Alberta Investment Management Corp Purchases New Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Alberta Investment Management Corp bought a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 51,356 shares of the technology infrastructure company's stock, valued at approximately $4,912,000.

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise boosted its holdings in shares of Akamai Technologies by 86.9% during the third quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company's stock worth $4,481,000 after purchasing an additional 20,633 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Akamai Technologies by 3.5% during the third quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company's stock worth $20,236,000 after purchasing an additional 6,785 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings 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 period. Teachers Retirement System of The State of Kentucky lifted its holdings in Akamai Technologies by 32.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company's stock worth $19,018,000 after buying an additional 46,335 shares during the period. Finally, Cascade Investment Advisors Inc. purchased a new stake in Akamai Technologies in the fourth quarter worth about $827,000. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Akamai Technologies Stock Performance

NASDAQ:AKAM traded down $20.45 during trading hours on Friday, reaching $77.58. The company had a trading volume of 15,713,836 shares, compared to its average volume of 2,163,598. The firm's 50 day moving average price is $96.60 and its 200-day moving average price is $97.96. The firm has a market cap of $11.65 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 3.58 and a beta of 0.65. Akamai Technologies, Inc. has a 52 week low of $77.35 and a 52 week high of $113.36. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released its earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share for the quarter, missing analysts' consensus estimates of $1.52 by ($0.33). Akamai Technologies had a net margin of 13.27% and a return on equity of 14.63%. The firm had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.02 billion. On average, analysts forecast that Akamai Technologies, Inc. will post 4.28 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Akamai Technologies from $76.00 to $72.00 and set an "underweight" rating for the company in a report on Friday. Evercore ISI restated an "outperform" rating and issued a $110.00 price objective on shares of Akamai Technologies in a report on Tuesday, December 17th. Piper Sandler downgraded shares of Akamai Technologies from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $112.00 to $100.00 in a research note on Friday. Citigroup decreased their target price on shares of Akamai Technologies from $104.00 to $102.00 and set a "neutral" rating for the company in a research note on Friday, January 17th. Finally, Hsbc Global Res raised shares of Akamai Technologies from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $107.90.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $91.57, for a total value of $366,280.00. Following the sale, the executive vice president now directly owns 23,104 shares in the company, valued at approximately $2,115,633.28. The trade was a 14.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Edward J. Mcgowan sold 10,782 shares of Akamai Technologies stock in a transaction on Monday, December 16th. The shares were sold at an average price of $98.71, for a total transaction of $1,064,291.22. Following the completion of the sale, the chief financial officer now owns 12,716 shares in the company, valued at approximately $1,255,196.36. This represents a 45.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,782 shares of company stock worth $1,523,951. 1.80% of the stock is owned by corporate insiders.

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.