Concert Wealth Management Inc. maintained its position in shares of Akamai Technologies Inc. (NASDAQ:AKAM) during the second quarter, Holdings Channel reports. The fund owned 28,919 shares of the technology infrastructure company’s stock at the end of the second quarter. Concert Wealth Management Inc.’s holdings in Akamai Technologies were worth $1,617,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Akamai Technologies by 2.0% in the first quarter. Geode Capital Management LLC now owns 1,470,277 shares of the technology infrastructure company’s stock worth $81,542,000 after buying an additional 29,369 shares during the period. American Century Companies Inc. raised its stake in Akamai Technologies by 1.1% in the second quarter. American Century Companies Inc. now owns 991,021 shares of the technology infrastructure company’s stock worth $55,428,000 after buying an additional 10,501 shares during the period. Renaissance Technologies LLC raised its stake in Akamai Technologies by 9.0% in the first quarter. Renaissance Technologies LLC now owns 766,900 shares of the technology infrastructure company’s stock worth $42,617,000 after buying an additional 63,600 shares during the period. Legal & General Group Plc raised its stake in Akamai Technologies by 4.0% in the first quarter. Legal & General Group Plc now owns 732,506 shares of the technology infrastructure company’s stock worth $40,704,000 after buying an additional 27,866 shares during the period. Finally, PGGM Investments acquired a new stake in Akamai Technologies during the second quarter worth about $30,442,000. Hedge funds and other institutional investors own 89.89% of the company’s stock.
Shares of Akamai Technologies Inc. (NASDAQ:AKAM) traded up 1.63% during mid-day trading on Wednesday, hitting $56.83. 925,266 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $53.56 and a 200-day moving average price of $53.21. The stock has a market cap of $9.93 billion, a P/E ratio of 31.19 and a beta of 1.49. Akamai Technologies Inc. has a 1-year low of $39.43 and a 1-year high of $76.39.
Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, July 26th. The technology infrastructure company reported $0.64 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.64. The company had revenue of $572 million for the quarter, compared to analysts’ expectations of $574.86 million. Akamai Technologies had a net margin of 14.31% and a return on equity of 11.82%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 earnings per share. Equities research analysts anticipate that Akamai Technologies Inc. will post $2.57 EPS for the current fiscal year.
A number of equities research analysts have issued reports on the stock. Piper Jaffray Cos. reiterated a “buy” rating and set a $64.00 target price on shares of Akamai Technologies in a report on Tuesday, August 9th. Pacific Crest reiterated a “hold” rating on shares of Akamai Technologies in a report on Tuesday, August 2nd. Wells Fargo & Co. upgraded shares of Akamai Technologies from a “market perform” rating to an “outperform” rating and reduced their price objective for the company from $59.20 to $51.41 in a report on Friday, August 12th. B. Riley restated a “buy” rating and issued a $62.00 price objective on shares of Akamai Technologies in a report on Monday, August 1st. Finally, Mizuho restated a “buy” rating and issued a $65.00 price objective on shares of Akamai Technologies in a report on Monday, October 3rd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Akamai Technologies currently has a consensus rating of “Hold” and a consensus target price of $61.50.
In other Akamai Technologies news, Director Paul Sagan sold 23,255 shares of the stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $51.33, for a total transaction of $1,193,679.15. Following the sale, the director now directly owns 65,077 shares of the company’s stock, valued at $3,340,402.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James Gemmell sold 1,869 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $50.45, for a total transaction of $94,291.05. Following the sale, the executive vice president now directly owns 7,148 shares in the company, valued at $360,616.60. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
Akamai Technologies Company Profile
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
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