Texas Permanent School Fund decreased its stake in shares of Akamai Technologies Inc. (NASDAQ:AKAM) by 5.5% during the third quarter, Holdings Channel reports. The institutional investor owned 53,809 shares of the technology infrastructure company’s stock after selling 3,160 shares during the period. Texas Permanent School Fund’s holdings in Akamai Technologies were worth $2,851,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of AKAM. Massachusetts Financial Services Co. MA purchased a new stake in Akamai Technologies during the second quarter valued at about $73,367,000. Capital World Investors raised its stake in Akamai Technologies by 8.1% in the second quarter. Capital World Investors now owns 15,028,695 shares of the technology infrastructure company’s stock valued at $840,555,000 after buying an additional 1,126,696 shares in the last quarter. William Blair Investment Management LLC raised its stake in Akamai Technologies by 19.7% in the second quarter. William Blair Investment Management LLC now owns 4,428,561 shares of the technology infrastructure company’s stock valued at $247,689,000 after buying an additional 728,294 shares in the last quarter. PGGM Investments purchased a new stake in Akamai Technologies during the second quarter valued at about $30,442,000. Finally, Obermeyer Wood Investment Counsel Lllp purchased a new stake in Akamai Technologies during the second quarter valued at about $26,058,000. 90.61% of the stock is currently owned by institutional investors and hedge funds.
Akamai Technologies Inc. (NASDAQ:AKAM) traded down 0.49% during midday trading on Thursday, hitting $69.26. The stock had a trading volume of 922,654 shares. The stock has a 50-day moving average of $67.43 and a 200-day moving average of $59.47. The firm has a market cap of $12.00 billion, a P/E ratio of 39.33 and a beta of 0.92. Akamai Technologies Inc. has a 52 week low of $39.43 and a 52 week high of $71.64.
Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, October 25th. The technology infrastructure company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. Akamai Technologies had a net margin of 13.59% and a return on equity of 11.61%. The business had revenue of $584.10 million for the quarter, compared to analysts’ expectations of $571.92 million. During the same quarter in the previous year, the firm posted $0.62 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. Analysts forecast that Akamai Technologies Inc. will post $2.67 EPS for the current fiscal year.
AKAM has been the topic of several research reports. Zacks Investment Research lowered Akamai Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, October 5th. Mizuho reaffirmed a “buy” rating and issued a $65.00 target price on shares of Akamai Technologies in a research report on Monday, October 3rd. FBR & Co raised Akamai Technologies from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $42.00 to $55.00 in a research report on Wednesday, October 26th. Pacific Crest reaffirmed a “hold” rating on shares of Akamai Technologies in a research report on Monday, November 7th. Finally, Stifel Nicolaus increased their target price on Akamai Technologies from $58.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, October 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $64.40.
In other Akamai Technologies news, Director Paul Sagan sold 18,667 shares of the business’s stock in a transaction on Wednesday, January 4th. The shares were sold at an average price of $67.81, for a total transaction of $1,265,809.27. Following the sale, the director now owns 60,489 shares of the company’s stock, valued at approximately $4,101,759.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rick M. Mcconnell sold 12,899 shares of the business’s stock in a transaction on Monday, October 24th. The shares were sold at an average price of $57.98, for a total transaction of $747,884.02. Following the sale, the insider now directly owns 34,812 shares in the company, valued at approximately $2,018,399.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,180 shares worth $6,324,238.30. Insiders own 2.70% of the company’s stock.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
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