State of Michigan Retirement System Buys 1,500 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

State of Michigan Retirement System raised its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 3.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 46,389 shares of the technology infrastructure company’s stock after buying an additional 1,500 shares during the quarter. State of Michigan Retirement System’s holdings in Akamai Technologies were worth $4,437,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Banque Cantonale Vaudoise raised its stake in Akamai Technologies by 86.9% in the third quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company’s stock valued at $4,481,000 after purchasing an additional 20,633 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Akamai Technologies by 3.5% in the 3rd quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company’s stock valued at $20,236,000 after buying an additional 6,785 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Akamai Technologies by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company’s stock worth $90,083,000 after acquiring an additional 11,272 shares during the period. Van ECK Associates Corp boosted its position in shares of 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 acquiring an additional 910 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Akamai Technologies by 32.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company’s stock valued at $19,018,000 after acquiring an additional 46,335 shares during the last quarter. 94.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AKAM has been the subject of several recent analyst reports. Robert W. Baird cut their target price on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Citigroup dropped their price objective on Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating for the company in a research report on Monday, February 24th. Royal Bank of Canada decreased their target price on Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating on the stock in a research report on Friday, February 21st. Bank of America cut shares of Akamai Technologies from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $125.00 to $100.00 in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Akamai Technologies from $76.00 to $72.00 and set an “underweight” rating on the stock in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $107.55.

Akamai Technologies Stock Down 0.0 %

Shares of AKAM opened at $82.81 on Friday. The stock’s 50-day moving average price is $93.55 and its two-hundred day moving average price is $96.87. Akamai Technologies, Inc. has a 12 month low of $75.50 and a 12 month high of $113.36. The company has a market capitalization of $12.45 billion, a PE ratio of 25.40, a PEG ratio of 2.74 and a beta of 0.68. The company has a current ratio of 1.23, a quick ratio of 1.33 and a debt-to-equity ratio of 0.49.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. On average, analysts anticipate that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total value of $366,280.00. Following the completion of the sale, the executive vice president now directly owns 23,104 shares in the company, valued at approximately $2,115,633.28. The trade was a 14.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Edward J. Mcgowan sold 10,782 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $98.71, for a total value of $1,064,291.22. Following the completion of the transaction, the chief financial officer now directly owns 12,716 shares in the company, valued at approximately $1,255,196.36. This trade represents a 45.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,213 shares of company stock worth $1,948,202. Company insiders own 1.80% of the company’s stock.

About Akamai Technologies

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.