OppenheimerFunds Inc. decreased its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 78.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,353 shares of the technology infrastructure companys stock after selling 11,984 shares during the period. Oppenheimer Funds Inc.s holdings in Akamai Technologies were worth $238,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of AKAM. IFP Advisors Inc raised its stake in Akamai Technologies by 143.4% in the first quarter. IFP Advisors Inc now owns 1,743 shares of the technology infrastructure companys stock worth $124,000 after buying an additional 1,027 shares in the last quarter. Avestar Capital LLC bought a new position in Akamai Technologies in the fourth quarter worth approximately $131,000. We Are One Seven LLC bought a new position in Akamai Technologies in the fourth quarter worth approximately $160,000. Delpha Capital Management LLC bought a new position in Akamai Technologies in the fourth quarter worth approximately $177,000. Finally, Synovus Financial Corp bought a new position in Akamai Technologies in the first quarter worth approximately $188,000. 91.44% of the stock is owned by institutional investors.
In other Akamai Technologies news, insider Rick M. Mcconnell sold 12,618 shares of the companys stock in a transaction on Wednesday, April 4th. The shares were sold at an average price of $69.76, for a total value of $880,231.68. Following the sale, the insider now directly owns 32,434 shares of the companys stock, valued at $2,262,595.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert Blumofe sold 4,000 shares of the companys stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $70.78, for a total transaction of $283,120.00. The disclosure for this sale can be found here. Insiders have sold 41,500 shares of company stock worth $3,007,330 over the last three months. Corporate insiders own 3.20% of the companys stock.
Shares of AKAM opened at $74.44 on Tuesday. The firm has a market cap of $12.50 billion, a PE ratio of 38.14, a P/E/G ratio of 2.07 and a beta of 0.60. Akamai Technologies, Inc. has a 1-year low of $44.65 and a 1-year high of $83.08.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Monday, April 30th. The technology infrastructure company reported $0.79 earnings per share for the quarter, beating analysts consensus estimates of $0.70 by $0.09. The firm had revenue of $669.00 million for the quarter, compared to analyst estimates of $654.37 million. Akamai Technologies had a net margin of 7.46% and a return on equity of 10.04%. The businesss quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.69 earnings per share. analysts predict that Akamai Technologies, Inc. will post 2.46 EPS for the current fiscal year.
Akamai Technologies announced that its board has approved a stock repurchase plan on Thursday, March 8th that allows the company to repurchase $417.00 million in outstanding shares. This repurchase authorization allows the technology infrastructure company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the companys board believes its shares are undervalued.
A number of brokerages recently commented on AKAM. Zacks Investment Research downgraded shares of Akamai Technologies from a strong-buy rating to a hold rating in a research note on Friday. BidaskClub downgraded shares of Akamai Technologies from a strong-buy rating to a buy rating in a research note on Monday, June 18th. JPMorgan Chase & Co. raised shares of Akamai Technologies from a neutral rating to an overweight rating and lifted their price target for the stock from $44.65 to $75.19 in a report on Friday, March 9th. Craig Hallum reaffirmed a buy rating and issued a $91.00 price target (up from $84.00) on shares of Akamai Technologies in a report on Tuesday, May 1st. Finally, Morgan Stanley raised shares of Akamai Technologies from an underweight rating to an equal weight rating and set a $75.00 price target on the stock in a report on Thursday, March 29th. Twelve research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the companys stock. Akamai Technologies has a consensus rating of Buy and a consensus price target of $75.07.
This article provided by NewsEdge.