Massachusetts Financial Services Co. MA Decreases Position in Akamai Technologies, Inc. (AKAM)

Massachusetts Financial Services Co. MA lowered its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 74.9% during the first quarter, Holdings Channel reports. The firm owned 175,921 shares of the technology infrastructure company’s stock after selling 524,407 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Akamai Technologies were worth $10,502,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Advantage Investment Management LLC bought a new position in Akamai Technologies during the fourth quarter valued at about $105,000. Advisory Services Network LLC bought a new position in Akamai Technologies during the first quarter valued at about $111,000. Whittier Trust Co. raised its position in Akamai Technologies by 28.6% in the first quarter. Whittier Trust Co. now owns 2,251 shares of the technology infrastructure company’s stock valued at $134,000 after buying an additional 501 shares during the last quarter. SpiderRock Advisors LLC bought a new position in Akamai Technologies during the first quarter valued at about $145,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new position in Akamai Technologies during the fourth quarter valued at about $177,000. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

Akamai Technologies, Inc. (AKAM) traded down 0.16% during mid-day trading on Thursday, hitting $49.20. The company’s stock had a trading volume of 368,143 shares. Akamai Technologies, Inc. has a 12-month low of $46.81 and a 12-month high of $71.64. The firm’s 50-day moving average is $49.39 and its 200-day moving average is $60.75. The company has a market cap of $8.51 billion, a P/E ratio of 26.89 and a beta of 0.71.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Tuesday, May 2nd. The technology infrastructure company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Akamai Technologies had a return on equity of 11.31% and a net margin of 13.53%. The firm had revenue of $609.24 million during the quarter, compared to analyst estimates of $604.94 million. Analysts predict that Akamai Technologies, Inc. will post $2.56 EPS for the current fiscal year.

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Several equities analysts recently issued reports on AKAM shares. Zacks Investment Research lowered Akamai Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 14th. Morgan Stanley lowered Akamai Technologies from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $68.00 to $54.00 in a research report on Thursday, April 27th. Drexel Hamilton started coverage on Akamai Technologies in a research report on Tuesday, March 21st. They set a “buy” rating and a $90.00 price target on the stock. Guggenheim lowered Akamai Technologies from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $70.00 to $60.00 in a research report on Wednesday, May 3rd. Finally, Robert W. Baird lowered Akamai Technologies from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $60.00 to $55.00 in a research report on Friday, May 5th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Akamai Technologies currently has a consensus rating of “Hold” and an average target price of $65.21.

In other news, Director Paul Sagan sold 17,889 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $49.53, for a total transaction of $886,042.17. Following the completion of the sale, the director now owns 64,147 shares in the company, valued at approximately $3,177,200.91. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO F Thomson Leighton acquired 21,196 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were acquired at an average price of $47.17 per share, with a total value of $999,815.32. Following the acquisition, the chief executive officer now owns 227,057 shares in the company, valued at approximately $10,710,278.69. The disclosure for this purchase can be found here. Corporate insiders own 3.20% of the company’s stock.

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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