Pitcairn Co. Sells 3,439 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Pitcairn Co. lowered its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 57.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,543 shares of the technology infrastructure company’s stock after selling 3,439 shares during the period. Pitcairn Co.’s holdings in Akamai Technologies were worth $243,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Akamai Technologies during the 4th quarter valued at about $477,454,000. National Pension Service increased its holdings in Akamai Technologies by 595.3% during the fourth quarter. National Pension Service now owns 318,912 shares of the technology infrastructure company’s stock valued at $30,504,000 after buying an additional 273,043 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Akamai Technologies by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock worth $423,066,000 after acquiring an additional 202,746 shares during the last quarter. Tredje AP fonden grew its position in shares of Akamai Technologies by 580.4% during the 4th quarter. Tredje AP fonden now owns 169,777 shares of the technology infrastructure company’s stock valued at $16,239,000 after acquiring an additional 144,823 shares during the period. Finally, Retirement Systems of Alabama increased its stake in shares of Akamai Technologies by 20.0% in the 3rd quarter. Retirement Systems of Alabama now owns 837,155 shares of the technology infrastructure company’s stock worth $84,511,000 after purchasing an additional 139,760 shares in the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Akamai Technologies Trading Down 6.5 %

Shares of AKAM opened at $73.69 on Monday. The company’s fifty day simple moving average is $88.11 and its 200-day simple moving average is $94.01. The company has a market cap of $11.08 billion, a P/E ratio of 22.60, a P/E/G ratio of 2.74 and a beta of 0.80. The company has a current ratio of 1.23, a quick ratio of 1.33 and a debt-to-equity ratio of 0.49. Akamai Technologies, Inc. has a twelve month low of $69.48 and a twelve month high of $107.60.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate 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. As a group, analysts expect that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Royal Bank of Canada cut their price target on Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating for the company in a report on Friday, February 21st. Citigroup cut their price objective on Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, February 24th. Bank of America cut shares of Akamai Technologies from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $125.00 to $100.00 in a research note on Friday, February 21st. UBS Group initiated 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. Finally, Piper Sandler cut shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $112.00 to $100.00 in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $106.55.

Insider Buying and Selling at Akamai Technologies

In related news, CEO F Thomson Leighton bought 37,670 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were acquired at an average cost of $79.58 per share, for a total transaction of $2,997,778.60. Following the purchase, the chief executive officer now directly owns 137,342 shares of the company’s stock, valued at approximately $10,929,676.36. The trade was a 37.79 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Adam Karon sold 6,431 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $80.49, for a total transaction of $517,631.19. Following the sale, the chief operating officer now directly owns 14,239 shares of the company’s stock, valued at $1,146,097.11. This represents a 31.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,394 shares of company stock valued at $3,019,323 in the last quarter. 1.80% of the stock is owned by insiders.

About Akamai Technologies

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.