Pettee Investors Inc. Takes Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Pettee Investors Inc. 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. The fund acquired 5,675 shares of the technology infrastructure company’s stock, valued at approximately $543,000.

Other institutional investors have also modified their holdings of the company. Banque Cantonale Vaudoise lifted its stake in Akamai Technologies by 86.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company’s stock valued at $4,481,000 after acquiring an additional 20,633 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Akamai Technologies by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company’s stock worth $20,236,000 after purchasing an additional 6,785 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Akamai Technologies by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company’s stock worth $90,083,000 after purchasing an additional 11,272 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Akamai Technologies by 49.6% during the 4th quarter. Van ECK Associates Corp now owns 2,746 shares of the technology infrastructure company’s stock worth $263,000 after purchasing an additional 910 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its position in shares of Akamai Technologies by 32.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company’s stock worth $19,018,000 after purchasing an additional 46,335 shares during the last quarter. Institutional investors own 94.28% of the company’s stock.

Insider Buying and Selling

In other news, COO Adam Karon sold 6,431 shares of the stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 14,239 shares in the company, valued at $1,146,097.11. This represents a 31.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total transaction of $366,280.00. Following the sale, the executive vice president now owns 23,104 shares of the company’s stock, valued at approximately $2,115,633.28. This trade represents a 14.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,896 shares of company stock worth $2,872,496. Corporate insiders own 1.80% of the company’s stock.

Akamai Technologies Stock Performance

Shares of NASDAQ:AKAM opened at $87.52 on Friday. The company’s 50 day moving average price is $93.06 and its two-hundred day moving average price is $96.64. Akamai Technologies, Inc. has a 12-month low of $75.50 and a 12-month high of $113.36. The firm has a market cap of $13.16 billion, a PE ratio of 26.85, a PEG ratio of 2.74 and a beta of 0.68. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly 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). The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. Equities research analysts predict that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Analyst Ratings Changes

AKAM has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered their price target on Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating on the stock in a research report on Friday, February 21st. Evercore ISI reissued an “outperform” rating and set a $110.00 target price on shares of Akamai Technologies in a report on Tuesday, December 17th. Robert W. Baird decreased their target price on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Oppenheimer raised Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a report on Monday, December 2nd. Finally, Hsbc Global Res raised Akamai Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $107.55.

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.