Sawgrass Asset Management LLC Sells 3,814 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Sawgrass Asset Management LLC cut its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 113,877 shares of the technology infrastructure company’s stock after selling 3,814 shares during the period. Akamai Technologies comprises about 1.5% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 19th largest position. Sawgrass Asset Management LLC owned 0.08% of Akamai Technologies worth $13,477,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Duality Advisers LP bought a new position in shares of Akamai Technologies during the 4th quarter worth $476,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in shares of Akamai Technologies in the 4th quarter valued at about $1,184,000. RWA Wealth Partners LLC bought a new position in shares of Akamai Technologies during the fourth quarter valued at approximately $4,441,000. Quadrature Capital Ltd purchased a new position in Akamai Technologies during the third quarter valued at approximately $4,238,000. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in Akamai Technologies during the fourth quarter worth $1,879,000. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Stock Performance

NASDAQ:AKAM traded up $0.45 during mid-day trading on Wednesday, hitting $102.12. The company’s stock had a trading volume of 1,719,149 shares, compared to its average volume of 1,588,139. The business’s fifty day moving average is $105.97 and its two-hundred day moving average is $112.03. The stock has a market cap of $15.47 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 2.81 and a beta of 0.72. Akamai Technologies, Inc. has a 1 year low of $78.48 and a 1 year high of $129.17. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.16 and a quick ratio of 2.16.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Tuesday, February 13th. The technology infrastructure company reported $1.69 EPS for the quarter, topping the consensus estimate of $1.59 by $0.10. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. The firm had revenue of $995.00 million for the quarter, compared to analyst estimates of $999.09 million. During the same period last year, the company earned $1.01 earnings per share. Akamai Technologies’s revenue for the quarter was up 7.2% compared to the same quarter last year. Analysts anticipate that Akamai Technologies, Inc. will post 4.84 EPS for the current fiscal year.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, EVP Anthony P. Williams sold 4,500 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $108.73, for a total value of $489,285.00. Following the completion of the transaction, the executive vice president now owns 14,938 shares in the company, valued at $1,624,208.74. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Akamai Technologies news, COO Adam Karon sold 8,394 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $108.26, for a total transaction of $908,734.44. Following the completion of the transaction, the chief operating officer now directly owns 21,046 shares in the company, valued at $2,278,439.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Anthony P. Williams sold 4,500 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $108.73, for a total transaction of $489,285.00. Following the sale, the executive vice president now directly owns 14,938 shares of the company’s stock, valued at approximately $1,624,208.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,753 shares of company stock worth $3,368,303. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AKAM. JPMorgan Chase & Co. upped their price objective on Akamai Technologies from $78.00 to $81.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 14th. HSBC downgraded shares of Akamai Technologies from a “hold” rating to a “reduce” rating and lowered their target price for the company from $109.00 to $96.00 in a research note on Thursday, February 15th. Royal Bank of Canada reiterated a “sector perform” rating and set a $115.00 price objective on shares of Akamai Technologies in a report on Wednesday, February 14th. StockNews.com raised Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, January 25th. Finally, Piper Sandler raised their price target on Akamai Technologies from $130.00 to $136.00 and gave the stock an “overweight” rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.60.

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.