Pettee Investors Inc. Makes New $543,000 Investment in Akamai Technologies, Inc. (NASDAQ:AKAM)

Pettee Investors Inc. acquired a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 5,675 shares of the technology infrastructure company’s stock, valued at approximately $543,000.

Several other hedge funds also recently made changes to their positions in AKAM. Empirical Finance LLC lifted its stake in Akamai Technologies by 2.0% during the third quarter. Empirical Finance LLC now owns 5,327 shares of the technology infrastructure company’s stock valued at $538,000 after buying an additional 103 shares in the last quarter. Van ECK Associates Corp increased its holdings in Akamai Technologies by 6.1% in the third quarter. Van ECK Associates Corp now owns 1,836 shares of the technology infrastructure company’s stock worth $189,000 after buying an additional 105 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Akamai Technologies by 85.7% in the third quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock worth $25,000 after buying an additional 114 shares during the last quarter. D.A. Davidson & CO. increased its holdings in Akamai Technologies by 1.3% in the third quarter. D.A. Davidson & CO. now owns 8,860 shares of the technology infrastructure company’s stock worth $894,000 after buying an additional 115 shares during the last quarter. Finally, Koshinski Asset Management Inc. grew its holdings in Akamai Technologies by 1.5% during the fourth quarter. Koshinski Asset Management Inc. now owns 7,867 shares of the technology infrastructure company’s stock valued at $752,000 after purchasing an additional 116 shares during the last quarter. Institutional investors and hedge funds own 94.28% of the company’s stock.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Mani Sundaram sold 10,683 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $86.52, for a total transaction of $924,293.16. Following the transaction, the executive vice president now owns 23,988 shares in the company, valued at approximately $2,075,441.76. This trade represents a 30.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO F Thomson Leighton acquired 37,670 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were acquired at an average price of $79.58 per share, for a total transaction of $2,997,778.60. Following the acquisition, the chief executive officer now directly owns 137,342 shares in the company, valued at $10,929,676.36. This represents a 37.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 31,896 shares of company stock worth $2,872,496. Insiders own 1.80% of the company’s stock.

Akamai Technologies Price Performance

Shares of AKAM stock opened at $87.52 on Friday. 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, 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 price-to-earnings ratio of 26.85, a PEG ratio of 2.74 and a beta of 0.68. The stock has a 50-day moving average price of $93.06 and a 200 day moving average price of $96.64.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results 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). Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. Research analysts expect that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Wall Street Analysts Forecast Growth

AKAM has been the subject of several research reports. TD Cowen cut Akamai Technologies from a “buy” rating to a “hold” rating and reduced their price objective for the company from $125.00 to $98.00 in a research report on Friday, February 21st. Royal Bank of Canada dropped their price objective on Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating for the company in a research note on Friday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Akamai Technologies in a research note on Friday, February 21st. HSBC upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a research note on Monday, November 11th. Finally, UBS Group began coverage on Akamai Technologies in a research note on Monday, December 16th. They issued a “neutral” rating and a $110.00 target price for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Akamai Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $107.55.

Akamai Technologies 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.