Oak Associates Ltd. OH Reduces Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Oak Associates Ltd. OH reduced its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 9.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 145,263 shares of the technology infrastructure company’s stock after selling 15,000 shares during the quarter. Oak Associates Ltd. OH owned about 0.10% of Akamai Technologies worth $13,085,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in AKAM. Vanguard Group Inc. lifted its holdings in Akamai Technologies by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 17,763,963 shares of the technology infrastructure company’s stock valued at $1,932,009,000 after purchasing an additional 124,359 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of Akamai Technologies by 1.1% during the first quarter. Nordea Investment Management AB now owns 2,935,648 shares of the technology infrastructure company’s stock valued at $319,751,000 after buying an additional 32,000 shares during the period. Norges Bank acquired a new stake in Akamai Technologies during the fourth quarter worth approximately $325,242,000. Earnest Partners LLC grew its stake in Akamai Technologies by 7.6% in the 1st quarter. Earnest Partners LLC now owns 2,102,926 shares of the technology infrastructure company’s stock worth $228,714,000 after acquiring an additional 149,042 shares during the period. Finally, FIL Ltd grew its stake in Akamai Technologies by 14.5% in the 4th quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock worth $174,248,000 after acquiring an additional 186,124 shares during the period. Institutional investors and hedge funds own 94.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AKAM. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 price objective on shares of Akamai Technologies in a report on Thursday, August 15th. Guggenheim raised Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target on the stock in a research note on Monday, July 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a research note on Friday, August 9th. HSBC upgraded shares of Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective on the stock in a report on Wednesday, July 24th. Finally, Tigress Financial restated a “strong-buy” rating and issued a $140.00 target price on shares of Akamai Technologies in a report on Thursday, August 29th. 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 given a strong buy rating to the company. According to data from MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $116.47.

Akamai Technologies Stock Performance

Shares of NASDAQ:AKAM opened at $98.53 on Friday. The company has a market cap of $14.93 billion, a P/E ratio of 24.51, a PEG ratio of 3.10 and a beta of 0.68. Akamai Technologies, Inc. has a one year low of $87.59 and a one year high of $129.17. The business’s 50-day simple moving average is $97.60 and its 200 day simple moving average is $98.76. 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 posted its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.05. The business had revenue of $979.60 million for the quarter, compared to analysts’ expectations of $977.67 million. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 earnings per share. On average, sell-side analysts forecast that Akamai Technologies, Inc. will post 4.42 earnings per share for the current fiscal year.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. The sale was disclosed in a legal filing with the SEC, which is available through 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 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 approximately $2,216,186.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 16,719 shares of the company’s stock, valued at $1,684,104.87. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,500 shares of company stock valued at $741,655. 1.80% of the stock is currently owned by insiders.

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.