Texas Permanent School Fund Corp Reduces Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Texas Permanent School Fund Corp decreased its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 20.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,943 shares of the technology infrastructure company’s stock after selling 6,228 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Akamai Technologies were worth $2,247,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janus Henderson Group PLC lifted its holdings in Akamai Technologies by 19.6% during the 1st quarter. Janus Henderson Group PLC now owns 41,034 shares of the technology infrastructure company’s stock valued at $4,462,000 after buying an additional 6,724 shares in the last quarter. Cibc World Markets Corp boosted its holdings in shares of Akamai Technologies by 131.6% in the fourth quarter. Cibc World Markets Corp now owns 19,433 shares of the technology infrastructure company’s stock valued at $2,300,000 after purchasing an additional 11,044 shares during the period. Franklin Resources Inc. grew its stake in Akamai Technologies by 190.3% in the fourth quarter. Franklin Resources Inc. now owns 73,579 shares of the technology infrastructure company’s stock worth $8,708,000 after purchasing an additional 48,236 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Akamai Technologies by 3.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 480,908 shares of the technology infrastructure company’s stock worth $56,915,000 after purchasing an additional 15,890 shares during the period. Finally, TKG Advisors LLC purchased a new stake in shares of Akamai Technologies in the 4th quarter worth $3,245,000. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Akamai Technologies Trading Down 1.4 %

NASDAQ:AKAM opened at $97.87 on Wednesday. The company has a market capitalization of $14.91 billion, a P/E ratio of 24.35, a PEG ratio of 3.10 and a beta of 0.68. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. Akamai Technologies, Inc. has a 12 month low of $87.59 and a 12 month high of $129.17. The firm has a fifty day simple moving average of $97.73 and a 200-day simple moving average of $98.61.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.05. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The business had revenue of $979.60 million for the quarter, compared to the consensus estimate of $977.67 million. During the same quarter in the previous year, the business earned $1.01 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts anticipate that Akamai Technologies, Inc. will post 4.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AKAM. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a research note on Friday, August 9th. DA Davidson restated a “buy” rating and issued a $115.00 price target on shares of Akamai Technologies in a report on Friday, August 9th. Craig Hallum upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $125.00 in a research note on Friday, August 9th. Tigress Financial reissued a “strong-buy” rating and set a $140.00 price objective on shares of Akamai Technologies in a report on Thursday, August 29th. Finally, Scotiabank upped their target price on Akamai Technologies from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $116.47.

Insider Buying and Selling

In other news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the sale, the chief technology officer now owns 22,010 shares in the company, valued at $2,216,186.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $100.73, for a total value of $100,730.00. Following the sale, the director now owns 16,719 shares in the company, valued at $1,684,104.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the transaction, the chief technology officer now owns 22,010 shares of the company’s stock, valued at $2,216,186.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,500 shares of company stock worth $741,655. 1.80% of the stock is owned by company insiders.

Akamai Technologies 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.