Rafferty Asset Management LLC Increases Stake in Akamai Technologies, Inc. (AKAM)
Rafferty Asset Management LLC grew its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 63.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 28,891 shares of the technology infrastructure company’s stock after acquiring an additional 11,202 shares during the period. Rafferty Asset Management LLC’s holdings in Akamai Technologies were worth $1,439,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Akamai Technologies by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 16,138,401 shares of the technology infrastructure company’s stock valued at $963,462,000 after acquiring an additional 476,166 shares during the last quarter. Clearbridge Investments LLC increased its holdings in Akamai Technologies by 13.1% in the first quarter. Clearbridge Investments LLC now owns 6,177,452 shares of the technology infrastructure company’s stock valued at $368,794,000 after purchasing an additional 717,811 shares during the period. First Trust Advisors LP increased its holdings in Akamai Technologies by 41.8% in the second quarter. First Trust Advisors LP now owns 4,849,323 shares of the technology infrastructure company’s stock valued at $241,545,000 after purchasing an additional 1,428,886 shares during the period. Blue Harbour Group L.P. increased its holdings in Akamai Technologies by 15.4% in the first quarter. Blue Harbour Group L.P. now owns 2,855,493 shares of the technology infrastructure company’s stock valued at $170,473,000 after purchasing an additional 381,300 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Akamai Technologies by 49.0% in the first quarter. AQR Capital Management LLC now owns 2,544,899 shares of the technology infrastructure company’s stock valued at $151,931,000 after purchasing an additional 836,384 shares during the period. Institutional investors own 84.49% of the company’s stock.
Akamai Technologies, Inc. (NASDAQ AKAM) opened at 48.33 on Friday. The stock has a market capitalization of $8.28 billion, a price-to-earnings ratio of 27.60 and a beta of 0.64. The stock’s 50 day moving average is $46.54 and its 200-day moving average is $52.35. Akamai Technologies, Inc. has a 52-week low of $44.65 and a 52-week high of $71.64.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Tuesday, July 25th. The technology infrastructure company reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $608.90 million during the quarter, compared to analysts’ expectations of $604.51 million. Akamai Technologies had a net margin of 12.67% and a return on equity of 10.97%. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 earnings per share. Equities research analysts anticipate that Akamai Technologies, Inc. will post $2.52 EPS for the current fiscal year.
In other news, CEO F Thomson Leighton acquired 21,554 shares of Akamai Technologies stock in a transaction dated Tuesday, August 15th. The stock was purchased at an average cost of $46.91 per share, with a total value of $1,011,098.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frederic V. Salerno acquired 5,000 shares of Akamai Technologies stock in a transaction dated Thursday, July 27th. The stock was purchased at an average cost of $46.83 per share, with a total value of $234,150.00. Following the completion of the purchase, the director now owns 62,192 shares of the company’s stock, valued at $2,912,451.36. The disclosure for this purchase can be found here. Over the last three months, insiders bought 46,371 shares of company stock valued at $2,245,016. Corporate insiders own 3.20% of the company’s stock.
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A number of analysts recently weighed in on AKAM shares. TheStreet downgraded Akamai Technologies from a “b-” rating to a “c” rating in a report on Wednesday, May 31st. B. Riley restated a “buy” rating and issued a $66.00 price objective on shares of Akamai Technologies in a report on Tuesday, June 6th. BidaskClub upgraded Akamai Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 27th. Goldman Sachs Group, Inc. (The) restated a “sell” rating and issued a $46.00 price objective (down from $52.00) on shares of Akamai Technologies in a report on Friday, June 30th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $70.00 price objective (down from $73.00) on shares of Akamai Technologies in a report on Monday, July 17th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $61.50.
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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