Illinois Municipal Retirement Fund lowered its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 10.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 112,062 shares of the technology infrastructure company's stock after selling 12,722 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.08% of Akamai Technologies worth $9,021,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP increased its position in Akamai Technologies by 15.6% in the 4th quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company's stock valued at $489,383,000 after acquiring an additional 690,341 shares in the last quarter. Norges Bank acquired a new position in Akamai Technologies during the 4th quarter valued at about $477,454,000. Mackenzie Financial Corp boosted its stake in shares of Akamai Technologies by 3.5% in the 4th quarter. Mackenzie Financial Corp now owns 2,427,580 shares of the technology infrastructure company's stock valued at $232,198,000 after purchasing an additional 81,744 shares during the last quarter. Earnest Partners LLC grew its position in shares of Akamai Technologies by 2.7% during the 4th quarter. Earnest Partners LLC now owns 2,215,735 shares of the technology infrastructure company's stock worth $211,935,000 after buying an additional 58,013 shares during the period. Finally, Northern Trust Corp grew its position in shares of Akamai Technologies by 9.6% during the 4th quarter. Northern Trust Corp now owns 1,861,845 shares of the technology infrastructure company's stock worth $178,085,000 after buying an additional 163,472 shares during the period. 94.28% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms have weighed in on AKAM. Morgan Stanley cut their target price on Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Oppenheimer initiated coverage on shares of Akamai Technologies in a research note on Thursday, March 20th. They issued an "outperform" rating and a $100.00 target price for the company. UBS Group lifted their price target on shares of Akamai Technologies from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Wall Street Zen cut shares of Akamai Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Scotiabank dropped their price objective on Akamai Technologies from $107.00 to $105.00 and set a "sector outperform" rating on the stock in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $101.25.
Get Our Latest Stock Report on AKAM
Insider Buying and Selling
In other Akamai Technologies news, COO Adam Karon sold 3,927 shares of the business's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $85.02, for a total value of $333,873.54. Following the completion of the sale, the chief operating officer owned 10,809 shares of the company's stock, valued at $918,981.18. The trade was a 26.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kim Salem-Jackson sold 13,157 shares of Akamai Technologies stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 43,575 shares of the company's stock, valued at approximately $3,326,079.75. The trade was a 23.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.
Akamai Technologies Stock Performance
Shares of Akamai Technologies stock traded down $0.16 during trading on Tuesday, hitting $79.60. 836,944 shares of the stock were exchanged, compared to its average volume of 2,071,069. 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 company has a fifty day moving average price of $78.53 and a 200-day moving average price of $84.68. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 26.81, a price-to-earnings-growth ratio of 2.51 and a beta of 0.77. Akamai Technologies, Inc. has a 1-year low of $67.51 and a 1-year high of $106.80.
Akamai Technologies (NASDAQ:AKAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.12. Akamai Technologies had a return on equity of 14.09% and a net margin of 11.26%. The business had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the business earned $1.64 EPS. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities analysts predict that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.
Akamai Technologies Company Profile
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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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