New York State Teachers Retirement System Has $13.29 Million Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

New York State Teachers Retirement System lowered its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 147,530 shares of the technology infrastructure company’s stock after selling 2,673 shares during the quarter. New York State Teachers Retirement System owned approximately 0.10% of Akamai Technologies worth $13,290,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in Akamai Technologies by 170.8% in the 2nd quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock valued at $28,000 after buying an additional 193 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Akamai Technologies during the first quarter valued at $31,000. Covestor Ltd grew its stake in shares of Akamai Technologies by 224.6% in the first quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock worth $48,000 after purchasing an additional 310 shares during the last quarter. Lindbrook Capital LLC increased its holdings in Akamai Technologies by 43.7% in the fourth quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock valued at $49,000 after purchasing an additional 125 shares during the period. Finally, Quadrant Capital Group LLC raised its position in Akamai Technologies by 40.3% during the 4th quarter. Quadrant Capital Group LLC now owns 449 shares of the technology infrastructure company’s stock worth $53,000 after purchasing an additional 129 shares during the last quarter. 94.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the completion of the sale, the director now owns 14,519 shares in the company, valued at approximately $1,358,107.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the completion of the sale, the director now directly owns 14,519 shares in the company, valued at $1,358,107.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Robert Blumofe sold 3,000 shares of Akamai Technologies stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $88.34, for a total value of $265,020.00. Following the completion of the transaction, the chief technology officer now directly owns 24,729 shares in the company, valued at $2,184,559.86. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,500 shares of company stock valued at $610,285. Company insiders own 1.80% of the company’s stock.

Akamai Technologies Trading Up 0.2 %

Shares of Akamai Technologies stock opened at $101.83 on Friday. The company has a market capitalization of $15.51 billion, a P/E ratio of 25.33, a price-to-earnings-growth ratio of 4.57 and a beta of 0.67. The stock has a fifty day simple moving average of $94.72 and a 200 day simple moving average of $100.60. Akamai Technologies, Inc. has a 12-month low of $87.59 and a 12-month high of $129.17. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.05. The business had revenue of $979.60 million for the quarter, compared to analysts’ expectations of $977.67 million. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.01 earnings per share. On average, sell-side analysts anticipate that Akamai Technologies, Inc. will post 4.38 earnings per share for the current fiscal year.

Akamai Technologies announced that its board has authorized a stock repurchase program on Thursday, May 9th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the technology infrastructure company to reacquire up to 13.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AKAM shares. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. Bank of America lowered their target price on shares of Akamai Technologies from $145.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Susquehanna decreased their price target on Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company in a report on Friday, May 10th. StockNews.com lowered Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Finally, Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.00 to $125.00 in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Akamai Technologies has an average rating of “Moderate Buy” and an average price target of $116.00.

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.