North Star Asset Management Inc. raised its stake in Akamai Technologies Inc. (NASDAQ:AKAM) by 10.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 182,013 shares of the technology infrastructure company’s stock after buying an additional 17,131 shares during the period. Akamai Technologies comprises approximately 1.2% of North Star Asset Management Inc.’s investment portfolio, making the stock its 25th largest position. North Star Asset Management Inc.’s holdings in Akamai Technologies were worth $10,180,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in AKAM. PGGM Investments acquired a new stake in shares of Akamai Technologies during the second quarter valued at $30,442,000. First Quadrant L P CA raised its position in Akamai Technologies by 5,394.4% in the second quarter. First Quadrant L P CA now owns 296,700 shares of the technology infrastructure company’s stock valued at $16,594,000 after buying an additional 291,300 shares during the last quarter. Franklin Resources Inc. raised its position in Akamai Technologies by 118.3% in the first quarter. Franklin Resources Inc. now owns 447,688 shares of the technology infrastructure company’s stock valued at $24,878,000 after buying an additional 242,600 shares during the last quarter. A.R.T. Advisors LLC purchased a new position in Akamai Technologies during the first quarter valued at approximately $6,591,000. Finally, BB&T Securities LLC raised its position in Akamai Technologies by 16.5% in the first quarter. BB&T Securities LLC now owns 687,039 shares of the technology infrastructure company’s stock valued at $38,178,000 after buying an additional 97,145 shares during the last quarter. Institutional investors own 89.88% of the company’s stock.
Shares of Akamai Technologies Inc. (NASDAQ:AKAM) traded down 0.72% during trading on Thursday, reaching $53.89. 646,619 shares of the company traded hands. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of 29.58 and a beta of 1.49. The stock’s 50 day moving average is $53.53 and its 200 day moving average is $53.23. Akamai Technologies Inc. has a 1-year low of $39.43 and a 1-year high of $76.39.
Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Tuesday, July 26th. The technology infrastructure company reported $0.64 EPS for the quarter, meeting analysts’ consensus estimates of $0.64. Akamai Technologies had a return on equity of 11.82% and a net margin of 14.31%. The company earned $572 million during the quarter, compared to analysts’ expectations of $574.86 million. During the same period last year, the business posted $0.57 EPS. Akamai Technologies’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, analysts forecast that Akamai Technologies Inc. will post $2.57 EPS for the current year.
AKAM has been the subject of several recent analyst reports. Deutsche Bank AG reaffirmed a “buy” rating on shares of Akamai Technologies in a research note on Wednesday, June 15th. MKM Partners reaffirmed a “buy” rating and set a $68.00 price objective on shares of Akamai Technologies in a research note on Saturday, July 9th. Pacific Crest reaffirmed a “buy” rating and set a $71.00 price objective on shares of Akamai Technologies in a research note on Monday, July 11th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Akamai Technologies in a research note on Sunday, July 17th. Finally, SunTrust Banks Inc. initiated coverage on shares of Akamai Technologies in a research note on Thursday, July 21st. They set a “buy” rating and a $66.00 price objective for the company. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $61.50.
In other news, CEO F Thomson Leighton bought 17,456 shares of the stock in a transaction that occurred on Friday, July 15th. The stock was bought at an average cost of $57.28 per share, for a total transaction of $999,879.68. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP James Gemmell sold 1,869 shares of the firm’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $50.45, for a total value of $94,291.05. Following the transaction, the executive vice president now owns 7,148 shares of the company’s stock, valued at $360,616.60. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Akamai Technologies Company Profile
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
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