Congress Asset Management Co. Reduces Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Congress Asset Management Co. reduced its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 13.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 quarter.

Several other hedge funds have also recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in Akamai Technologies by 25.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock valued at $156,088,000 after acquiring an additional 347,626 shares in the last quarter. Champlain Investment Partners LLC boosted its stake in shares of Akamai Technologies by 19.6% during the 1st quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock valued at $147,308,000 after purchasing an additional 222,290 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Akamai Technologies by 409.2% during the first quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company’s stock valued at $26,977,000 after buying an additional 199,334 shares during the period. Empyrean Capital Partners LP bought a new position in Akamai Technologies in the second quarter worth about $15,314,000. Finally, Renaissance Technologies LLC lifted its holdings in Akamai Technologies by 33.3% in the second quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company’s stock worth $58,678,000 after buying an additional 162,700 shares during the period. 94.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $97.30, for a total value of $389,200.00. Following the transaction, the executive vice president now owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were 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 owns 30,703 shares of the company’s stock, valued at $2,987,401.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total transaction 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 trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,500 shares of company stock worth $741,655 in the last ninety days. Insiders own 1.80% of the company’s stock.

Akamai Technologies Price Performance

NASDAQ AKAM opened at $100.57 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $15.24 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 3.27 and a beta of 0.68. The stock has a 50-day moving average of $101.00 and a 200 day moving average of $97.26. Akamai Technologies, Inc. has a one year low of $87.59 and a one year high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data 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 analysts’ expectations of $977.67 million. During the same period in the previous year, the company earned $1.01 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts forecast that Akamai Technologies, Inc. will post 4.42 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on AKAM shares. HSBC raised Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 target price for the company in a research report on Wednesday, July 24th. Piper Sandler dropped their target price on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. Craig Hallum raised shares of Akamai Technologies from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.00 to $125.00 in a research report on Friday, August 9th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price objective on shares of Akamai Technologies in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.47.

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.