Bar Harbor Wealth Management Decreases Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Bar Harbor Wealth Management cut its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 35.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,746 shares of the technology infrastructure company’s stock after selling 1,479 shares during the period. Bar Harbor Wealth Management’s holdings in Akamai Technologies were worth $277,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Janus Henderson Group PLC boosted its holdings in shares of Akamai Technologies by 19.6% during the 1st quarter. Janus Henderson Group PLC now owns 41,034 shares of the technology infrastructure company’s stock valued at $4,462,000 after acquiring an additional 6,724 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Akamai Technologies by 15.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 211,820 shares of the technology infrastructure company’s stock worth $23,038,000 after purchasing an additional 28,304 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Akamai Technologies by 17.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 185,101 shares of the technology infrastructure company’s stock worth $20,132,000 after purchasing an additional 27,484 shares during the period. EP Wealth Advisors LLC purchased a new stake in Akamai Technologies during the 1st quarter valued at $1,093,000. Finally, Quadrature Capital Ltd bought a new position in shares of Akamai Technologies during the 1st quarter valued at $2,610,000. 94.28% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the transaction, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the transaction, the director now owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the sale, the chief technology officer now owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,500 shares of company stock valued at $741,655. 1.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AKAM. Tigress Financial reaffirmed a “strong-buy” rating and issued a $140.00 price objective on shares of Akamai Technologies in a report on Thursday, August 29th. Scotiabank boosted their price target on Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Friday, August 9th. TD Cowen increased their price objective on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. Finally, Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 target price for the company in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $116.47.

Akamai Technologies Stock Performance

Shares of NASDAQ AKAM opened at $106.67 on Friday. The company has a market cap of $16.25 billion, a P/E ratio of 26.53, a P/E/G ratio of 3.31 and a beta of 0.68. Akamai Technologies, Inc. has a 52-week low of $87.59 and a 52-week high of $129.17. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32. The firm’s fifty day moving average is $100.64 and its two-hundred day moving average is $97.45.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.05. The firm had revenue of $979.60 million during the quarter, compared to the consensus estimate of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 EPS. As a group, analysts anticipate that Akamai Technologies, Inc. will post 4.42 EPS for the current fiscal year.

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.