A company insider recently bought 334 shares of Akamai Technologies Inc. [AKAM]. Should You Buy?


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Akamai Technologies Inc. shares valued at $25,013 were purchased by LEIGHTON F THOMSON on Mar 08. At $74.89 per share, LEIGHTON F THOMSON acquired 334 shares. The insider’s holdings grew to 71,862 shares worth approximately $5.3 million following the completion of this transaction.

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Also, Ahola Aaron sold 3,471 shares, netting a total of over 259,492 in proceeds. Following the sale of shares at $74.76 each, the insider now holds 17,798 shares.

Before that, LEIGHTON F THOMSON had added 333 shares to its account. In a trade valued at $25,068, the Chief Executive Officer bought Akamai Technologies Inc. shares for $75.28 each. Upon closing the transaction, the insider’s holdings increased to 333 shares, worth approximately $4.79 million.

As published in a research note from RBC Capital Mkts on February 15, 2023, Akamai Technologies Inc. [AKAM] has been rated down from an Outperform to a Sector perform and the price target has been revised to $85 from $100. This represents a 13.29% premium over Thursday’s closing price. Analysts at Loop Capital started covering the stock with ‘”a Hold”‘ outlook in a report released in early February. As of January 24, 2023, Guggenheim has initiated its “Sell” rating for AKAM. Earlier on July 22, 2022, Citigroup downgraded its rating. Their new recommendation was “a Neutral” for AKAM stock which previously was a “a Buy”.

Analyzing AKAM Stock Performance

On Thursday, Akamai Technologies Inc. [NASDAQ: AKAM] plunged -0.95% to $73.70. The stock’s lowest price that day was $73.625, but it reached a high of $75.02 in the same session. During the last five days, there has been a surge of approximately 0.26%. Over the course of the year, Akamai Technologies Inc. shares have dropped approximately -12.57%. Shares of the company reached a 52-week high of $91.77 on 02/02/23 and a 52-week low of $72.14 on 03/01/23. A 50-day SMA is recorded $83.26, while a 200-day SMA reached $88.66. Nevertheless, trading volume fell to 2.16 million shares from 1.22 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 73.21, which, if violated, would cause prices to drop to 72.72. In the upper region, resistance lies at 74.60. The next price resistance is at 75.51. RSI (Relative Strength Index) is 32.83 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.32, which suggests the price will decrease in the coming days. Percent R is at 70.45%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Akamai Technologies Inc. subject to short interest?

Stocks of Akamai Technologies Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -2.01 million shares to 7.4 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 9.41 million shares. A decline of -27.16% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 6.24 of the overall float, the days-to-cover ratio (short ratio) decline to 6.24.

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

According to The Vanguard Group, Inc. filings, the company currently owns 17,308,138 shares, which is about 11.01% of the total AKAM shares outstanding. The investor’s shares have appreciated by 10,134 from its previous 13-F filing of 17298004.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $933,714,021. SSgA Funds Management, Inc. reduced a -1.90% interest valued at $585.73 million while Canada Pension Plan Investment Bo sold a -2,004,239 stake. A total of -149,141 shares of Akamai Technologies Inc. were sold by Nordea Investment Management AB during the quarter, and 246,465 were bought by Amundi Asset Management US, Inc. In its current portfolio, Bank of America, NA holds 3,546,760 shares valued at $315.48 million.

In terms of Akamai Technologies Inc. share price expectations, FactSet research, analysts set an average price target of $91.24 in the next 12 months, up nearly 24.31% from the previous closing price of $74.41. Analysts anticipate Akamai Technologies Inc. stock to reach $110.00 by 2023, with the lowest price target being $62.00. In spite of this, 22 analysts ranked Akamai Technologies Inc. stock as a Hold at the end of 2023. On May 04, 2022, Robert W. Baird assigned a price target of “a Neutral” to the stock and downgraded coverage with a $102.


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