Public Employees Retirement System of Ohio Decreases Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Public Employees Retirement System of Ohio reduced its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 7.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,237 shares of the technology infrastructure company’s stock after selling 5,488 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Akamai Technologies were worth $6,986,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in shares of Akamai Technologies in the first quarter valued at approximately $31,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Akamai Technologies during the 4th quarter worth approximately $43,000. Covestor Ltd lifted its stake in Akamai Technologies by 224.6% in the 1st quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock valued at $48,000 after buying an additional 310 shares in the last quarter. Lindbrook Capital LLC grew its holdings in Akamai Technologies by 43.7% during the 4th quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock valued at $49,000 after buying an additional 125 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in Akamai Technologies by 40.3% during the 4th quarter. Quadrant Capital Group LLC now owns 449 shares of the technology infrastructure company’s stock valued at $53,000 after buying an additional 129 shares during the last quarter. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 3,000 shares of Akamai Technologies stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the transaction, the chief technology officer now directly owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO F Thomson Leighton purchased 22,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $92.68 per share, for a total transaction of $2,038,960.00. Following the acquisition, the chief executive officer now owns 2,342,621 shares in the company, valued at $217,114,114.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Robert Blumofe sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total value of $265,020.00. Following the completion of the transaction, the chief technology officer now directly owns 24,729 shares in the company, valued at $2,184,559.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,000 shares of company stock worth $826,460. Company insiders own 1.80% of the company’s stock.

Akamai Technologies Trading Up 0.8 %

Shares of AKAM traded up $0.81 during trading hours on Tuesday, hitting $98.13. The stock had a trading volume of 66,317 shares, compared to its average volume of 1,650,911. Akamai Technologies, Inc. has a 12-month low of $87.59 and a 12-month high of $129.17. The firm has a market cap of $14.95 billion, a P/E ratio of 24.21, a P/E/G ratio of 4.65 and a beta of 0.67. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. The company’s fifty day simple moving average is $92.11 and its 200 day simple moving average is $103.47.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.61 by $0.03. The company had revenue of $986.97 million during the quarter, compared to analyst estimates of $989.03 million. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 earnings per share. Equities research analysts forecast that Akamai Technologies, Inc. will post 4.38 EPS for the current fiscal year.

Akamai Technologies announced that its board has authorized a share buyback plan on Thursday, May 9th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the technology infrastructure company to repurchase up to 13.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AKAM has been the subject of a number of analyst reports. Morgan Stanley cut their price target on Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating for the company in a report on Friday, May 10th. Raymond James reduced their target price on shares of Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Scotiabank began coverage on shares of Akamai Technologies in a research note on Monday, July 8th. They set a “sector outperform” rating and a $110.00 price target on the stock. Citigroup cut their price objective on shares of Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Finally, KeyCorp reduced their price objective on shares of Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $114.44.

Akamai Technologies Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services 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.