Wilbanks Smith & Thomas Asset Management LLC Invests $228,000 in Akamai Technologies, Inc. (AKAM)
Wilbanks Smith & Thomas Asset Management LLC bought a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 4,580 shares of the technology infrastructure company’s stock, valued at approximately $228,000.
Other hedge funds have also made changes to their positions in the company. FTB Advisors Inc. raised its stake in shares of Akamai Technologies by 2.4% during the 2nd quarter. FTB Advisors Inc. now owns 2,538 shares of the technology infrastructure company’s stock worth $125,000 after buying an additional 59 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in shares of Akamai Technologies by 79.4% during the 1st 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 period. Tobam acquired a new position in shares of Akamai Technologies during the 2nd quarter worth approximately $153,000. Pier 88 Investment Partners LLC raised its stake in shares of Akamai Technologies by 383.1% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 3,657 shares of the technology infrastructure company’s stock worth $182,000 after buying an additional 2,900 shares during the period. Finally, FNY Partners Fund LP acquired a new position in shares of Akamai Technologies during the 1st quarter worth approximately $202,000. 84.49% of the stock is owned by institutional investors and hedge funds.
In other news, insider Rick M. Mcconnell sold 7,579 shares of Akamai Technologies stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $51.00, for a total value of $386,529.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frederic V. Salerno acquired 5,000 shares of the stock in a transaction dated Thursday, July 27th. The stock was acquired at an average cost of $46.83 per share, with a total value of $234,150.00. Following the transaction, 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. 3.20% of the stock is owned by insiders.
Several brokerages have recently weighed in on AKAM. B. Riley reaffirmed a “buy” rating and set a $60.00 target price on shares of Akamai Technologies in a research note on Friday, July 28th. Instinet reaffirmed a “neutral” rating and set a $47.00 target price on shares of Akamai Technologies in a research note on Friday, October 6th. DA Davidson set a $57.00 target price on Akamai Technologies and gave the stock a “hold” rating in a research note on Thursday. Guggenheim raised Akamai Technologies from a “neutral” rating to a “buy” rating and upped their target price for the stock from $53.00 to $54.00 in a research note on Monday, October 2nd. Finally, BidaskClub downgraded Akamai Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 19th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $59.64.
Shares of Akamai Technologies, Inc. (AKAM) traded up 0.36% during mid-day trading on Friday, reaching $50.70. The company’s stock had a trading volume of 157,864 shares. Akamai Technologies, Inc. has a 1-year low of $44.65 and a 1-year high of $71.64. The company’s 50-day moving average is $47.86 and its 200 day moving average is $50.74. The firm has a market capitalization of $8.69 billion, a P/E ratio of 28.95 and a beta of 0.65.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, July 25th. The technology infrastructure company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The company had revenue of $608.90 million during the quarter, compared to analysts’ expectations of $604.51 million. Akamai Technologies had a return on equity of 10.97% and a net margin of 12.67%. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. On average, analysts expect that Akamai Technologies, Inc. will post $2.52 earnings per share for the current year.
Akamai Technologies 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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