BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Decreases Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 20.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 216,974 shares of the technology infrastructure company’s stock after selling 55,799 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.14% of Akamai Technologies worth $20,754,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in AKAM. Itau Unibanco Holding S.A. lifted its position in shares of Akamai Technologies by 99.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 469 shares of the technology infrastructure company’s stock valued at $45,000 after acquiring an additional 234 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Akamai Technologies in the fourth quarter worth about $49,000. Wolverine Asset Management LLC purchased a new position in shares of Akamai Technologies in the fourth quarter worth about $57,000. LRI Investments LLC boosted its position in Akamai Technologies by 500.0% during the fourth quarter. LRI Investments LLC now owns 624 shares of the technology infrastructure company’s stock worth $60,000 after acquiring an additional 520 shares during the last quarter. Finally, TCTC Holdings LLC grew its stake in Akamai Technologies by 17.0% during the 4th quarter. TCTC Holdings LLC now owns 702 shares of the technology infrastructure company’s stock valued at $67,000 after acquiring an additional 102 shares in the last quarter. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Akamai Technologies Stock Performance

NASDAQ:AKAM opened at $76.42 on Thursday. Akamai Technologies, Inc. has a fifty-two week low of $67.51 and a fifty-two 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 company has a 50 day moving average price of $78.14 and a 200 day moving average price of $88.10. The stock has a market capitalization of $11.17 billion, a P/E ratio of 23.44, a PEG ratio of 2.74 and a beta of 0.82.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 EPS for the quarter, topping 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 business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the business posted $1.64 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Equities research analysts forecast that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AKAM. Citigroup lowered their target price on Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, February 24th. Scotiabank lowered their price objective on Akamai Technologies from $107.00 to $105.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 9th. JPMorgan Chase & Co. dropped their target price on Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating for the company in a report on Friday, February 21st. StockNews.com upgraded Akamai Technologies from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Finally, Oppenheimer assumed coverage on shares of Akamai Technologies in a research report on Thursday, March 20th. They set an “outperform” rating and a $100.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.26.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Aaron Ahola sold 4,000 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $80.92, for a total value of $323,680.00. Following the completion of the transaction, the executive vice president now owns 25,211 shares in the company, valued at $2,040,074.12. The trade was a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Adam Karon sold 3,927 shares of the stock in a transaction 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 owns 10,809 shares in the company, 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 have sold 35,321 shares of company stock worth $2,986,916 over the last three months. Company insiders own 2.00% of the company’s stock.

Akamai Technologies Company 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.