21,974 Shares in Akamai Technologies, Inc. (NASDAQ:AKAM) Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas acquired a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 21,974 shares of the technology infrastructure company's stock, valued at approximately $1,769,000.

Other institutional investors also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Akamai Technologies during the fourth quarter worth approximately $617,000. Atria Investments Inc grew its stake in Akamai Technologies by 5.6% during the fourth quarter. Atria Investments Inc now owns 5,497 shares of the technology infrastructure company's stock worth $526,000 after buying an additional 293 shares during the period. Mather Group LLC. grew its stake in Akamai Technologies by 97.4% during the first quarter. Mather Group LLC. now owns 1,224 shares of the technology infrastructure company's stock worth $99,000 after buying an additional 604 shares during the period. Amalgamated Bank grew its stake in Akamai Technologies by 0.5% during the first quarter. Amalgamated Bank now owns 29,080 shares of the technology infrastructure company's stock worth $2,341,000 after buying an additional 139 shares during the period. Finally, QRG Capital Management Inc. grew its stake in Akamai Technologies by 2.9% during the first quarter. QRG Capital Management Inc. now owns 7,302 shares of the technology infrastructure company's stock worth $588,000 after buying an additional 208 shares during the period. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Akamai Technologies Stock Down 2.6%

NASDAQ AKAM traded down $2.06 during trading hours on Friday, reaching $77.38. 1,254,258 shares of the company traded hands, compared to its average volume of 2,079,921. Akamai Technologies, Inc. has a 12 month low of $67.51 and a 12 month high of $106.80. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $11.31 billion, a PE ratio of 26.05, a PEG ratio of 2.44 and a beta of 0.77. The company has a 50 day moving average of $78.55 and a two-hundred day moving average of $83.71.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last issued its earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.12. The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.01 billion. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The firm's revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.64 earnings per share. As a group, equities analysts expect that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Kim Salem-Jackson sold 13,157 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total transaction of $1,004,273.81. Following the sale, the executive vice president directly owned 43,575 shares of the company's stock, valued at approximately $3,326,079.75. This represents a 23.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Adam Karon sold 3,927 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $85.02, for a total transaction of $333,873.54. Following the sale, the chief operating officer directly owned 10,809 shares in the company, valued at $918,981.18. This trade represents a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

AKAM has been the subject of several research reports. Wall Street Zen upgraded shares of Akamai Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Piper Sandler restated a "neutral" rating and issued a $88.00 target price (up from $80.00) on shares of Akamai Technologies in a research note on Friday, May 9th. Scotiabank decreased their target price on shares of Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating for the company in a research note on Friday, May 9th. KeyCorp assumed coverage on shares of Akamai Technologies in a research note on Friday, June 6th. They issued an "underweight" rating and a $63.00 target price for the company. Finally, Morgan Stanley decreased their target price on shares of Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Akamai Technologies has an average rating of "Moderate Buy" and an average target price of $101.25.

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.