New York State Teachers Retirement System Reduces Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

New York State Teachers Retirement System lessened its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 2.6% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 136,496 shares of the technology infrastructure company's stock after selling 3,659 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of Akamai Technologies worth $13,056,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Akamai Technologies by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company's stock worth $423,066,000 after buying an additional 202,746 shares during the period. Retirement Systems of Alabama boosted its position in Akamai Technologies by 20.0% during the third quarter. Retirement Systems of Alabama now owns 837,155 shares of the technology infrastructure company's stock valued at $84,511,000 after acquiring an additional 139,760 shares during the last quarter. Nordea Investment Management AB grew its holdings in Akamai Technologies by 6.9% during the 4th quarter. Nordea Investment Management AB now owns 2,140,257 shares of the technology infrastructure company's stock worth $205,743,000 after acquiring an additional 138,380 shares during the period. Worldquant Millennium Advisors LLC bought a new position in shares of Akamai Technologies in the 3rd quarter worth about $13,313,000. Finally, Invenomic Capital Management LP lifted its stake in shares of Akamai Technologies by 252.2% in the 3rd quarter. Invenomic Capital Management LP now owns 175,984 shares of the technology infrastructure company's stock valued at $17,766,000 after purchasing an additional 126,021 shares during the period. Institutional investors own 94.28% of the company's stock.

Akamai Technologies Price Performance

Akamai Technologies stock traded down $21.30 during midday trading on Friday, reaching $76.73. 20,721,903 shares of the stock were exchanged, compared to its average volume of 2,321,942. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.33. Akamai Technologies, Inc. has a 52 week low of $76.50 and a 52 week high of $113.36. The firm has a market cap of $11.53 billion, a PE ratio of 22.70, a PEG ratio of 3.58 and a beta of 0.65. The company's fifty day moving average is $96.15 and its 200-day moving average is $97.86.

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

Analyst Ratings Changes

A number of brokerages have weighed in on AKAM. Susquehanna lowered their target price on Akamai Technologies from $110.00 to $105.00 and set a "positive" rating for the company in a report on Friday. Bank of America lowered shares of Akamai Technologies from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $125.00 to $100.00 in a research note on Friday. TD Cowen lowered shares of Akamai Technologies from a "buy" rating to a "hold" rating and cut their target price for the stock from $125.00 to $98.00 in a research note on Friday. UBS Group assumed coverage on shares of Akamai Technologies in a research note on Monday, December 16th. They issued a "neutral" rating and a $110.00 price target for the company. Finally, Piper Sandler cut shares of Akamai Technologies from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $112.00 to $100.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.90.

Insiders Place Their Bets

In related news, CFO Edward J. Mcgowan sold 10,782 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 12,716 shares of the company's stock, valued at approximately $1,255,196.36. This represents a 45.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of the 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 $2,115,633.28. This trade represents a 14.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,782 shares of company stock worth $1,523,951. 1.80% of the stock is currently owned by corporate insiders.

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.