Teachers Retirement System of The State of Kentucky Sells 19,803 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Teachers Retirement System of The State of Kentucky decreased its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 9.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 181,418 shares of the technology infrastructure company’s stock after selling 19,803 shares during the quarter. Teachers Retirement System of The State of Kentucky owned about 0.12% of Akamai Technologies worth $19,732,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Cibc World Markets Corp raised its position in shares of Akamai Technologies by 131.6% during the fourth quarter. Cibc World Markets Corp now owns 19,433 shares of the technology infrastructure company’s stock worth $2,300,000 after purchasing an additional 11,044 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Akamai Technologies by 190.3% in the fourth quarter. Franklin Resources Inc. now owns 73,579 shares of the technology infrastructure company’s stock valued at $8,708,000 after buying an additional 48,236 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Akamai Technologies by 3.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 480,908 shares of the technology infrastructure company’s stock worth $56,915,000 after acquiring an additional 15,890 shares in the last quarter. TKG Advisors LLC bought a new stake in shares of Akamai Technologies during the fourth quarter worth $3,245,000. Finally, RWA Wealth Partners LLC acquired a new stake in shares of Akamai Technologies during the fourth quarter worth $4,441,000. Institutional investors and hedge funds own 94.28% of the company’s stock.

Insider Buying and Selling

In other news, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total value of $93,540.00. Following the completion of the sale, the director now owns 14,519 shares of the company’s stock, valued at $1,358,107.26. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO F Thomson Leighton acquired 22,000 shares of the stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $92.68 per share, for a total transaction of $2,038,960.00. Following the purchase, the chief executive officer now directly owns 2,342,621 shares in the company, valued at $217,114,114.28. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total value of $93,540.00. Following the sale, the director now owns 14,519 shares of the company’s stock, valued at $1,358,107.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,000 shares of company stock valued at $826,460. Insiders own 1.80% of the company’s stock.

Akamai Technologies Stock Performance

AKAM stock traded down $0.88 during midday trading on Friday, reaching $94.56. 1,220,591 shares of the company were exchanged, compared to its average volume of 1,248,534. Akamai Technologies, Inc. has a one year low of $87.59 and a one year high of $129.17. The firm has a market capitalization of $14.40 billion, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 4.57 and a beta of 0.67. The business has a 50-day moving average price of $92.27 and a two-hundred day moving average price of $103.08. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25.

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, beating analysts’ consensus estimates of $1.61 by $0.03. The business had revenue of $986.97 million for the quarter, compared to analyst estimates of $989.03 million. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. Akamai Technologies’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 EPS. Equities research analysts forecast that Akamai Technologies, Inc. will post 4.38 EPS for the current year.

Akamai Technologies announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 9th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology infrastructure company to purchase up to 13.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have issued reports on AKAM. Piper Sandler dropped their price target on Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Craig Hallum dropped their target price on Akamai Technologies from $120.00 to $110.00 and set a “hold” rating on the stock in a research report on Friday, May 10th. Robert W. Baird reduced their price target on Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target for the company in a research note on Monday, July 29th. Finally, Hsbc Global Res raised shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $114.44.

Akamai Technologies Company 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.