Illinois Municipal Retirement Fund Cuts Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Illinois Municipal Retirement Fund reduced its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 10.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,062 shares of the technology infrastructure company’s stock after selling 12,722 shares during the quarter. Illinois Municipal Retirement Fund owned 0.08% of Akamai Technologies worth $9,021,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AKAM. Norges Bank purchased a new position in shares of Akamai Technologies in the 4th quarter worth about $477,454,000. First Trust Advisors LP boosted its holdings in Akamai Technologies by 15.6% during the 4th quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company’s stock valued at $489,383,000 after acquiring an additional 690,341 shares during the period. National Pension Service boosted its holdings in Akamai Technologies by 595.3% during the 4th quarter. National Pension Service now owns 318,912 shares of the technology infrastructure company’s stock valued at $30,504,000 after acquiring an additional 273,043 shares during the period. GAMMA Investing LLC boosted its holdings in Akamai Technologies by 5,951.4% during the 1st quarter. GAMMA Investing LLC now owns 253,978 shares of the technology infrastructure company’s stock valued at $20,445,000 after acquiring an additional 249,781 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in Akamai Technologies by 43.4% during the 4th quarter. Hsbc Holdings PLC now owns 778,208 shares of the technology infrastructure company’s stock valued at $74,473,000 after acquiring an additional 235,394 shares during the period. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Morgan Stanley dropped their target price on Akamai Technologies from $102.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Oppenheimer assumed coverage on Akamai Technologies in a report on Thursday, March 20th. They set an “outperform” rating and a $100.00 target price for the company. Wall Street Zen cut Akamai Technologies from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Piper Sandler restated a “neutral” rating and set a $88.00 target price (up from $80.00) on shares of Akamai Technologies in a report on Friday, May 9th. Finally, Scotiabank dropped their target price on Akamai Technologies from $107.00 to $105.00 and set a “sector outperform” rating for the company in a report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $101.25.

Insiders Place Their Bets

In other news, COO Adam Karon sold 3,927 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $85.02, for a total value of $333,873.54. Following the transaction, the chief operating officer now directly owns 10,809 shares in the company, valued at $918,981.18. This trade represents a 26.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kim Salem-Jackson sold 13,157 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $76.33, for a total value of $1,004,273.81. Following the completion of the transaction, the executive vice president now owns 43,575 shares in the company, valued at approximately $3,326,079.75. This trade represents a 23.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Akamai Technologies Price Performance

AKAM stock opened at $79.60 on Friday. Akamai Technologies, Inc. has a twelve month low of $67.51 and a twelve month high of $106.80. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The firm has a market cap of $11.64 billion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 2.51 and a beta of 0.77. The business has a 50 day moving average of $78.37 and a 200 day moving average of $85.02.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.12. Akamai Technologies had a return on equity of 14.09% and a net margin of 11.26%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the company earned $1.64 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, research analysts forecast that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

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.