Akamai Technologies, Inc. (NASDAQ:AKAM) Holdings Lifted by Texas Permanent School Fund Corp

Posted by Defense World Staff on Jul 28th, 2023

Texas Permanent School Fund Corp lifted its stake in Akamai Technologies, Inc. (NASDAQ:AKAM – Free Report) by 46.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,782 shares of the technology infrastructure company’s stock after acquiring an additional 10,441 shares during the period. Texas Permanent School Fund Corp’s holdings in Akamai Technologies were worth $2,567,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Akamai Technologies by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 17,880,191 shares of the technology infrastructure company’s stock valued at $2,134,716,000 after acquiring an additional 254,437 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Akamai Technologies by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 3,502,193 shares of the technology infrastructure company’s stock worth $294,885,000 after purchasing an additional 42,525 shares during the last quarter. Legal & General Group Plc boosted its holdings in Akamai Technologies by 5.7% during the fourth quarter. Legal & General Group Plc now owns 2,723,940 shares of the technology infrastructure company’s stock worth $229,628,000 after purchasing an additional 147,339 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of Akamai Technologies by 3.0% during the 4th quarter. Mackenzie Financial Corp now owns 2,217,918 shares of the technology infrastructure company’s stock worth $186,970,000 after purchasing an additional 64,041 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Akamai Technologies by 84.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,310,113 shares of the technology infrastructure company’s stock valued at $110,443,000 after purchasing an additional 599,089 shares during the last quarter. 90.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Akamai Technologies

In related news, CEO F Thomson Leighton acquired 323 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The shares were acquired at an average price of $77.53 per share, with a total value of $25,042.19. Following the acquisition, the chief executive officer now owns 85,069 shares of the company’s stock, valued at approximately $6,595,399.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO F Thomson Leighton bought 323 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The stock was bought at an average price of $77.53 per share, for a total transaction of $25,042.19. Following the transaction, the chief executive officer now directly owns 85,069 shares of the company’s stock, valued at approximately $6,595,399.57. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Anthony P. Williams sold 3,530 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $85.53, for a total value of $301,920.90. Following the transaction, the executive vice president now owns 10,462 shares in the company, valued at $894,814.86. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 4,570 shares of company stock valued at $400,592 and have sold 19,778 shares valued at $1,772,908. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AKAM has been the topic of several analyst reports. StockNews.com began coverage on Akamai Technologies in a report on Thursday, May 18th. They issued a “buy” rating on the stock. William Blair initiated coverage on shares of Akamai Technologies in a research report on Wednesday, April 19th. They set an “outperform” rating on the stock. Piper Sandler upgraded Akamai Technologies from a “neutral” rating to an “overweight” rating and set a $93.00 price target on the stock in a report on Monday, April 10th. Evercore ISI upped their target price on Akamai Technologies from $100.00 to $105.00 in a report on Wednesday, May 10th. Finally, Robert W. Baird upped their price target on Akamai Technologies from $89.00 to $94.00 in a research report on Friday, May 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Akamai Technologies Price Performance

Shares of AKAM opened at $93.99 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market capitalization of $14.31 billion, a PE ratio of 32.86, a P/E/G ratio of 2.59 and a beta of 0.78. The stock has a 50 day simple moving average of $90.73 and a 200 day simple moving average of $84.30. Akamai Technologies, Inc. has a 52-week low of $70.65 and a 52-week high of $98.81.

Akamai Technologies (NASDAQ:AKAM – Get Free Report) last issued its quarterly earnings data on Tuesday, May 9th. The technology infrastructure company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.08. Akamai Technologies had a net margin of 12.50% and a return on equity of 14.63%. The business had revenue of $916.00 million during the quarter, compared to analysts’ expectations of $912.13 million. During the same quarter in the previous year, the company earned $1.12 EPS. The business’s revenue was up 1.4% on a year-over-year basis. Sell-side analysts predict that Akamai Technologies, Inc. will post 4.51 EPS for the current fiscal year.

About Akamai Technologies

(Free Report)

Akamai Technologies, Inc provides cloud services for securing, delivering, and computing content, applications, and software over the internet 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.