Akamai Technologies, Inc. (NASDAQ:AKAM) Position Reduced by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 7.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 7,949 shares of the technology infrastructure company’s stock after selling 635 shares during the period. Maryland State Retirement & Pension System’s holdings in Akamai Technologies were worth $760,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Caprock Group LLC bought a new stake in Akamai Technologies in the third quarter worth about $252,000. Prospera Financial Services Inc acquired a new stake in Akamai Technologies during the third quarter valued at approximately $209,000. Advisors Asset Management Inc. boosted its holdings in Akamai Technologies by 2.6% during the third quarter. Advisors Asset Management Inc. now owns 14,018 shares of the technology infrastructure company’s stock worth $1,415,000 after buying an additional 354 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Akamai Technologies by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company’s stock worth $90,083,000 after buying an additional 11,272 shares during the last quarter. Finally, Meridian Wealth Management LLC bought a new position in shares of Akamai Technologies in the third quarter valued at $502,000. Institutional investors own 94.28% of the company’s stock.

Insider Activity at Akamai Technologies

In other news, CEO F Thomson Leighton purchased 37,670 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were bought at an average price of $79.58 per share, with a total value of $2,997,778.60. Following the completion of the transaction, the chief executive officer now directly owns 137,342 shares in the company, valued at $10,929,676.36. This trade represents a 37.79 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mani Sundaram sold 10,683 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $86.52, for a total transaction of $924,293.16. Following the sale, the executive vice president now directly owns 23,988 shares of the company’s stock, valued at approximately $2,075,441.76. This represents a 30.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,394 shares of company stock valued at $3,019,323. Corporate insiders own 1.80% of the company’s stock.

Akamai Technologies Stock Performance

AKAM stock opened at $82.77 on Tuesday. The firm has a 50 day moving average of $90.45 and a two-hundred day moving average of $95.09. Akamai Technologies, Inc. has a 12 month low of $75.50 and a 12 month high of $110.14. The company has a market capitalization of $12.44 billion, a price-to-earnings ratio of 25.39, a P/E/G ratio of 2.74 and a beta of 0.68. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.33). Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. As a group, equities analysts anticipate that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AKAM has been the topic of a number of recent research reports. UBS Group assumed coverage on Akamai Technologies in a report on Monday, December 16th. They issued a “neutral” rating and a $110.00 target price on the stock. Piper Sandler lowered shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $112.00 to $100.00 in a research note on Friday, February 21st. Raymond James dropped their target price on shares of Akamai Technologies from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Craig Hallum downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 price target for the company. in a research report on Friday, February 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Akamai Technologies in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and an average price target of $106.55.

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.