78 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 4.33 and a beta of 0.67. The business’s 50-day simple moving average is $92.98 and its 200 day simple moving average is $106.14.

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

Akamai Technologies declared that its board has approved 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 typically an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. StockNews.com downgraded Akamai Technologies from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Bank of America cut their price target on Akamai Technologies from $145.00 to $125.00 and set a “buy” rating for the company in a report on Friday, May 10th. TD Cowen cut their price target on Akamai Technologies from $130.00 to $129.00 and set a “buy” rating for the company in a report on Friday, May 10th. Craig Hallum cut their price target on Akamai Technologies from $120.00 to $110.00 and set a “hold” rating for the company in a report on Friday, May 10th. Finally, Susquehanna cut their price target on Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company in a report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $114.00.

Insider Buying and Selling at Akamai Technologies

In other 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 transaction of $467,900.00. Following the sale, the executive vice president now directly owns 9,938 shares in the company, valued at $929,998.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other 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 transaction of $467,900.00. Following the sale, the executive vice president now directly owns 9,938 shares in the company, valued at $929,998.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $88.34, for a total value of $265,020.00. Following the sale, the chief technology officer now owns 24,729 shares in the company, valued at $2,184,559.86. The disclosure for this sale can be found here. Insiders have sold a total of 9,000 shares of company stock worth $826,460 over the last 90 days. Insiders own 2.00% of the company’s stock.

About Akamai Technologies

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.