LGT Capital Partners LTD. reduced its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 39.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 258,590 shares of the technology infrastructure companys stock after selling 171,120 shares during the quarter. LGT Capital Partners LTD. owned about 0.15% of Akamai Technologies worth $18,916,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. J.P. Marvel Investment Advisors LLC boosted its position in Akamai Technologies by 13.9% during the 2nd quarter. J.P. Marvel Investment Advisors LLC now owns 81,335 shares of the technology infrastructure companys stock worth $5,956,000 after acquiring an additional 9,895 shares during the period. Piedmont Investment Advisors LLC acquired a new position in Akamai Technologies during the 2nd quarter worth $142,000. Aristeia Capital LLC acquired a new position in Akamai Technologies during the 2nd quarter worth $7,712,000. Castleark Management LLC boosted its position in Akamai Technologies by 6.8% during the 2nd quarter. Castleark Management LLC now owns 80,895 shares of the technology infrastructure companys stock worth $5,924,000 after acquiring an additional 5,175 shares during the period. Finally, Swiss National Bank boosted its position in Akamai Technologies by 3.1% during the 2nd quarter. Swiss National Bank now owns 559,619 shares of the technology infrastructure companys stock worth $40,981,000 after acquiring an additional 17,000 shares during the period. Hedge funds and other institutional investors own 86.03% of the companys stock.
In other news, Director Paul Sagan sold 39,100 shares of the companys stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $79.51, for a total transaction of $3,108,841.00. Following the completion of the sale, the director now directly owns 154,278 shares of the companys stock, valued at $12,266,643.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Adam Karon sold 5,000 shares of the companys stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $80.00, for a total value of $400,000.00. Following the sale, the executive vice president now directly owns 12,251 shares of the companys stock, valued at $980,080. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,315 shares of company stock valued at $6,815,655. 3.20% of the stock is currently owned by company insiders.
A number of research analysts have issued reports on the company. Zacks Investment Research lowered Akamai Technologies from a strong-buy rating to a hold rating in a research report on Friday, June 29th. Piper Jaffray Companies reiterated an overweight rating and set a $89.00 price target on shares of Akamai Technologies in a research report on Friday, July 20th. BidaskClub lowered Akamai Technologies from a sell rating to a strong sell rating in a research report on Tuesday, October 9th. ValuEngine lowered Akamai Technologies from a buy rating to a hold rating in a research report on Tuesday, October 2nd. Finally, B. Riley reduced their price target on Akamai Technologies from $99.00 to $97.00 and set a $79.75 rating for the company in a research report on Monday, July 23rd. One analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $78.67.
Shares of NASDAQ AKAM traded down $1.38 during mid-day trading on Thursday, hitting $64.31. 65,742 shares of the company traded hands, compared to its average volume of 1,855,869. Akamai Technologies, Inc. has a 1 year low of $50.56 and a 1 year high of $83.08. The company has a market cap of $12.40 billion, a price-to-earnings ratio of 34.38, a P/E/G ratio of 2.02 and a beta of 0.47. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.25.
Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Tuesday, July 31st. The technology infrastructure company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.80 by $0.03. Akamai Technologies had a return on equity of 10.63% and a net margin of 6.74%. The business had revenue of $663.00 million during the quarter, compared to the consensus estimate of $661.13 million. During the same period in the prior year, the business posted $0.62 earnings per share. Akamai Technologiess revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts expect that Akamai Technologies, Inc. will post 2.47 EPS for the current fiscal year.
This article provided by NewsEdge.