Keybank National Association OH cut its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 3.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,111 shares of the technology infrastructure company’s stock after selling 170 shares during the quarter. Keybank National Association OH’s holdings in Akamai Technologies were worth $312,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Griffin Asset Management Inc. increased its position in shares of Akamai Technologies by 9.5% in the third quarter. Griffin Asset Management Inc. now owns 4,600 shares of the technology infrastructure company’s stock valued at $336,000 after buying an additional 400 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Akamai Technologies by 94.1% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 26,755 shares of the technology infrastructure company’s stock valued at $1,957,000 after buying an additional 12,973 shares in the last quarter. Korea Investment CORP increased its position in shares of Akamai Technologies by 69.1% in the third quarter. Korea Investment CORP now owns 261,758 shares of the technology infrastructure company’s stock valued at $19,148,000 after buying an additional 106,927 shares in the last quarter. Vanguard Group Inc increased its position in shares of Akamai Technologies by 0.4% in the third quarter. Vanguard Group Inc now owns 17,093,767 shares of the technology infrastructure company’s stock valued at $1,250,409,000 after buying an additional 63,759 shares in the last quarter. Finally, Quantamental Technologies LLC purchased a new stake in shares of Akamai Technologies in the fourth quarter valued at approximately $507,000. 89.93% of the stock is owned by institutional investors.
AKAM has been the subject of a number of recent analyst reports. BidaskClub upgraded Akamai Technologies from a “strong sell” rating to a “sell” rating in a research report on Friday, October 19th. SunTrust Banks upgraded Akamai Technologies from a “hold” rating to a “buy” rating and boosted their price objective for the company from $78.00 to $82.00 in a research report on Tuesday, October 30th. Credit Suisse Group set a $77.00 price objective on Akamai Technologies and gave the company a “hold” rating in a research report on Tuesday, October 30th. B. Riley boosted their price objective on Akamai Technologies from $97.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, October 30th. Finally, Deutsche Bank cut their price objective on Akamai Technologies from $73.00 to $66.00 and set a “hold” rating for the company in a research report on Tuesday, October 30th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $80.74.
Akamai Technologies declared that its board has authorized a share buyback program on Monday, October 29th that authorizes the company to buyback $1.10 billion in outstanding shares. This buyback authorization authorizes the technology infrastructure company to reacquire up to 10.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, SVP Aaron Ahola sold 1,122 shares of the business’s stock in a transaction that occurred on Thursday, December 6th. The stock was sold at an average price of $67.81, for a total transaction of $76,082.82. Following the completion of the sale, the senior vice president now directly owns 4,035 shares in the company, valued at $273,613.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is currently owned by insiders.
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About Akamai Technologies
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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