Pier 88 Investment Partners LLC Purchases 2,900 Shares of Akamai Technologies, Inc. (AKAM)
Pier 88 Investment Partners LLC raised its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 383.1% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 3,657 shares of the technology infrastructure company’s stock after buying an additional 2,900 shares during the period. Pier 88 Investment Partners LLC’s holdings in Akamai Technologies were worth $182,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. Advisory Services Network LLC acquired a new stake in Akamai Technologies during the first quarter worth about $111,000. Whittier Trust Co. boosted its stake in Akamai Technologies by 28.6% in the first quarter. Whittier Trust Co. now owns 2,251 shares of the technology infrastructure company’s stock worth $134,000 after buying an additional 501 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in Akamai Technologies by 79.4% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,332 shares of the technology infrastructure company’s stock worth $139,000 after buying an additional 1,032 shares during the last quarter. SpiderRock Advisors LLC acquired a new stake in Akamai Technologies during the first quarter worth about $145,000. Finally, Creative Planning boosted its stake in Akamai Technologies by 27.2% in the first quarter. Creative Planning now owns 2,674 shares of the technology infrastructure company’s stock worth $160,000 after buying an additional 572 shares during the last quarter. 87.16% of the stock is owned by institutional investors.
Akamai Technologies, Inc. (NASDAQ:AKAM) traded down 0.19% during midday trading on Tuesday, hitting $51.67. The company had a trading volume of 109,827 shares. Akamai Technologies, Inc. has a 52 week low of $46.81 and a 52 week high of $71.64. The firm has a market capitalization of $8.93 billion, a P/E ratio of 28.23 and a beta of 0.67. The firm’s 50 day moving average is $48.87 and its 200-day moving average is $60.06.
Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Tuesday, May 2nd. The technology infrastructure company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.01. The business had revenue of $609.24 million for the quarter, compared to analysts’ expectations of $604.94 million. Akamai Technologies had a return on equity of 11.31% and a net margin of 13.53%. On average, equities research analysts expect that Akamai Technologies, Inc. will post $2.55 EPS for the current fiscal year.
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AKAM has been the subject of a number of recent analyst reports. B. Riley reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Akamai Technologies in a research report on Wednesday, May 3rd. MKM Partners reaffirmed a “buy” rating and issued a $79.00 price objective on shares of Akamai Technologies in a research report on Monday, April 3rd. Drexel Hamilton initiated coverage on Akamai Technologies in a research report on Tuesday, March 21st. They issued a “buy” rating and a $90.00 price objective for the company. Deutsche Bank AG reaffirmed a “buy” rating and issued a $73.00 price objective (down from $80.00) on shares of Akamai Technologies in a research report on Wednesday, May 3rd. Finally, TheStreet cut Akamai Technologies from a “b-” rating to a “c” rating in a research report on Wednesday, May 31st. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $64.74.
In related news, Director Paul Sagan sold 17,889 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $49.53, for a total value of $886,042.17. Following the transaction, the director now owns 64,147 shares of the company’s stock, valued at $3,177,200.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO F Thomson Leighton bought 19,817 shares of Akamai Technologies stock in a transaction that occurred on Friday, July 14th. The stock was purchased at an average cost of $50.45 per share, for a total transaction of $999,767.65. Following the purchase, the chief executive officer now owns 205,861 shares of the company’s stock, valued at $10,385,687.45. The disclosure for this purchase can be found here. In the last three months, insiders purchased 61,410 shares of company stock worth $2,999,444. 3.20% of the stock is owned by insiders.
Akamai Technologies Company Profile
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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