On October 12, 2023, Congress Asset Management Co. MA announced a significant reduction in its holdings of Akamai Technologies, Inc. (NASDAQ:AKAM), according to its latest filing with the Securities and Exchange Commission. During the second quarter, the firm sold 312,581 shares of the technology infrastructure company’s stock, representing a decrease of 29.8%. As a result, Congress Asset Management Co. MA now owns 736,598 shares of Akamai Technologies, with a total value of $66,198,000 as indicated in its most recent SEC report.
Akamai Technologies recently released its quarterly earnings data on August 8th. The company’s reported earnings per share (EPS) for the quarter were $1.01. This figure missed analysts’ consensus estimates by ($0.10). Furthermore, the company generated revenue of $935.72 million for the same period. Analysts had estimated revenue to be approximately $931.52 million.
In terms of profitability indicators, Akamai Technologies has recorded a net margin of 12.64% and a return on equity (ROE) of 14.41%. These figures reflect the company’s ability to generate profit from each dollar invested and its financial performance overall.
Looking ahead to future projections for Akamai Technologies’ earnings per share for this year, analysts anticipate an average estimate of 4.43 EPS.
In other news related to insider trading activities within the company, Chief Operating Officer Adam Karon sold 10,500 shares of Akamai Technologies stock on July 27th at an average price of $95.00 per share. This transaction amounted to a total value of approximately $997,500.
Following this sale, Karon now directly owns 32,390 shares in Akamai Technologies valued at around $3,077,050.
Additionally, Executive Vice President Paul C. Joseph sold 4,000 shares of the company’s stock on September 15th at an average price of $105.67 per share. The total value of this transaction was approximately $422,680.
It is important to note that corporate insiders have been actively involved in selling Akamai Technologies’ stock over the past 90 days. A total of 44,946 shares have been sold by insiders, amounting to a value of $4,537,484. Currently, corporate insiders own around 1.80% of the company’s stock.
These recent developments in Akamai Technologies and Congress Asset Management Co. MA’s reduced holdings suggest a potential change in sentiment towards the technology infrastructure company. Investors may closely monitor how these events impact the company’s future performance and stock prices as they make their investment decisions.
Please note that all information provided is accurate as of October 12, 2023.
Recent Changes in Positions Show Confidence in Akamai Technologies’ Growth Potential
Akamai Technologies, a leading technology infrastructure company, has recently seen changes in its positions by several hedge funds and institutional investors. Ancora Advisors LLC raised its position in Akamai Technologies by 103.3% in the first quarter, now owning 250 shares valued at $25,000. Belpointe Asset Management LLC also increased their position by 50.1% during the same period, owning 509 shares worth $40,000. Dark Forest Capital Management LP saw a significant boost in holdings, with 524.7% growth in the first quarter, now owning 556 shares valued at $44,000. Covestor Ltd grew its position by 50.1%, owning 635 shares valued at $76,000. Lastly, Vigilant Capital Management LLC raised its stake by 40%, now holding 700 shares valued at $55,000.
These investments by institutional investors and hedge funds indicate their confidence in Akamai Technologies and its potential for future growth.
On October 12, 2023, Akamai Technologies’ stock traded down to $108.01 during mid-day trading with a volume of 565,780 shares compared to its average volume of 1,601,581 shares. The current trading price is slightly lower than the previous trading average of $109.22.
With a market capitalization of $16.39 billion and a beta of 0.75, Akamai Technologies operates within the technology sector and offers various solutions for content delivery networks and cloud services.
According to recent analyst reports on Bloomberg.com, Tigress Financial has restated a “strong-buy” rating with a price objective of $132.00 for Akamai Technologies’ stock on September 20th. TD Cowen raised their price objective from $107.00 to $112.00 while giving an “outperform” rating to the stock on August 16th. Evercore ISI also increased their target price from $105.00 to $115.00, giving the stock an “outperform” rating on August 9th. Royal Bank of Canada raised their price target from $85.00 to $97.00 and gave the company a “sector perform” rating on the same day. Lastly, Citigroup raised their target price from $98.00 to $105.00 and assigned a “neutral” rating to the stock on August 29th.
Overall, Akamai Technologies has received positive ratings and recommendations from analysts, with a majority assigning it a “Moderate Buy” rating and an average target price of $109.22.
Investors should consider these factors and conduct thorough analysis before making any investment decisions regarding Akamai Technologies’ stock.
Please note that this article is based on information as of October 12, 2023, and all figures are accurate as of that date.