Akamai Technologies, Inc. (NASDAQ:AKAM) Short Interest Up 17.8% in September – MarketBeat

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Akamai Technologies, Inc. (NASDAQ:AKAM – Get Rating) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 11,900,000 shares, an increase of 17.8% from the September 15th total of 10,100,000 shares. Currently, 7.6% of the shares of the stock are short sold. Based on an average trading volume of 1,620,000 shares, the days-to-cover ratio is presently 7.3 days.

Akamai Technologies Price Performance

AKAM opened at $79.98 on Friday. Akamai Technologies has a 12-month low of $76.28 and a 12-month high of $123.25. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.53. The business’s fifty day simple moving average is $88.49 and its 200-day simple moving average is $96.78. The company has a market capitalization of $12.71 billion, a price-to-earnings ratio of 22.72, a PEG ratio of 1.56 and a beta of 0.69.
Akamai Technologies (NASDAQ:AKAM – Get Rating) last posted its quarterly earnings results on Tuesday, August 9th. The technology infrastructure company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.01. Akamai Technologies had a return on equity of 16.97% and a net margin of 16.18%. The business had revenue of $903.33 million for the quarter, compared to the consensus estimate of $898.75 million. During the same quarter in the prior year, the company earned $1.18 EPS. The business’s revenue was up 5.9% compared to the same quarter last year. On average, equities research analysts anticipate that Akamai Technologies will post 4.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

AKAM has been the topic of several recent research reports. Evercore ISI decreased their price target on Akamai Technologies to $110.00 in a report on Monday, August 15th. KeyCorp cut their price objective on Akamai Technologies from $123.00 to $116.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 10th. Truist Financial cut their price objective on Akamai Technologies from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. TheStreet downgraded Akamai Technologies from a “b-” rating to a “c+” rating in a research report on Tuesday, September 20th. Finally, Piper Sandler cut their price objective on Akamai Technologies from $118.00 to $102.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $118.21.

Insiders Place Their Bets

In other Akamai Technologies news, CTO Robert Blumofe sold 5,000 shares of Akamai Technologies stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $94.25, for a total value of $471,250.00. Following the sale, the chief technology officer now owns 14,835 shares of the company’s stock, valued at approximately $1,398,198.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CTO Robert Blumofe sold 5,000 shares of the stock in a transaction on Friday, August 12th. The stock was sold at an average price of $94.25, for a total transaction of $471,250.00. Following the sale, the chief technology officer now owns 14,835 shares in the company, valued at approximately $1,398,198.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paul C. Joseph sold 1,500 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $80.79, for a total value of $121,185.00. Following the sale, the executive vice president now owns 31,183 shares in the company, valued at approximately $2,519,274.57. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Akamai Technologies by 1.4% in the first quarter. Vanguard Group Inc. now owns 17,880,191 shares of the technology infrastructure company’s stock worth $2,134,716,000 after purchasing an additional 254,437 shares during the last quarter. Legal & General Group Plc raised its position in Akamai Technologies by 5.8% during the second quarter. Legal & General Group Plc now owns 2,737,721 shares of the technology infrastructure company’s stock valued at $250,036,000 after acquiring an additional 149,461 shares in the last quarter. Champlain Investment Partners LLC raised its position in Akamai Technologies by 24.1% during the second quarter. Champlain Investment Partners LLC now owns 2,106,855 shares of the technology infrastructure company’s stock valued at $192,419,000 after acquiring an additional 408,535 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its holdings in Akamai Technologies by 2.1% in the first quarter. Disciplined Growth Investors Inc. MN now owns 1,600,852 shares of the technology infrastructure company’s stock valued at $191,126,000 after purchasing an additional 32,413 shares during the period. Finally, LGT Capital Partners LTD. grew its holdings in Akamai Technologies by 12.8% in the second quarter. LGT Capital Partners LTD. now owns 1,386,396 shares of the technology infrastructure company’s stock valued at $126,620,000 after purchasing an additional 157,865 shares during the period. Institutional investors own 92.23% of the company’s stock.

About Akamai Technologies

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Akamai Technologies, Inc provides cloud services for securing, delivering, and optimizing content and business applications over the internet 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.

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