Personal CFO Solutions LLC has acquired a new stake in Akamai Technologies, Inc. (NASDAQ: AKAM), as disclosed in the company’s recent 13F filing with the Securities and Exchange Commission (SEC). The investment firm purchased 5,813 shares of the technology infrastructure company, valued at approximately $464,000, during the second quarter of 2023.
This acquisition comes amid a trend of increasing institutional investments in Akamai Technologies. UMB Bank n.a. has boosted its holdings in the company by 50.8%, acquiring an additional 133 shares in the last quarter, bringing its total to 395 shares worth around $32,000. Similarly, Horizon Investments LLC raised its stake by 7.2% in the first quarter, now owning 2,220 shares valued at $179,000.
Mutual Advisors LLC and Main Management ETF Advisors LLC also increased their positions in Akamai. Mutual Advisors added 177 shares during the second quarter, lifting its total to 4,609 shares valued at approximately $372,000. Meanwhile, Main Management boosted its stake by 1.7%, now holding 11,728 shares worth $935,000. Meridian Wealth Management LLC, with a 3.2% increase, owns 6,354 shares valued at about $507,000. Currently, 94.28% of Akamai’s stock is owned by institutional investors and hedge funds.
Akamai Technologies has seen varied stock performance, with shares opening at $89.01 recently. The company boasts a market capitalization of $12.81 billion, a debt-to-equity ratio of 0.92, and a price-to-earnings (PE) ratio of 31.56. The stock’s one-year range has been between $67.51 and $103.75.
Recent Insider Trading Activity
In related news, insider trading activity at Akamai has attracted attention. Chief Technology Officer Robert Blumofe sold 3,500 shares on November 7, 2023, at an average price of $86.00, totaling $301,000. Following this transaction, Blumofe retains 24,410 shares valued at approximately $2,099,260, marking a 12.54% decrease in his position.
Additionally, Executive Vice President Paul C. Joseph sold 5,000 shares on September 15, 2023, at an average price of $76.65, resulting in a total of $383,250. Joseph now owns 27,349 shares, valued at about $2,096,300.85, reflecting a 15.46% decrease in his stake. Corporate insiders collectively own 2.00% of the company’s stock.
Analysts Update Price Targets
Market analysts have also recently adjusted their ratings for Akamai Technologies. On November 7, 2023, Morgan Stanley reduced its price target from $85.00 to $83.00 and assigned an “underweight” rating. Conversely, Raymond James Financial raised its price target from $84.00 to $90.00 and classified the stock as “outperform.” Piper Sandler also increased its price objective from $83.00 to $86.00, maintaining a “neutral” rating.
President Capital provided a more optimistic outlook, raising its price target from $104.00 to $116.00 with a “buy” rating. In total, six analysts have rated Akamai with a Buy rating, eleven have assigned a Hold rating, and four have given a Sell rating. According to MarketBeat, the stock carries a consensus rating of “Hold” with an average price target of $93.63.
Akamai Technologies, Inc. specializes in cloud computing, security, and content delivery services, catering to clients in the United States and globally. The company provides robust cloud solutions designed to safeguard infrastructure, websites, applications, and users against cyber threats while enhancing overall performance.
For more insights into institutional holdings and insider trades, visit HoldingsChannel.com, where the latest 13F filings for Akamai Technologies are accessible.
