Cornercap Investment Counsel Inc. Sells 3,660 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Cornercap Investment Counsel Inc. reduced its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 36.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,370 shares of the technology infrastructure company’s stock after selling 3,660 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Akamai Technologies were worth $643,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC grew its stake in shares of Akamai Technologies by 19.6% in 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 purchasing an additional 6,724 shares during the period. Principal Financial Group Inc. raised its stake in Akamai Technologies by 3.5% during the third quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company’s stock worth $20,236,000 after acquiring an additional 6,785 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Akamai Technologies by 17.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 185,101 shares of the technology infrastructure company’s stock valued at $20,132,000 after acquiring an additional 27,484 shares during the period. EP Wealth Advisors LLC acquired a new stake in shares of Akamai Technologies in the 1st quarter valued at $1,093,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Akamai Technologies in the 1st quarter worth about $2,610,000. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Stock Performance

Shares of Akamai Technologies stock opened at $87.43 on Friday. Akamai Technologies, Inc. has a 52 week low of $86.78 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 1.33. The stock has a market capitalization of $13.13 billion, a price-to-earnings ratio of 25.87, a PEG ratio of 3.36 and a beta of 0.68. The firm has a fifty day moving average of $99.84 and a two-hundred day moving average of $96.78.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on AKAM shares. DA Davidson restated a “buy” rating and issued a $115.00 price target on shares of Akamai Technologies in a research report on Friday, August 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a report on Friday, August 9th. Scotiabank cut their price objective on Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a research report on Friday, November 8th. HSBC upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a research note on Monday, November 11th. Finally, Tigress Financial reiterated a “strong-buy” rating and set a $140.00 price target on shares of Akamai Technologies in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $117.47.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total value of $100,730.00. Following the sale, the director now directly owns 16,719 shares in the company, valued at approximately $1,684,104.87. This trade represents a 5.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $97.30, for a total transaction of $389,200.00. Following the completion of the transaction, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at $2,987,401.90. This trade represents a 11.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,500 shares of company stock worth $1,065,975. 1.80% of the stock is owned by insiders.

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.