Pacer Advisors Inc. grew its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 15.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 16,005 shares of the technology infrastructure company’s stock after purchasing an additional 2,098 shares during the quarter. Pacer Advisors Inc.’s holdings in Akamai Technologies were worth $1,283,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in AKAM. Squar Milner Financial Services LLC bought a new stake in Akamai Technologies in the second quarter worth $26,000. Redhawk Wealth Advisors Inc. bought a new stake in Akamai Technologies in the second quarter worth $30,000. Mcmillion Capital Management Inc. bought a new stake in Akamai Technologies in the second quarter worth $31,000. Motco bought a new stake in Akamai Technologies in the second quarter worth $34,000. Finally, Destination Wealth Management boosted its holdings in Akamai Technologies by 215.8% in the second quarter. Destination Wealth Management now owns 439 shares of the technology infrastructure company’s stock worth $35,000 after acquiring an additional 300 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have commented on the company. Zacks Investment Research raised Akamai Technologies from a “hold” rating to a “buy” rating and set a $84.00 target price on the stock in a report on Tuesday, June 25th. Craig Hallum set a $97.00 target price on Akamai Technologies and gave the stock a “buy” rating in a report on Wednesday, July 31st. B. Riley set a $102.00 target price on Akamai Technologies and gave the stock a “buy” rating in a report on Monday. Piper Jaffray Companies set a $97.00 target price on Akamai Technologies and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Cowen set a $93.00 target price on Akamai Technologies and gave the stock a “hold” rating in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Akamai Technologies has a consensus rating of “Buy” and an average price target of $87.81.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Tuesday, July 30th. The technology infrastructure company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.30. The firm had revenue of $705.07 million for the quarter, compared to the consensus estimate of $695.88 million. Akamai Technologies had a return on equity of 16.32% and a net margin of 15.12%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 earnings per share. Sell-side analysts predict that Akamai Technologies, Inc. will post 3.31 EPS for the current fiscal year.
In related news, CFO Edward J. Mcgowan sold 3,247 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $89.08, for a total transaction of $289,242.76. Following the completion of the sale, the chief financial officer now owns 8,795 shares in the company, valued at $783,458.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Adam Karon sold 3,500 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $85.00, for a total value of $297,500.00. Following the sale, the executive vice president now owns 9,418 shares of the company’s stock, valued at approximately $800,530. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate 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. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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