Marco Investment Management LLC lowered its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 24.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 9,700 shares of the technology infrastructure company’s stock after selling 3,200 shares during the period. Marco Investment Management LLC’s holdings in Akamai Technologies were worth $631,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its stake in Akamai Technologies by 3.9% during the 3rd quarter. Legal & General Group Plc now owns 844,744 shares of the technology infrastructure company’s stock valued at $41,155,000 after purchasing an additional 31,911 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Akamai Technologies by 2.4% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 312,087 shares of the technology infrastructure company’s stock worth $15,205,000 after buying an additional 7,327 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Akamai Technologies by 23.0% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 809,014 shares of the technology infrastructure company’s stock worth $39,416,000 after buying an additional 151,399 shares during the last quarter. Aries Wealth Management purchased a new position in Akamai Technologies in the fourth quarter valued at approximately $394,000. Finally, Atria Investments LLC purchased a new position in Akamai Technologies in the fourth quarter valued at approximately $284,000. Institutional investors and hedge funds own 89.01% of the company’s stock.
In related news, insider William Wheaton sold 5,000 shares of the company’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of the transaction, the insider now directly owns 39,465 shares in the company, valued at $2,762,550. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James Gemmell sold 8,430 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $67.00, for a total transaction of $564,810.00. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.
AKAM stock opened at $73.68 on Wednesday. The firm has a market cap of $12,325.59, a price-to-earnings ratio of 58.94, a PEG ratio of 2.55 and a beta of 0.68. Akamai Technologies, Inc. has a 1-year low of $44.65 and a 1-year high of $78.28. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.82 and a quick ratio of 2.82.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, February 6th. The technology infrastructure company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. The firm had revenue of $663.50 million for the quarter, compared to analysts’ expectations of $649.08 million. Akamai Technologies had a net margin of 8.72% and a return on equity of 9.90%. The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. research analysts expect that Akamai Technologies, Inc. will post 2.22 EPS for the current year.
Akamai Technologies declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 8th that authorizes the company to repurchase $417.00 million in shares. This repurchase authorization authorizes the technology infrastructure company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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