State of Alaska Department of Revenue trimmed its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM – Get Rating) by 12.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,376 shares of the technology infrastructure company's stock after selling 9,685 shares during the period. State of Alaska Department of Revenue's holdings in Akamai Technologies were worth $5,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently bought and sold shares of the business. Boston Common Asset Management LLC purchased a new stake in Akamai Technologies during the 3rd quarter worth about $9,271,000. Mayflower Financial Advisors LLC purchased a new stake in Akamai Technologies during the 3rd quarter worth about $328,000. Louisiana State Employees Retirement System purchased a new stake in Akamai Technologies during the 3rd quarter worth about $819,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Akamai Technologies by 0.8% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,127 shares of the technology infrastructure company's stock worth $1,295,000 after buying an additional 121 shares during the last quarter. Finally, Diversified Trust Co lifted its holdings in Akamai Technologies by 15.3% during the 3rd quarter. Diversified Trust Co now owns 11,812 shares of the technology infrastructure company's stock worth $949,000 after buying an additional 1,564 shares during the last quarter. 90.41% of the stock is owned by hedge funds and other institutional investors.
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Analyst Ratings Changes
AKAM has been the topic of a number of research analyst reports. Morgan Stanley cut their target price on Akamai Technologies from $98.00 to $92.00 and set an "equal weight" rating on the stock in a research report on Wednesday, November 9th. Piper Sandler cut their target price on Akamai Technologies to $93.00 in a research report on Tuesday, November 15th. Raymond James cut their target price on Akamai Technologies from $115.00 to $94.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 9th. Evercore ISI cut their target price on Akamai Technologies to $105.00 in a research report on Tuesday, November 15th. Finally, Robert W. Baird cut their target price on Akamai Technologies to $90.00 in a research report on Tuesday, November 15th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $109.86.
Akamai Technologies Stock Performance
Shares of AKAM stock opened at $84.30 on Friday. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 0.54. The stock's 50-day moving average price is $88.41 and its 200 day moving average price is $89.24. Akamai Technologies, Inc. has a 52-week low of $76.28 and a 52-week high of $123.25. The stock has a market capitalization of $13.26 billion, a PE ratio of 27.02, a price-to-earnings-growth ratio of 1.67 and a beta of 0.71.
Akamai Technologies (NASDAQ:AKAM – Get Rating) last released its earnings results on Tuesday, November 8th. The technology infrastructure company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.07). Akamai Technologies had a return on equity of 16.00% and a net margin of 14.12%. The business had revenue of $881.90 million for the quarter, compared to analyst estimates of $875.99 million. During the same quarter in the previous year, the firm posted $1.20 EPS. The business's revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities research analysts forecast that Akamai Technologies, Inc. will post 4.18 EPS for the current year.
Insiders Place Their Bets
In other Akamai Technologies news, EVP Paul C. Joseph sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $95.00, for a total transaction of $142,500.00. Following the transaction, the executive vice president now owns 28,306 shares in the company, valued at approximately $2,689,070. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CTO Robert Blumofe sold 5,000 shares of the business's stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $92.92, for a total transaction of $464,600.00. Following the sale, the chief technology officer now owns 9,835 shares of the company's stock, valued at approximately $913,868.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Paul C. Joseph sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $95.00, for a total value of $142,500.00. Following the sale, the executive vice president now directly owns 28,306 shares in the company, valued at approximately $2,689,070. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 1,748 shares of company stock worth $150,214 and have sold 10,240 shares worth $929,818. 1.70% of the stock is currently owned by insiders.
Akamai Technologies Profile
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Akamai Technologies, Inc provides cloud services for securing, delivering, and optimizing content and business applications over the internet in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.
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