Fifth Third Bancorp Sells 2,748 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Fifth Third Bancorp lessened its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 7.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,905 shares of the technology infrastructure company’s stock after selling 2,748 shares during the quarter. Fifth Third Bancorp’s holdings in Akamai Technologies were worth $2,810,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Akamai Technologies by 24.6% in the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 37,034 shares of the technology infrastructure company’s stock valued at $2,980,000 after purchasing an additional 7,300 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Akamai Technologies by 595.7% in the first quarter. Farther Finance Advisors LLC now owns 1,614 shares of the technology infrastructure company’s stock valued at $130,000 after purchasing an additional 1,382 shares during the last quarter. Park Avenue Securities LLC increased its holdings in Akamai Technologies by 8.7% in the first quarter. Park Avenue Securities LLC now owns 8,085 shares of the technology infrastructure company’s stock valued at $651,000 after purchasing an additional 647 shares during the last quarter. Davis Capital Management increased its holdings in Akamai Technologies by 15.8% in the first quarter. Davis Capital Management now owns 9,108 shares of the technology infrastructure company’s stock valued at $733,000 after purchasing an additional 1,245 shares during the last quarter. Finally, Czech National Bank increased its holdings in shares of Akamai Technologies by 5.9% in the first quarter. Czech National Bank now owns 34,504 shares of the technology infrastructure company’s stock worth $2,778,000 after acquiring an additional 1,931 shares in the last quarter. Institutional investors own 94.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AKAM shares. Piper Sandler restated a “neutral” rating and issued a $88.00 price target (up from $80.00) on shares of Akamai Technologies in a report on Friday, May 9th. Wall Street Zen upgraded Akamai Technologies from a “hold” rating to a “buy” rating in a report on Monday, May 12th. KeyCorp started coverage on Akamai Technologies in a report on Friday, June 6th. They issued an “underweight” rating and a $63.00 price target for the company. Citigroup lowered their price target on Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating for the company in a report on Monday, February 24th. Finally, Morgan Stanley lowered their price target on Akamai Technologies from $102.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $101.25.

Akamai Technologies Stock Performance

Shares of NASDAQ AKAM opened at $77.03 on Friday. The stock has a 50 day moving average price of $77.26 and a 200 day moving average price of $86.18. Akamai Technologies, Inc. has a 52 week low of $67.51 and a 52 week high of $106.80. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.33 and a current ratio of 1.23. The stock has a market capitalization of $11.26 billion, a PE ratio of 23.63, a price-to-earnings-growth ratio of 2.74 and a beta of 0.77.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 EPS for the quarter, beating the consensus estimate of $1.58 by $0.12. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the firm posted $1.64 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. Analysts predict that Akamai Technologies, Inc. will post 4.6 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Kim Salem-Jackson sold 13,157 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $76.33, for a total value of $1,004,273.81. Following the completion of the sale, the executive vice president now directly owns 43,575 shares of the company’s stock, valued at $3,326,079.75. This trade represents a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Adam Karon sold 3,927 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $85.02, for a total value of $333,873.54. Following the completion of the sale, the chief operating officer now directly owns 10,809 shares of the company’s stock, valued at approximately $918,981.18. The trade was a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Akamai Technologies Profile

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.