Akamai Technologies, Inc. (NASDAQ:AKAM) Stake Boosted by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC raised its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 20.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 171,923 shares of the technology infrastructure company’s stock after purchasing an additional 28,654 shares during the period. Akamai Technologies accounts for approximately 1.8% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 10th largest holding. Sawgrass Asset Management LLC’s holdings in Akamai Technologies were worth $16,444,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise boosted its holdings in Akamai Technologies by 86.9% in the third quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company’s stock worth $4,481,000 after acquiring an additional 20,633 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Akamai Technologies by 3.5% in the third quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company’s stock worth $20,236,000 after acquiring an additional 6,785 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Akamai Technologies by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company’s stock worth $90,083,000 after acquiring an additional 11,272 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in Akamai Technologies by 32.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company’s stock worth $19,018,000 after acquiring an additional 46,335 shares in the last quarter. Finally, Cascade Investment Advisors Inc. acquired a new stake in Akamai Technologies in the fourth quarter worth about $827,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Stock Performance

Shares of Akamai Technologies stock opened at $101.06 on Thursday. Akamai Technologies, Inc. has a 52 week low of $84.70 and a 52 week high of $126.78. The business’s fifty day simple moving average is $96.52 and its 200-day simple moving average is $97.85. The firm has a market cap of $15.18 billion, a PE ratio of 29.90, a price-to-earnings-growth ratio of 3.56 and a beta of 0.65. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.50.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Citigroup decreased their target price on Akamai Technologies from $104.00 to $102.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Evercore ISI reaffirmed an “outperform” rating and set a $110.00 target price on shares of Akamai Technologies in a report on Tuesday, December 17th. Hsbc Global Res raised Akamai Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Robert W. Baird decreased their target price on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, Oppenheimer raised Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 target price for the company in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $116.10.

Insider Activity

In related news, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $88.61, for a total transaction of $221,525.00. Following the completion of the transaction, the chief technology officer now directly owns 19,510 shares in the company, valued at $1,728,781.10. This trade represents a 11.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Paul C. Joseph sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $88.63, for a total value of $354,520.00. Following the transaction, the executive vice president now owns 26,703 shares of the company’s stock, valued at $2,366,686.89. This trade represents a 13.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,282 shares of company stock valued at $2,099,996 in the last quarter. Insiders own 1.80% of the company’s stock.

About Akamai Technologies

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.