Mackenzie Financial Corp Increases Stock Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Mackenzie Financial Corp raised its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,427,580 shares of the technology infrastructure company’s stock after purchasing an additional 81,744 shares during the quarter. Mackenzie Financial Corp’s holdings in Akamai Technologies were worth $232,198,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of AKAM. SBI Securities Co. Ltd. purchased a new stake in shares of Akamai Technologies in the fourth quarter valued at $49,000. Van ECK Associates Corp boosted its holdings in Akamai Technologies by 49.6% in the fourth quarter. Van ECK Associates Corp now owns 2,746 shares of the technology infrastructure company’s stock valued at $263,000 after purchasing an additional 910 shares during the last quarter. Cascade Investment Advisors Inc. bought a new position in Akamai Technologies during the 4th quarter worth approximately $827,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Akamai Technologies during the 4th quarter worth approximately $617,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Akamai Technologies by 3.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 922,244 shares of the technology infrastructure company’s stock worth $88,213,000 after buying an additional 29,888 shares during the last quarter. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Mani Sundaram sold 10,683 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $86.52, for a total transaction of $924,293.16. Following the completion of the sale, the executive vice president now owns 23,988 shares in the company, valued at approximately $2,075,441.76. This represents a 30.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Adam Karon sold 3,927 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was 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 of the company’s stock, valued at approximately $918,981.18. The trade was a 26.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,321 shares of company stock worth $2,986,916 in the last quarter. 2.00% of the stock is owned by company insiders.

Akamai Technologies Stock Performance

AKAM stock opened at $75.84 on Friday. Akamai Technologies, Inc. has a 12-month low of $67.51 and a 12-month high of $106.80. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49. The business has a 50 day moving average of $77.90 and a 200-day moving average of $87.77. The firm has a market cap of $11.09 billion, a PE ratio of 23.26, a P/E/G 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 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the business posted $1.64 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, sell-side analysts expect that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the company. Craig Hallum cut Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a research report on Friday, February 21st. Morgan Stanley reduced their price objective on Akamai Technologies from $102.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a research report on Friday, February 21st. Piper Sandler reiterated a “neutral” rating and set a $88.00 price objective (up from $80.00) on shares of Akamai Technologies in a report on Friday, May 9th. Finally, Wall Street Zen upgraded Akamai Technologies from a “hold” rating to a “buy” rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $103.26.

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.