Akamai Technologies, Inc. (NASDAQ:AKAM) Position Raised by Retirement Systems of Alabama

Retirement Systems of Alabama increased its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 16.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,061,290 shares of the technology infrastructure company's stock after purchasing an additional 149,762 shares during the quarter. Retirement Systems of Alabama owned 0.73% of Akamai Technologies worth $85,434,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AKAM. Brighton Jones LLC increased its position in Akamai Technologies by 101.4% during the 4th quarter. Brighton Jones LLC now owns 4,016 shares of the technology infrastructure company's stock worth $384,000 after purchasing an additional 2,022 shares in the last quarter. Empowered Funds LLC increased its position in Akamai Technologies by 11.0% during the 4th quarter. Empowered Funds LLC now owns 4,124 shares of the technology infrastructure company's stock worth $394,000 after purchasing an additional 409 shares in the last quarter. Van ECK Associates Corp increased its position in Akamai Technologies by 49.6% during the 4th quarter. Van ECK Associates Corp now owns 2,746 shares of the technology infrastructure company's stock worth $263,000 after purchasing an additional 910 shares in the last quarter. Principal Securities Inc. increased its position in Akamai Technologies by 24.2% during the 4th quarter. Principal Securities Inc. now owns 894 shares of the technology infrastructure company's stock worth $86,000 after purchasing an additional 174 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its position in Akamai Technologies by 3.6% during the 4th quarter. Sanctuary Advisors LLC now owns 11,063 shares of the technology infrastructure company's stock worth $1,123,000 after purchasing an additional 384 shares in the last quarter. Institutional investors and hedge funds own 94.28% of the company's stock.

Akamai Technologies Stock Performance

AKAM traded up $0.90 during trading hours on Monday, hitting $79.28. 3,152,579 shares of the stock were exchanged, compared to its average volume of 2,055,503. The stock has a 50-day simple moving average of $77.90 and a 200-day simple moving average of $85.37. Akamai Technologies, Inc. has a 12 month low of $67.51 and a 12 month high of $106.80. The stock has a market cap of $11.59 billion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 2.47 and a beta of 0.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 1.18.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.12. Akamai Technologies had a return on equity of 14.09% and a net margin of 11.26%. The firm had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same period last year, the business posted $1.64 earnings per share. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. Analysts anticipate that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AKAM. Scotiabank dropped 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 report on Friday, May 9th. Wall Street Zen downgraded shares of Akamai Technologies from a "buy" rating to a "hold" rating in a research report on Saturday. Morgan Stanley lowered their price objective on shares of Akamai Technologies from $102.00 to $90.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Piper Sandler reaffirmed a "neutral" rating and issued a $88.00 price objective (up previously from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. Finally, Oppenheimer began coverage on shares of Akamai Technologies in a research report on Thursday, March 20th. They issued an "outperform" rating and a $100.00 price objective for the company. Two analysts have rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $101.25.

Insider Buying and Selling

In other Akamai Technologies news, EVP Kim Salem-Jackson sold 13,157 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $76.33, for a total value of $1,004,273.81. Following the sale, the executive vice president now directly owns 43,575 shares in the company, valued at approximately $3,326,079.75. This trade represents a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Adam Karon sold 3,927 shares of the firm's stock in a transaction on 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 now owns 10,809 shares in the company, valued at $918,981.18. The trade was 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 company insiders.

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.