WASHINGTON TRUST Co Sells 5,090 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

WASHINGTON TRUST Co lowered its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 118,676 shares of the technology infrastructure company’s stock after selling 5,090 shares during the period. WASHINGTON TRUST Co owned 0.08% of Akamai Technologies worth $11,980,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Versant Capital Management Inc lifted its holdings 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 worth $28,000 after purchasing an additional 193 shares in the last quarter. Innealta Capital LLC bought a new position in Akamai Technologies during the 2nd quarter worth approximately $28,000. EntryPoint Capital LLC bought a new position in shares of Akamai Technologies in the first quarter worth approximately $31,000. Family Firm Inc. purchased a new position in shares of Akamai Technologies in the second quarter valued at about $35,000. Finally, Covestor Ltd increased its holdings 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 during the period. 94.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction dated 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 $2,216,186.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the 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 sale, the chief technology officer now owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $100,730.00. Following the completion of the transaction, the director now owns 16,719 shares in the company, valued at $1,684,104.87. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,500 shares of company stock worth $741,655. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AKAM has been the subject of several research reports. Piper Sandler decreased 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 note on Monday, July 15th. Tigress Financial reiterated a “strong-buy” rating and issued a $140.00 price target on shares of Akamai Technologies in a research note on Thursday, August 29th. Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $125.00 in a report on Friday, August 9th. Scotiabank increased their price target on shares of Akamai Technologies from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research report on Friday, August 9th. Finally, DA Davidson reissued a “buy” rating and set a $115.00 price objective on shares of Akamai Technologies in a research report 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 given a strong buy rating to the stock. According to MarketBeat, Akamai Technologies has a consensus rating of “Moderate Buy” and an average price target of $116.47.

Akamai Technologies Trading Up 0.2 %

Akamai Technologies stock traded up $0.18 during trading hours on Wednesday, hitting $103.14. The company had a trading volume of 204,790 shares, compared to its average volume of 1,583,472. The firm has a market cap of $15.63 billion, a P/E ratio of 25.49, a P/E/G ratio of 3.31 and a beta of 0.68. The company has a 50-day moving average price of $101.04 and a two-hundred day moving average price of $97.21. Akamai Technologies, Inc. has a 1 year low of $87.59 and a 1 year high of $129.17. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32.

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

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.