Akamai Technologies, Inc. (AKAM) Holdings Cut by Kovack Advisors Inc.

Kovack Advisors Inc. lowered its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 5.5% during the first quarter, HoldingsChannel reports. The firm owned 13,964 shares of the technology infrastructure company’s stock after selling 818 shares during the period. Kovack Advisors Inc.’s holdings in Akamai Technologies were worth $991,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. IFP Advisors Inc boosted its position in Akamai Technologies by 143.4% during the first quarter. IFP Advisors Inc now owns 1,743 shares of the technology infrastructure company’s stock worth $124,000 after purchasing an additional 1,027 shares in the last quarter. Avestar Capital LLC purchased a new position in shares of Akamai Technologies in the fourth quarter valued at approximately $131,000. We Are One Seven LLC purchased a new position in shares of Akamai Technologies in the fourth quarter valued at approximately $160,000. Delpha Capital Management LLC purchased a new position in shares of Akamai Technologies in the fourth quarter valued at approximately $177,000. Finally, Synovus Financial Corp purchased a new position in shares of Akamai Technologies in the first quarter valued at approximately $188,000. Institutional investors own 91.53% of the company’s stock.

NASDAQ:AKAM opened at $80.95 on Thursday. Akamai Technologies, Inc. has a one year low of $44.65 and a one year high of $81.38. The company has a market capitalization of $13.52 billion, a P/E ratio of 42.61, a P/E/G ratio of 2.25 and a beta of 0.64.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Monday, April 30th. The technology infrastructure company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.09. The company had revenue of $669.00 million during the quarter, compared to analysts’ expectations of $654.37 million. Akamai Technologies had a return on equity of 10.04% and a net margin of 7.46%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 earnings per share. research analysts forecast that Akamai Technologies, Inc. will post 2.45 EPS for the current year.

Akamai Technologies announced that its board has initiated a stock repurchase program on Thursday, March 8th that allows the company to buyback $417.00 million in shares. This buyback authorization allows the technology infrastructure company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Several research firms have recently weighed in on AKAM. TheStreet upgraded Akamai Technologies from a “c+” rating to a “b-” rating in a research report on Wednesday, May 9th. Zacks Investment Research upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Friday, May 4th. ValuEngine upgraded Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. FBN Securities raised their target price on Akamai Technologies to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, May 1st. Finally, Morgan Stanley raised their target price on Akamai Technologies from $75.00 to $82.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $73.91.

In other Akamai Technologies news, EVP Robert Blumofe sold 8,379 shares of the firm’s stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $70.81, for a total transaction of $593,316.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William Wheaton sold 5,000 shares of the firm’s stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $80.05, for a total value of $400,250.00. Following the sale, the insider now directly owns 22,437 shares of the company’s stock, valued at approximately $1,796,081.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,879 shares of company stock valued at $3,600,647. 3.20% of the stock is owned by insiders.

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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Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

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