State of Alaska Department of Revenue Has $5.09 Million Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

State of Alaska Department of Revenue reduced its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAMFree Report) by 17.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,798 shares of the technology infrastructure company’s stock after selling 10,100 shares during the quarter. State of Alaska Department of Revenue’s holdings in Akamai Technologies were worth $5,089,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Planned Solutions Inc. acquired a new position in shares of Akamai Technologies during the fourth quarter valued at about $37,000. Turtle Creek Wealth Advisors LLC bought a new position in Akamai Technologies during the fourth quarter valued at about $43,000. Bruce G. Allen Investments LLC acquired a new position in Akamai Technologies in the 4th quarter valued at approximately $44,000. Headinvest LLC bought a new stake in shares of Akamai Technologies in the 3rd quarter worth approximately $40,000. Finally, Lindbrook Capital LLC grew its holdings in shares of Akamai Technologies by 43.7% during the 4th quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock worth $49,000 after purchasing an additional 125 shares in the last quarter. 94.28% of the stock is owned by institutional investors.

Insider Buying and Selling at Akamai Technologies

In other news, EVP Anthony P. Williams sold 5,000 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total transaction of $467,900.00. Following the completion of the transaction, the executive vice president now directly owns 9,938 shares in the company, valued at approximately $929,998.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Anthony P. Williams sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total transaction of $467,900.00. Following the sale, the executive vice president now owns 9,938 shares in the company, valued at approximately $929,998.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO F Thomson Leighton acquired 22,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average cost of $92.68 per share, with a total value of $2,038,960.00. Following the acquisition, the chief executive officer now owns 2,342,621 shares in the company, valued at approximately $217,114,114.28. The disclosure for this purchase can be found here. In the last three months, insiders have sold 9,000 shares of company stock worth $826,460. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on AKAM shares. Raymond James cut their target price on Akamai Technologies from $138.00 to $115.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Citigroup reduced their price target on shares of Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. Robert W. Baird cut their price objective 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. Royal Bank of Canada decreased their target price on Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating on the stock in a report on Friday, May 10th. Finally, 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. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Akamai Technologies has a consensus rating of “Hold” and a consensus target price of $114.00.

Get Our Latest Stock Report on Akamai Technologies

Akamai Technologies Stock Performance

Shares of AKAM opened at $90.33 on Friday. The firm has a market cap of $13.76 billion, a P/E ratio of 22.47, a PEG ratio of 4.35 and a beta of 0.67. Akamai Technologies, Inc. has a twelve month low of $87.59 and a twelve month high of $129.17. 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 firm’s 50 day moving average price is $93.20 and its two-hundred day moving average price is $106.34.

Akamai Technologies (NASDAQ:AKAMGet Free Report) last posted its quarterly earnings data on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share 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 analysts’ expectations of $989.03 million. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. Akamai Technologies’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 earnings per share. On average, analysts forecast that Akamai Technologies, Inc. will post 4.38 EPS for the current fiscal year.

Akamai Technologies announced that its board has initiated a stock repurchase plan on Thursday, May 9th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the technology infrastructure company to reacquire up to 13.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Akamai Technologies Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

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