Prudential PLC Sells 24,397 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Prudential PLC reduced its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 32.9% in the 4th quarter, HoldingsChannel reports. The firm owned 49,774 shares of the technology infrastructure company’s stock after selling 24,397 shares during the quarter. Prudential PLC’s holdings in Akamai Technologies were worth $4,761,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Public Sector Pension Investment Board increased its position in Akamai Technologies by 8.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 6,475 shares of the technology infrastructure company’s stock valued at $654,000 after buying an additional 500 shares in the last quarter. Benjamin Edwards Inc. bought a new stake in Akamai Technologies during the 3rd quarter worth approximately $579,000. Centiva Capital LP purchased a new stake in shares of Akamai Technologies in the third quarter worth approximately $325,000. Investment Management Corp of Ontario lifted its holdings in shares of Akamai Technologies by 50.8% in the third quarter. Investment Management Corp of Ontario now owns 5,048 shares of the technology infrastructure company’s stock valued at $510,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its holdings in Akamai Technologies by 2.8% during the third quarter. Royal London Asset Management Ltd. now owns 61,863 shares of the technology infrastructure company’s stock worth $6,245,000 after buying an additional 1,705 shares in the last quarter. Institutional investors and hedge funds own 94.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AKAM shares. Piper Sandler downgraded 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 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 research report on Tuesday, December 17th. Susquehanna reduced their target price on Akamai Technologies from $110.00 to $105.00 and set a “positive” rating for the company in a report on Friday, February 21st. Craig Hallum lowered Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. reduced their price objective on Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Akamai Technologies has an average rating of “Moderate Buy” and a consensus target price of $106.55.

Akamai Technologies Trading Down 6.5 %

NASDAQ:AKAM opened at $73.69 on Friday. 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. Akamai Technologies, Inc. has a 1 year low of $73.42 and a 1 year high of $107.60. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.23 and a quick ratio of 1.33. The stock’s fifty day moving average price is $88.11 and its two-hundred day moving average price is $94.04.

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

Insider Activity

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $91.57, for a total value of $366,280.00. Following the sale, the executive vice president now directly owns 23,104 shares in the company, valued at $2,115,633.28. This represents a 14.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Edward J. Mcgowan sold 4,652 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $86.48, for a total transaction of $402,304.96. Following the completion of the transaction, the chief financial officer now directly owns 34,510 shares of the company’s stock, valued at approximately $2,984,424.80. The trade was a 11.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,394 shares of company stock worth $3,019,323. 1.80% of the stock is owned by company insiders.

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.