Firsthand Capital Management Exits Position in Akamai Technologies (AKAM)

Akamai Technologies (AKAM) : Firsthand Capital Management has sold out all of its stake in Akamai Technologies during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 40,000 shares of Akamai Technologies which is valued at $2,078,800.

Other Hedge Funds, Including , Fiduciary Trust Co reduced its stake in AKAM by selling 2,587 shares or 14.97% in the most recent quarter. The Hedge Fund company now holds 14,691 shares of AKAM which is valued at $763,491. Akamai Technologies makes up approx 0.03% of Fiduciary Trust Co’s portfolio.Wespac Advisors Socal reduced its stake in AKAM by selling 110 shares or 47.83% in the most recent quarter. The Hedge Fund company now holds 120 shares of AKAM which is valued at $6,236. Catalyst Capital Advisors sold out all of its stake in AKAM during the most recent quarter. The investment firm sold 7,450 shares of AKAM which is valued $387,177.Mizuho Asset Managementltd. boosted its stake in AKAM in the latest quarter, The investment management firm added 1,562 additional shares and now holds a total of 2,659 shares of Akamai Technologies which is valued at $138,188. Akamai Technologies makes up approx 0.02% of Mizuho Asset Managementltd.’s portfolio.Glenmede Trust Co Na boosted its stake in AKAM in the latest quarter, The investment management firm added 418,841 additional shares and now holds a total of 475,711 shares of Akamai Technologies which is valued at $24,099,519. Akamai Technologies makes up approx 0.14% of Glenmede Trust Co Na’s portfolio.

Akamai Technologies opened for trading at $54.82 and hit $55.08 on the upside on Thursday, eventually ending the session at $55.07, with a gain of 0.31% or 0.17 points. The heightened volatility saw the trading volume jump to 17,70,093 shares. Company has a market cap of $9,622 M.

On the company’s financial health, Akamai Technologies reported $0.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.63. The company had revenue of $567.73 million for the quarter, compared to analysts expectations of $564.26 million. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 EPS.

Many Wall Street Analysts have commented on Akamai Technologies. Akamai Technologies was Upgraded by Wells Fargo to ” Outperform” on Aug 12, 2016. Shares were Reiterated by Piper Jaffray on Jul 27, 2016 to “Overweight” and Lowered the Price Target to $ 64 from a previous price target of $69 .Shares were Reiterated by FBR Capital on Jul 27, 2016 to “Underperform” and Lowered the Price Target to $ 42 from a previous price target of $43 .

Akamai Technologies Inc. is a provider of cloud services for delivering optimizing and securing online content and business applications. Its solutions include delivery of conventional content on Websites tools that support the delivery and operation of cloud-based applications as well as security solutions and live and on-demand streaming video capabilities. The Company’s solutions include Media Delivery Solutions Performance and Security Solutions and Service and Support Solutions. Media Delivery Solutions are designed to enable enterprises to execute their digital media distribution strategies. Performance and Security Solutions are designed to utilize the Company’s core content and application delivery technologies of the Company to make the Internet work better. Service and Support Solutions offer professional services and solutions.

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