Eastern Bank Buys New Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Eastern Bank acquired a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 702 shares of the technology infrastructure company’s stock, valued at approximately $71,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of AKAM. V Square Quantitative Management LLC lifted its stake in shares of Akamai Technologies by 2.0% in the third quarter. V Square Quantitative Management LLC now owns 5,113 shares of the technology infrastructure company’s stock worth $516,000 after acquiring an additional 102 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in Akamai Technologies by 2.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 5,253 shares of the technology infrastructure company’s stock valued at $473,000 after buying an additional 118 shares during the last quarter. Garrison Asset Management LLC increased its holdings in Akamai Technologies by 0.6% in the second quarter. Garrison Asset Management LLC now owns 21,264 shares of the technology infrastructure company’s stock valued at $1,915,000 after buying an additional 120 shares during the last quarter. X Square Capital LLC increased its holdings in Akamai Technologies by 4.9% in the second quarter. X Square Capital LLC now owns 2,630 shares of the technology infrastructure company’s stock valued at $237,000 after buying an additional 122 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co increased its holdings in Akamai Technologies by 0.9% in the second quarter. Elo Mutual Pension Insurance Co now owns 13,904 shares of the technology infrastructure company’s stock valued at $1,252,000 after buying an additional 122 shares during the last quarter. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Price Performance

Shares of NASDAQ:AKAM opened at $101.97 on Friday. The company’s fifty day moving average is $100.99 and its two-hundred day moving average is $97.36. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.50. Akamai Technologies, Inc. has a 12-month low of $87.59 and a 12-month high of $129.17. The company has a market cap of $15.53 billion, a P/E ratio of 25.37, a price-to-earnings-growth ratio of 3.31 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.05. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The company had revenue of $979.60 million for the quarter, compared to the consensus estimate of $977.67 million. During the same period in the previous year, the business earned $1.01 EPS. The company’s revenue was up 4.7% on a year-over-year basis. Equities analysts expect that Akamai Technologies, Inc. will post 4.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on AKAM shares. Scotiabank upped their target price on Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a report on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and set a $115.00 target price on shares of Akamai Technologies in a report on Friday, August 9th. HSBC raised Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 target price for the company in a report on Wednesday, July 24th. Tigress Financial reaffirmed a “strong-buy” rating and set a $140.00 target price on shares of Akamai Technologies in a report on Thursday, August 29th. Finally, Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $125.00 in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $116.47.

Insider Transactions at Akamai Technologies

In other news, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the transaction, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the transaction, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the transaction, the executive vice president now directly owns 30,703 shares in the company, valued at $2,987,401.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,500 shares of company stock valued at $741,655. 1.80% of the stock is owned by insiders.

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.