Tower Bridge Advisors Reduces Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Tower Bridge Advisors lessened its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 12.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,792 shares of the technology infrastructure company’s stock after selling 2,459 shares during the quarter. Tower Bridge Advisors’ holdings in Akamai Technologies were worth $1,695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Sawgrass Asset Management LLC boosted its stake in shares of Akamai Technologies by 72.6% during the 3rd quarter. Sawgrass Asset Management LLC now owns 143,269 shares of the technology infrastructure company’s stock worth $14,463,000 after acquiring an additional 60,241 shares during the last quarter. RIA Advisory Group LLC purchased a new position in shares of Akamai Technologies during the 3rd quarter worth $268,000. Natixis Advisors LLC boosted its stake in shares of Akamai Technologies by 29.2% during the 3rd quarter. Natixis Advisors LLC now owns 253,334 shares of the technology infrastructure company’s stock worth $25,574,000 after acquiring an additional 57,210 shares during the last quarter. Nicollet Investment Management Inc. boosted its stake in shares of Akamai Technologies by 1.2% during the 3rd quarter. Nicollet Investment Management Inc. now owns 19,790 shares of the technology infrastructure company’s stock worth $1,998,000 after acquiring an additional 238 shares during the last quarter. Finally, Empirical Finance LLC boosted its stake in shares of Akamai Technologies by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 5,327 shares of the technology infrastructure company’s stock worth $538,000 after acquiring an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Analysts Set New Price Targets

AKAM has been the topic of a number of analyst reports. Hsbc Global Res upgraded shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Scotiabank lowered their target price on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating on the stock in a research note on Friday, November 8th. Tigress Financial restated a “strong-buy” rating and set a $140.00 target price on shares of Akamai Technologies in a research note on Thursday, August 29th. Guggenheim upgraded shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 target price on the stock in a research note on Monday, July 29th. Finally, Craig Hallum upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $125.00 in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Akamai Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.47.

Insider Transactions at Akamai Technologies

In other news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $88.63, for a total value of $354,520.00. Following the sale, the executive vice president now directly owns 26,703 shares in the company, valued at $2,366,686.89. The trade was a 13.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $88.61, for a total transaction of $221,525.00. Following the completion of the sale, the chief technology officer now owns 19,510 shares in the company, valued at approximately $1,728,781.10. This trade represents a 11.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,500 shares of company stock worth $1,065,975 in the last three months. Insiders own 1.80% of the company’s stock.

Akamai Technologies Stock Performance

Akamai Technologies stock opened at $87.43 on Friday. The company’s 50-day moving average price is $99.84 and its 200-day moving average price is $96.76. Akamai Technologies, Inc. has a twelve month low of $86.78 and a twelve month high of $129.17. The company has a quick ratio of 1.32, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market cap of $13.13 billion, a PE ratio of 25.87, a price-to-earnings-growth ratio of 3.36 and a beta of 0.68.

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.