Saturday, June 25, 2022

Insider Selling: Blumofe Robert, Akamai Technologies Inc. [AKAM] Chief Technology Officer divested 5,000 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Akamai Technologies Inc. shares valued at $488,400 were sold by Blumofe Robert on May 13. At $97.68 per share, Blumofe Robert sold 5,000 shares. The insider’s holdings dropped to 19,725 shares worth approximately $1.78 million following the completion of this transaction.

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Also, Joseph Paul C sold 12,500 shares, netting a total of over 1,190,250 in proceeds. Following the sale of shares at $95.22 each, the insider now holds 32,573 shares.

Before that, Sundaram Mani had sold 16,059 shares from its account. In a trade valued at $1,893,677, the EVP and GM Security traded Akamai Technologies Inc. shares for $117.92 each. Upon closing the transaction, the insider’s holdings decreased to 16,059 shares, worth approximately $0.5 million.

As published in a research note from Robert W. Baird on May 04, 2022, Akamai Technologies Inc. [AKAM] has been rated down from an Outperform to a Neutral and the price target has been revised to $102 from $125. This represents a 11.38% premium over Wednesday’s closing price. Analysts at Citigroup started covering the stock with ‘”a Buy”‘ outlook in a report released in late January. As of January 19, 2022, KeyBanc Capital Markets has increased its “Sector weight” rating to a “an Overweight” for AKAM. Earlier on January 06, 2022, Piper Sandler downgraded its rating. Their new recommendation was “a Neutral” for AKAM stock which previously was a “an Overweight”.

Analyzing AKAM’s Price Performance

On Wednesday, Akamai Technologies Inc. [NASDAQ: AKAM] plunged -0.29% to $90.39. The stock’s lowest price that day was $90.05, but it reached a high of $92.58 in the same session. During the last five days, there has been a surge of approximately 1.22%. Over the course of the year, Akamai Technologies Inc. shares have dropped approximately -22.77%. Shares of the company reached a 52-week high of $123.25 on 04/21/22 and a 52-week low of $86.99 on 06/16/22. A 50-day SMA is recorded $103.71, while a 200-day SMA reached $109.37. Nevertheless, trading volume fell to 1.0 million shares from 1.78 million shares the previous day.

Support And Resistance Levels for Akamai Technologies Inc. (AKAM)

According to the 24-hour chart, there is a support level at 89.43, which, if violated, would cause prices to drop to 88.48. In the upper region, resistance lies at 91.96. The next price resistance is at 93.54. RSI (Relative Strength Index) is 35.11 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -5.06, which suggests the price will decrease in the coming days. Percent R is at 78.47%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Which companies own the most shares of Akamai Technologies Inc. (AKAM)?

According to The Vanguard Group, Inc. filings, the company currently owns 17,246,501 shares, which is about 10.76% of the total AKAM shares outstanding. The investor’s shares have appreciated by 275,438 from its previous 13-F filing of 16971063.0 shares. With the completion of the buy, BlackRock Fund Advisors’s stake is now worth $1,028,684,097. Canada Pension Plan Investment Bo reduced a -0.01% interest valued at $745.21 million while SSgA Funds Management, Inc. sold a -280,394 stake. A total of -291,981 shares of Akamai Technologies Inc. were sold by Nordea Investment Management AB during the quarter, and -290,506 were sold by First Trust Advisors LP. In its current portfolio, Geode Capital Management LLC holds 3,364,348 shares valued at $339.93 million.

In terms of Akamai Technologies Inc. share price expectations, FactSet research, analysts set an average price target of $121.38 in the next 12 months, up nearly 30.17% from the previous closing price of $90.65. Analysts anticipate Akamai Technologies Inc. stock to reach $164.00 by 2022, with the lowest price target being $90.00. In spite of this, 19 analysts ranked Akamai Technologies Inc. stock as an Overweight at the end of 2022. On December 29, 2021, DA Davidson assigned a price target of “a Buy” to the stock and initiated coverage with a $143.

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