Allstate Corp Makes New Investment in Akamai Technologies, Inc. (NASDAQ:AKAM)

Allstate Corp acquired a new stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,420 shares of the technology infrastructure company’s stock, valued at approximately $423,000.

Several other hedge funds have also recently modified their holdings of AKAM. TCTC Holdings LLC grew its stake in Akamai Technologies by 17.0% during the fourth quarter. TCTC Holdings LLC now owns 702 shares of the technology infrastructure company’s stock valued at $67,000 after acquiring an additional 102 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in shares of Akamai Technologies by 0.6% during the fourth quarter. Orion Portfolio Solutions LLC now owns 19,991 shares of the technology infrastructure company’s stock valued at $1,912,000 after purchasing an additional 114 shares in the last quarter. Koshinski Asset Management Inc. increased its holdings in shares of Akamai Technologies by 1.5% in the fourth quarter. Koshinski Asset Management Inc. now owns 7,867 shares of the technology infrastructure company’s stock worth $752,000 after purchasing an additional 116 shares during the last quarter. Delta Capital Management LLC lifted its position in shares of Akamai Technologies by 4.5% in the fourth quarter. Delta Capital Management LLC now owns 2,790 shares of the technology infrastructure company’s stock worth $267,000 after buying an additional 120 shares in the last quarter. Finally, Tandem Investment Advisors Inc. boosted its stake in Akamai Technologies by 0.5% during the fourth quarter. Tandem Investment Advisors Inc. now owns 30,096 shares of the technology infrastructure company’s stock valued at $2,879,000 after buying an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Price Performance

AKAM opened at $81.63 on Thursday. The company has a current ratio of 1.23, a quick ratio of 1.33 and a debt-to-equity ratio of 0.49. The business’s fifty day simple moving average is $88.93 and its 200-day simple moving average is $94.35. The company has a market capitalization of $12.27 billion, a price-to-earnings ratio of 25.04, a PEG ratio of 2.74 and a beta of 0.68. Akamai Technologies, Inc. has a 12-month low of $75.50 and a 12-month high of $108.18.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). Akamai Technologies had a net margin of 12.65% and a return on equity of 14.35%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.02 billion. On average, equities research analysts anticipate that Akamai Technologies, Inc. will post 4.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on AKAM shares. Piper Sandler lowered shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and cut their target price for the company from $112.00 to $100.00 in a report on Friday, February 21st. UBS Group started coverage on shares of Akamai Technologies in a research note on Monday, December 16th. They issued a “neutral” rating and a $110.00 price objective for the company. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a research report on Friday, February 21st. TD Cowen lowered Akamai Technologies from a “buy” rating to a “hold” rating and dropped their price target for the stock from $125.00 to $98.00 in a research report on Friday, February 21st. Finally, Scotiabank reduced their price objective on Akamai Technologies from $115.00 to $107.00 and set a “sector outperform” rating on the stock in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and an average price target of $106.55.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Aaron Ahola sold 4,000 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $80.92, for a total value of $323,680.00. Following the completion of the transaction, the executive vice president now directly owns 25,211 shares in the company, valued at approximately $2,040,074.12. The trade was a 13.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mani Sundaram sold 10,683 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $86.52, for a total transaction of $924,293.16. Following the completion of the sale, the executive vice president now owns 23,988 shares in the company, valued at $2,075,441.76. This represents a 30.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,394 shares of company stock worth $3,019,323 over the last 90 days. Company insiders own 1.80% of the company’s stock.

Akamai Technologies Company 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.