Sompo Asset Management Co. Ltd. Reduces Stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 62.7%

Are you interested in the latest news about Akamai Technologies, Inc. (NASDAQ: AKAM)? Well, you’re in luck because we have all the details on the recent stake reduction by Sompo Asset Management Co. Ltd. and the insider activity at Akamai Technologies.

Sompo Asset Management Co. Ltd. recently reduced its stake in Akamai Technologies by 62.7% during the fourth quarter, selling 12,853 shares and leaving them with 7,630 shares worth $903,000. Other hedge funds have also made moves with Planned Solutions Inc., Turtle Creek Wealth Advisors LLC, Bruce G. Allen Investments LLC, and Lindbrook Capital LLC all acquiring new stakes in the company.

As a result of these changes, Akamai Technologies stock has seen a 0.9% decrease, trading at $89.18. The company’s financials have also been in the spotlight, with a recent earnings report showing $1.64 earnings per share for the quarter, beating estimates by $0.03. The company’s revenue was up 7.8% compared to the same quarter last year.

In terms of analyst ratings, Akamai Technologies has received mixed reviews with some downgrades and price target adjustments. However, the company recently announced a $2.00 billion share buyback program, indicating confidence in the stock’s value.

Insider activity at Akamai Technologies has also been notable, with Director William Raymond Wagner and EVP Anthony P. Williams both selling shares in recent transactions.

Overall, Akamai Technologies continues to be a company to watch in the technology infrastructure sector. With a range of institutional investors, analyst ratings, and insider activity influencing the stock, there is plenty to keep an eye on. Stay tuned for more updates on Akamai Technologies as the story unfolds.