Here is What Hedge Funds Think About Akamai Technologies, Inc. (AKAM)

Since Akamai Technologies, Inc. (NASDAQ:AKAM) has faced bearish sentiment from hedge fund managers, it’s safe to say that there exists a select few hedge funds that elected to cut their positions entirely by the end of the third quarter. It’s worth mentioning that Stanley Druckenmiller’s Duquesne Capital said goodbye to the largest investment of all the hedgies watched by Insider Monkey, worth about $24.8 million in stock, and Jim Chanos’s Kynikos was right behind this move, as the fund dumped about $6.2 million worth. These transactions are important to note, as aggregate hedge fund interest fell by 2 funds by the end of the third quarter.

Let’s check out hedge fund activity in other stocks similar to Akamai Technologies, Inc. (NASDAQ:AKAM). These stocks are Macerich Co (NYSE:MAC), Plains All American Pipeline, L.P. (NYSE:PAA), CA, Inc. (NASDAQ:CA), and Nucor Corporation (NYSE:NUE). This group of stocks’ market valuations are closest to AKAM’s market valuation.

As you can see these stocks had an average of 21.75 hedge funds with bullish positions and the average amount invested in these stocks was $278 million. That figure was $964 million in AKAM’s case. CA, Inc. (NASDAQ:CA) is the most popular stock in this table. On the other hand Plains All American Pipeline, L.P. (NYSE:PAA) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Akamai Technologies, Inc. (NASDAQ:AKAM) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.