Hartford Investment Management Co. Acquires 3,062 Shares of Akamai Technologies, Inc. (AKAM)
Hartford Investment Management Co. grew its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 14.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,985 shares of the technology infrastructure company’s stock after purchasing an additional 3,062 shares during the period. Hartford Investment Management Co.’s holdings in Akamai Technologies were worth $1,828,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of AKAM. Exane Derivatives acquired a new stake in shares of Akamai Technologies in the third quarter valued at approximately $101,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Akamai Technologies in the second quarter valued at approximately $102,000. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Akamai Technologies by 291.6% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,762 shares of the technology infrastructure company’s stock valued at $128,000 after purchasing an additional 1,312 shares during the last quarter. Whittier Trust Co. raised its holdings in shares of Akamai Technologies by 61.7% in the second quarter. Whittier Trust Co. now owns 2,266 shares of the technology infrastructure company’s stock valued at $138,000 after purchasing an additional 865 shares during the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Akamai Technologies in the second quarter valued at approximately $142,000. Institutional investors own 90.50% of the company’s stock.
Several equities analysts recently weighed in on AKAM shares. BidaskClub cut shares of Akamai Technologies from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. Zacks Investment Research reissued a “strong-buy” rating and issued a $83.00 target price on shares of Akamai Technologies in a research note on Monday, November 12th. B. Riley raised their target price on shares of Akamai Technologies from $97.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, October 30th. TheStreet raised shares of Akamai Technologies from a “c+” rating to a “b-” rating in a research note on Friday, November 16th. Finally, ValuEngine cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. Akamai Technologies presently has a consensus rating of “Buy” and an average target price of $80.44.
AKAM stock opened at $66.67 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.03 and a quick ratio of 2.03. Akamai Technologies, Inc. has a one year low of $54.39 and a one year high of $83.08. The firm has a market cap of $11.12 billion, a price-to-earnings ratio of 35.09, a P/E/G ratio of 1.75 and a beta of 0.56.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Monday, October 29th. The technology infrastructure company reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.11. Akamai Technologies had a net margin of 8.39% and a return on equity of 12.06%. The firm had revenue of $669.63 million during the quarter, compared to analysts’ expectations of $664.17 million. During the same period in the previous year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Akamai Technologies, Inc. will post 2.66 earnings per share for the current fiscal year.
Akamai Technologies declared that its board has approved a share buyback plan on Monday, October 29th that authorizes the company to repurchase $1.10 billion in shares. This repurchase authorization authorizes the technology infrastructure company to buy up to 10.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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