Cetera Advisor Networks LLC Sells 226 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Cetera Advisor Networks LLC reduced its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 7.6% during the first quarter, Holdings Channel.com reports. The firm owned 2,757 shares of the technology infrastructure company’s stock after selling 226 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Akamai Technologies were worth $252,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lathrop Investment Management Corp bought a new position in Akamai Technologies during the 1st quarter valued at $2,021,000. Capital Asset Advisory Services LLC bought a new position in Akamai Technologies during the 4th quarter valued at $351,000. Cubist Systematic Strategies LLC bought a new position in Akamai Technologies during the 4th quarter valued at $304,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Akamai Technologies during the 4th quarter valued at $1,097,000. Finally, Chicago Equity Partners LLC bought a new position in Akamai Technologies during the 4th quarter valued at $2,152,000. Institutional investors own 87.16% of the company’s stock.

Shares of AKAM opened at $100.08 on Wednesday. The business has a 50-day moving average of $99.64 and a 200 day moving average of $92.57. Akamai Technologies, Inc. has a fifty-two week low of $73.19 and a fifty-two week high of $108.25. The firm has a market cap of $16.30 billion, a P/E ratio of 27.97, a price-to-earnings-growth ratio of 2.07 and a beta of 0.34. The company has a debt-to-equity ratio of 0.69, a quick ratio of 3.20 and a current ratio of 3.20.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Tuesday, April 28th. The technology infrastructure company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.04. Akamai Technologies had a return on equity of 16.54% and a net margin of 16.74%. The company had revenue of $764.30 million during the quarter, compared to analyst estimates of $749.75 million. During the same quarter last year, the firm posted $1.10 EPS. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, research analysts predict that Akamai Technologies, Inc. will post 3.93 earnings per share for the current fiscal year.

Several brokerages have weighed in on AKAM. SunTrust Banks raised their price objective on Akamai Technologies from $108.00 to $117.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. BidaskClub cut Akamai Technologies from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 27th. Morgan Stanley cut Akamai Technologies from an “overweight” rating to an “equal weight” rating and set a $107.00 price objective on the stock. in a research note on Wednesday, April 29th. Goldman Sachs Group raised Akamai Technologies from a “sell” rating to a “neutral” rating and decreased their target price for the company from $90.00 to $89.00 in a research report on Thursday, March 26th. Finally, B. Riley raised their target price on Akamai Technologies from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $107.65.

In other Akamai Technologies news, CFO Edward J. Mcgowan sold 3,208 shares of Akamai Technologies stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $101.00, for a total transaction of $324,008.00. Following the completion of the transaction, the chief financial officer now owns 14,251 shares of the company’s stock, valued at approximately $1,439,351. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Edward J. Mcgowan sold 4,068 shares of Akamai Technologies stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $98.00, for a total value of $398,664.00. Following the transaction, the chief financial officer now directly owns 17,459 shares of the company’s stock, valued at approximately $1,710,982. The disclosure for this sale can be found here. In the last three months, insiders sold 40,827 shares of company stock valued at $4,017,755. 2.40% of the stock is currently owned by insiders.

About Akamai Technologies

Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.

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