California State Teachers Retirement System Buys 4,753 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

California State Teachers Retirement System boosted its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 1.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 254,130 shares of the technology infrastructure company’s stock after buying an additional 4,753 shares during the period. California State Teachers Retirement System’s holdings in Akamai Technologies were worth $27,639,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AKAM. Norges Bank bought a new position in Akamai Technologies in the 4th quarter valued at approximately $325,242,000. Champlain Investment Partners LLC lifted its position in Akamai Technologies by 19.6% in the 1st quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock valued at $147,308,000 after acquiring an additional 222,290 shares in the last quarter. Intech Investment Management LLC lifted its position in Akamai Technologies by 409.2% in the 1st quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company’s stock valued at $26,977,000 after acquiring an additional 199,334 shares in the last quarter. FIL Ltd lifted its position in Akamai Technologies by 14.5% in the 4th quarter. FIL Ltd now owns 1,472,311 shares of the technology infrastructure company’s stock valued at $174,248,000 after acquiring an additional 186,124 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in Akamai Technologies by 23.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 912,409 shares of the technology infrastructure company’s stock valued at $107,984,000 after acquiring an additional 176,173 shares in the last quarter. 94.28% of the stock is owned by institutional investors.

Akamai Technologies Price Performance

AKAM stock traded up $0.08 during trading on Thursday, reaching $98.36. The company’s stock had a trading volume of 15,794 shares, compared to its average volume of 1,644,244. Akamai Technologies, Inc. has a 1 year low of $87.59 and a 1 year high of $129.17. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $14.98 billion, a P/E ratio of 24.45, a price-to-earnings-growth ratio of 4.69 and a beta of 0.67. The company’s fifty day moving average is $92.24 and its 200-day moving average is $103.29.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.03. Akamai Technologies had a return on equity of 15.02% and a net margin of 16.12%. The business had revenue of $986.97 million during the quarter, compared to analyst estimates of $989.03 million. During the same quarter in the prior year, the business posted $1.01 EPS. Akamai Technologies’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, research analysts expect that Akamai Technologies, Inc. will post 4.38 earnings per share for the current fiscal year.

Akamai Technologies declared that its Board of Directors has approved a share buyback plan on Thursday, May 9th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the technology infrastructure company to buy up to 13.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Akamai Technologies

In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total transaction of $467,900.00. Following the completion of the transaction, the executive vice president now owns 9,938 shares of the company’s stock, valued at approximately $929,998.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total transaction of $467,900.00. Following the completion of the transaction, the executive vice president now owns 9,938 shares of the company’s stock, valued at approximately $929,998.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO F Thomson Leighton acquired 22,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost of $92.68 per share, with a total value of $2,038,960.00. Following the acquisition, the chief executive officer now directly owns 2,342,621 shares in the company, valued at $217,114,114.28. The disclosure for this purchase can be found here. Insiders sold 9,000 shares of company stock valued at $826,460 in the last 90 days. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

AKAM has been the topic of several analyst reports. Robert W. Baird lowered their price objective on Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Royal Bank of Canada decreased their target price on shares of Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating for the company in a research note on Friday, May 10th. Scotiabank started coverage on shares of Akamai Technologies in a research note on Monday, July 8th. They set a “sector outperform” rating and a $110.00 target price for the company. Citigroup decreased their target price on shares of Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. Finally, Susquehanna decreased their target price on shares of Akamai Technologies from $150.00 to $135.00 and set a “positive” rating for the company in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $114.44.

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.