Principal Financial Group Inc. increased its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 260,048 shares of the technology infrastructure company’s stock after buying an additional 3,904 shares during the period. Principal Financial Group Inc. owned about 0.15% of Akamai Technologies worth $18,458,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of AKAM. Clearbridge Investments LLC boosted its holdings in shares of Akamai Technologies by 5.5% in the 4th quarter. Clearbridge Investments LLC now owns 9,105,713 shares of the technology infrastructure company’s stock valued at $592,236,000 after buying an additional 474,271 shares during the period. Element Capital Management LLC acquired a new position in shares of Akamai Technologies in the 4th quarter valued at about $24,754,000. Hudson Bay Capital Management LP acquired a new position in shares of Akamai Technologies in the 4th quarter valued at about $17,747,000. Freshford Capital Management LLC boosted its holdings in shares of Akamai Technologies by 43.4% in the 4th quarter. Freshford Capital Management LLC now owns 815,071 shares of the technology infrastructure company’s stock valued at $53,012,000 after buying an additional 246,875 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Akamai Technologies by 1,242.9% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 205,179 shares of the technology infrastructure company’s stock valued at $14,563,000 after buying an additional 189,900 shares during the period. 91.33% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:AKAM opened at $80.32 on Friday. The company has a market capitalization of $13.94 billion, a PE ratio of 42.27, a P/E/G ratio of 2.32 and a beta of 0.64. Akamai Technologies, Inc. has a twelve month low of $44.65 and a twelve month high of $83.08.
Akamai Technologies announced that its board has approved a share repurchase program on Thursday, March 8th that allows the company to repurchase $417.00 million in outstanding shares. This repurchase authorization allows the technology infrastructure company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, EVP Robert Blumofe sold 8,379 shares of the business’s stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $70.81, for a total value of $593,316.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Rick M. Mcconnell sold 12,618 shares of the business’s stock in a transaction that occurred on Wednesday, April 4th. The stock was sold at an average price of $69.76, for a total transaction of $880,231.68. Following the completion of the sale, the insider now owns 32,434 shares in the company, valued at $2,262,595.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,879 shares of company stock valued at $3,600,647. Company insiders own 3.20% of the company’s stock.
AKAM has been the subject of several research reports. Deutsche Bank lifted their price target on shares of Akamai Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, March 6th. Cowen raised shares of Akamai Technologies from a “market perform” rating to an “outperform” rating in a report on Thursday, March 8th. JPMorgan Chase & Co. raised shares of Akamai Technologies from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $44.65 to $75.19 in a report on Friday, March 9th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $88.00 price target (up from $78.00) on shares of Akamai Technologies in a report on Friday, March 9th. Finally, KeyCorp raised shares of Akamai Technologies from an “underweight” rating to a “sector weight” rating and set a $57.00 price target for the company in a report on Thursday, March 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $73.91.
Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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