Lmcg Investments LLC, being a prominent player in the investment sector, recently announced its increased position in the technology infrastructure company Akamai Technologies, Inc. with a 5.1% increase as per the most recent 13F filing made with the Securities & Exchange Commission. It now owns over 100,000 shares of the company’s stock worth a hefty sum of $8,744,000. This development has stirred some interest within the investment community as it signals confidence in the performance and future prospects of Akamai Technologies.
This is not just an arbitrary move by Lmcg Investments LLC as it is supported by Akamai Technologies’ impressive financial results for its fourth quarter that ended on February 14th, 2023. The tech infrastructure company recorded $1.37 EPS for Q4, which beat analysts’ estimates by $0.11 per share. Furthermore, they also recorded revenue amounting to $927.78 million for Q4, which exceeded analyst expectations of $904.80 million.
Akamai Technologies enables cloud services and provides solutions to customers seeking to secure their online presence and achieve enhanced web performance while delivering content and applications online effortlessly over the internet without latency or security concerns.
The current fiscal year is projected to see robust earnings numbers for Akamai Technologies as equities research analysts forecast that they will post earnings amounting to 4.27 per share for this particular year. This result would mark a considerable improvement from their previous year when Akamai Technologies earned just $1.26 per share during the same period.
With this new injection of funds into Akamai Technologies from Lmcg Investments LLC’s increased position announcement and impressive financial results over several previous quarters coupled with bullish forecasts for rest of year earnings projections; it’s no surprise that investors are keen on this fast-growing technology firm moving forward.
For these reasons and more, both potential and existing investors should keep an eye on Akamai Technologies developments in the coming months.
Akamai Technologies’ Stocks and Investors, Recent Activity, and Future Outlook
Akamai Technologies, Inc. is a leading technology infrastructure company that specializes in cloud-based services for optimizing, securing, and delivering content over the Internet. As of May 1, 2023, several institutional investors and hedge funds have recently bought and sold shares of the company, including Heritage Wealth Advisors, Oak Thistle LLC, Robinson Value Management Ltd., Phoenix Wealth Advisors, and Westpac Banking Corp. These investors now own 90.41% of Akamai Technologies’ stock.
Despite having a trading volume of 251,968 shares on Friday with a current market cap of $12.74 billion, Akamai Technologies’ stock price traded down by $0.23 to hit $81.49 per share. The company’s P/E ratio is currently 27.52%, and its P/E/G ratio stands at 1.84%. Its beta is 0.81%.
Akamai Technologies was founded by Frank T. Leighton, Jonathan Seelig, and Randall S., offering products that include security services to manage cyber threats and web performance analytics to optimize website content delivery speed.
In recent news involving the company’s stocks activity: EVP Paul C. Joseph sold 1,500 shares in January; COO Adam Karon also sold stocks for thousands of dollars in February; now insiders have acquired more than eight thousand shares as well as sold over thirty-five thousand shares worth millions.
Several brokerages recently commented on AKAM’s stocks such as Royal Bank of Canada who cut its rating from outperform to sector perform and lowered their target price from $100 to $85 per share in February last year; Piper Sandler upgraded it from neutral to overweight rating with a set price objective of $93 per share in April last year while Cowen cut their target price from $137 to $105 per share but maintained an outperform rating in February last year among others.
Finally ending with Bloomberg’s report stating that the stock has an average rating of “Moderate Buy,” and a consensus price target of $100.18 per share.
