Short Interest in Akamai Technologies, Inc. (NASDAQ:AKAM) Drops By 6.9% – MarketBeat
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Akamai Technologies, Inc. (NASDAQ:AKAM – Get Rating) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 10,580,000 shares, a decrease of 6.9% from the October 15th total of 11,370,000 shares. Based on an average trading volume of 1,520,000 shares, the short-interest ratio is currently 7.0 days. Currently, 6.8% of the shares of the company are sold short.
Akamai Technologies Stock Performance
Shares of AKAM opened at $90.82 on Thursday. The firm has a market capitalization of $14.28 billion, a P/E ratio of 29.11, a P/E/G ratio of 1.86 and a beta of 0.71. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.25 and a current ratio of 2.25. The stock has a 50 day moving average price of $85.62 and a two-hundred day moving average price of $91.73. Akamai Technologies has a 52 week low of $76.28 and a 52 week high of $123.25.
Akamai Technologies (NASDAQ:AKAM – Get Rating) last posted its quarterly earnings data on Tuesday, November 8th. The technology infrastructure company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.22 by $0.04. The business had revenue of $881.90 million for the quarter, compared to the consensus estimate of $875.99 million. Akamai Technologies had a return on equity of 16.00% and a net margin of 14.12%. Akamai Technologies’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. Equities analysts forecast that Akamai Technologies will post 4.17 earnings per share for the current fiscal year.
Insider Activity
In related news, CTO Robert Blumofe sold 5,000 shares of the stock in a transaction on Friday, November 11th. The shares were sold at an average price of $92.92, for a total transaction of $464,600.00. Following the sale, the chief technology officer now directly owns 9,835 shares of the company’s stock, valued at $913,868.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Robert Blumofe sold 5,000 shares of the stock in a transaction on Friday, November 11th. The shares were sold at an average price of $92.92, for a total transaction of $464,600.00. Following the sale, the chief technology officer now directly owns 9,835 shares of the company’s stock, valued at $913,868.20. The sale 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 company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $80.79, for a total transaction of $121,185.00. Following the transaction, the executive vice president now owns 31,183 shares of the company’s stock, valued at $2,519,274.57. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
Hedge Funds Weigh In On Akamai Technologies
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Zions Bancorporation N.A. boosted its stake in shares of Akamai Technologies by 73.7% in the 3rd quarter. Zions Bancorporation N.A. now owns 311 shares of the technology infrastructure company’s stock valued at $25,000 after purchasing an additional 132 shares in the last quarter. Ancora Advisors LLC increased its stake in shares of Akamai Technologies by 103.3% in the 1st quarter. Ancora Advisors LLC now owns 250 shares of the technology infrastructure company’s stock worth $25,000 after acquiring an additional 127 shares in the last quarter. CX Institutional bought a new stake in Akamai Technologies during the 2nd quarter valued at about $28,000. Karlinski Andrew C bought a new stake in Akamai Technologies during the 1st quarter valued at about $30,000. Finally, Larson Financial Group LLC bought a new stake in Akamai Technologies during the 2nd quarter valued at about $41,000. Hedge funds and other institutional investors own 92.23% of the company’s stock.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Akamai Technologies from $98.00 to $92.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 9th. StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 10th. KeyCorp cut their target price on shares of Akamai Technologies from $116.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, November 9th. TheStreet lowered shares of Akamai Technologies from a “b-” rating to a “c+” rating in a research report on Tuesday, September 20th. Finally, Citigroup cut their price target on Akamai Technologies from $105.00 to $98.00 in a research note on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Akamai Technologies has a consensus rating of “Hold” and a consensus price target of $112.93.
About Akamai Technologies
(Get Rating)
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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