Akamai Technologies Inc. (AKAM) Stake Held by Icon Advisers Inc. Co.
Icon Advisers Inc. Co. continued to hold its position in shares of Akamai Technologies Inc. (NASDAQ:AKAM) during the third quarter, Holdings Channel reports. The fund owned 42,000 shares of the technology infrastructure company’s stock at the end of the third quarter. Icon Advisers Inc. Co.’s holdings in Akamai Technologies were worth $2,226,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA bought a new position in shares of Akamai Technologies during the second quarter worth $73,367,000. Capital World Investors increased its position in shares of Akamai Technologies by 8.1% in the second quarter. Capital World Investors now owns 15,028,695 shares of the technology infrastructure company’s stock worth $840,555,000 after buying an additional 1,126,696 shares during the period. William Blair Investment Management LLC increased its position in shares of Akamai Technologies by 19.7% in the second quarter. William Blair Investment Management LLC now owns 4,428,561 shares of the technology infrastructure company’s stock worth $247,689,000 after buying an additional 728,294 shares during the period. PGGM Investments bought a new position in shares of Akamai Technologies during the second quarter worth $30,442,000. Finally, Obermeyer Wood Investment Counsel Lllp bought a new position in shares of Akamai Technologies during the second quarter worth $26,058,000. Hedge funds and other institutional investors own 90.41% of the company’s stock.
Shares of Akamai Technologies Inc. (NASDAQ:AKAM) traded up 1.68% during trading on Tuesday, reaching $67.28. 1,897,794 shares of the company’s stock were exchanged. The stock has a market cap of $11.66 billion, a P/E ratio of 38.21 and a beta of 0.94. The company has a 50 day moving average of $63.16 and a 200 day moving average of $55.98. Akamai Technologies Inc. has a 12-month low of $39.43 and a 12-month high of $71.04.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Tuesday, October 25th. The technology infrastructure company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. Akamai Technologies had a net margin of 13.59% and a return on equity of 11.61%. The business earned $584.10 million during the quarter, compared to analysts’ expectations of $571.92 million. During the same period last year, the business earned $0.62 earnings per share. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. Equities research analysts anticipate that Akamai Technologies Inc. will post $2.66 EPS for the current year.
A number of brokerages have commented on AKAM. B. Riley reaffirmed a “buy” rating and set a $75.00 target price on shares of Akamai Technologies in a report on Thursday, October 27th. Wells Fargo & Co. reaffirmed an “outperform” rating and set a $72.50 target price (up from $60.50) on shares of Akamai Technologies in a report on Wednesday, October 26th. Deutsche Bank AG upped their target price on shares of Akamai Technologies from $70.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 26th. Cowen and Company reaffirmed a “market perform” rating on shares of Akamai Technologies in a report on Thursday, October 27th. Finally, Royal Bank Of Canada upped their target price on shares of Akamai Technologies from $59.00 to $67.00 and gave the company a “sector perform” rating in a report on Wednesday, October 26th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $62.97.
In related news, CEO F Thomson Leighton purchased 19,468 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was acquired at an average cost of $51.36 per share, for a total transaction of $999,876.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Sagan sold 23,255 shares of Akamai Technologies stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $51.33, for a total transaction of $1,193,679.15. Following the sale, the director now owns 65,077 shares of the company’s stock, valued at $3,340,402.41. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
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