Shares of Akamai Technologies Inc. (NASDAQ:AKAM) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $54.35, but opened at $54.94. Akamai Technologies shares last traded at $56.08, with a volume of 992,816 shares trading hands.

Specifically, EVP James Gemmell sold 1,869 shares of Akamai Technologies stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $50.45, for a total value of $94,291.05. Following the transaction, the executive vice president now owns 7,148 shares in the company, valued at approximately $360,616.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Blumofe sold 2,000 shares of Akamai Technologies stock in a transaction on Monday, August 1st. The stock was sold at an average price of $50.56, for a total transaction of $101,120.00. Following the completion of the transaction, the executive vice president now owns 22,415 shares in the company, valued at approximately $1,133,302.40. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Several research firms have recently issued reports on AKAM. Zacks Investment Research upgraded shares of Akamai Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, September 27th. Pacific Crest restated a “buy” rating and set a $71.00 price objective on shares of Akamai Technologies in a report on Monday, July 11th. SunTrust Banks Inc. began coverage on shares of Akamai Technologies in a report on Thursday, July 21st. They set a “buy” rating and a $66.00 price objective on the stock. Piper Jaffray Cos. restated a “buy” rating and set a $64.00 price objective on shares of Akamai Technologies in a report on Tuesday, August 9th. Finally, Mizuho restated a “buy” rating and set a $65.00 price objective on shares of Akamai Technologies in a report on Monday, October 3rd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Akamai Technologies currently has a consensus rating of “Hold” and an average price target of $61.50.

The stock has a 50 day moving average of $53.56 and a 200 day moving average of $53.21. The company has a market capitalization of $9.77 billion, a P/E ratio of 30.69 and a beta of 1.49.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Tuesday, July 26th. The technology infrastructure company reported $0.64 earnings per share for the quarter, meeting the consensus estimate of $0.64. The company earned $572 million during the quarter, compared to analyst estimates of $574.86 million. Akamai Technologies had a net margin of 14.31% and a return on equity of 11.82%. Akamai Technologies’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 EPS. On average, analysts expect that Akamai Technologies Inc. will post $2.57 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in AKAM. Acrospire Investment Management LLC raised its stake in shares of Akamai Technologies by 100.0% in the second quarter. Acrospire Investment Management LLC now owns 1,800 shares of the technology infrastructure company’s stock worth $101,000 after buying an additional 900 shares during the period. Advisory Services Network LLC raised its stake in shares of Akamai Technologies by 10.6% in the second quarter. Advisory Services Network LLC now owns 1,825 shares of the technology infrastructure company’s stock worth $102,000 after buying an additional 175 shares during the period. Mizuho Asset Management Co. Ltd. raised its stake in shares of Akamai Technologies by 142.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,659 shares of the technology infrastructure company’s stock worth $149,000 after buying an additional 1,562 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in shares of Akamai Technologies by 10.0% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,750 shares of the technology infrastructure company’s stock worth $154,000 after buying an additional 250 shares during the period. Finally, Checchi Capital Advisers LLC raised its stake in shares of Akamai Technologies by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 2,834 shares of the technology infrastructure company’s stock worth $159,000 after buying an additional 24 shares during the period. Institutional investors own 89.89% 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.

5 Day Chart for NASDAQ:AKAM

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