Sawgrass Asset Management LLC Purchases 60,241 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Sawgrass Asset Management LLC increased its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 72.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 143,269 shares of the technology infrastructure company’s stock after buying an additional 60,241 shares during the quarter. Akamai Technologies accounts for about 1.5% of Sawgrass Asset Management LLC’s portfolio, making the stock its 21st biggest holding. Sawgrass Asset Management LLC owned about 0.09% of Akamai Technologies worth $14,463,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC boosted its position in Akamai Technologies by 85.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock worth $25,000 after acquiring an additional 114 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Akamai Technologies by 170.8% during the second quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock worth $28,000 after purchasing an additional 193 shares during the last quarter. Innealta Capital LLC bought a new position in Akamai Technologies in the second quarter valued at $28,000. EntryPoint Capital LLC acquired a new stake in Akamai Technologies in the 1st quarter valued at $31,000. Finally, Family Firm Inc. bought a new stake in Akamai Technologies during the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 94.28% of the company’s stock.

Insider Buying and Selling

In related news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $88.61, for a total value of $221,525.00. Following the transaction, the chief technology officer now directly owns 19,510 shares in the company, valued at approximately $1,728,781.10. This represents a 11.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the sale, the director now owns 16,719 shares of the company’s stock, valued at $1,684,104.87. This trade represents a 5.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,500 shares of company stock valued at $1,065,975. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

AKAM has been the subject of several analyst reports. Guggenheim upgraded Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price objective for the company in a report on Monday, July 29th. Robert W. Baird decreased their price target on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. TD Cowen upped their price objective on Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Scotiabank decreased their target price on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. Finally, Hsbc Global Res raised shares of Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $117.47.

Akamai Technologies Trading Down 1.0 %

Shares of AKAM stock opened at $87.43 on Friday. Akamai Technologies, Inc. has a 12-month low of $86.78 and a 12-month high of $129.17. The firm has a 50 day moving average price of $99.84 and a two-hundred day moving average price of $96.76. The company has a quick ratio of 1.32, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $13.13 billion, a PE ratio of 25.87, a price-to-earnings-growth ratio of 3.36 and a beta of 0.68.

About Akamai Technologies

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.