State of Michigan Retirement System Has $3.81 Million Stock Holdings in Akamai Technologies, Inc. $AKAM

State of Michigan Retirement System grew its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 3.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,789 shares of the technology infrastructure company’s stock after acquiring an additional 1,400 shares during the quarter. State of Michigan Retirement System’s holdings in Akamai Technologies were worth $3,812,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Akamai Technologies by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 18,673,358 shares of the technology infrastructure company’s stock worth $1,503,205,000 after purchasing an additional 425,461 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its stake in shares of Akamai Technologies by 6.9% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,484,661 shares of the technology infrastructure company’s stock valued at $200,015,000 after buying an additional 160,665 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Akamai Technologies by 2.3% during the first quarter. Mackenzie Financial Corp now owns 2,483,991 shares of the technology infrastructure company’s stock worth $199,961,000 after buying an additional 56,411 shares during the last quarter. Alyeska Investment Group L.P. raised its position in Akamai Technologies by 1,001.4% during the first quarter. Alyeska Investment Group L.P. now owns 1,753,400 shares of the technology infrastructure company’s stock worth $141,149,000 after acquiring an additional 1,594,206 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its stake in Akamai Technologies by 147.0% in the second quarter. Vontobel Holding Ltd. now owns 1,471,281 shares of the technology infrastructure company’s stock valued at $117,349,000 after acquiring an additional 875,712 shares during the last quarter. Institutional investors own 94.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on AKAM shares. Bank of America reduced their price target on Akamai Technologies from $100.00 to $80.00 and set a “neutral” rating for the company in a report on Monday, October 20th. Scotiabank reduced their target price on Akamai Technologies from $105.00 to $95.00 and set a “sector outperform” rating for the company in a research note on Friday, August 8th. DA Davidson reissued a “buy” rating and set a $115.00 target price on shares of Akamai Technologies in a report on Thursday, October 16th. Piper Sandler dropped their price target on Akamai Technologies from $88.00 to $83.00 and set a “neutral” rating on the stock in a research note on Friday, August 8th. Finally, Weiss Ratings raised shares of Akamai Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Akamai Technologies currently has a consensus rating of “Hold” and an average target price of $92.53.

Akamai Technologies Price Performance

NASDAQ:AKAM opened at $72.98 on Thursday. Akamai Technologies, Inc. has a 52 week low of $67.51 and a 52 week high of $105.26. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.31 and a current ratio of 2.31. The firm’s 50-day simple moving average is $75.94 and its 200 day simple moving average is $77.18. The firm has a market cap of $10.46 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 3.49 and a beta of 0.75.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, August 7th. The technology infrastructure company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. Akamai Technologies had a net margin of 10.40% and a return on equity of 14.26%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the business posted $1.58 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts predict that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Insider Buying and Selling

In other Akamai Technologies news, EVP Paul C. Joseph sold 5,000 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $76.65, for a total transaction of $383,250.00. Following the transaction, the executive vice president owned 27,349 shares in the company, valued at $2,096,300.85. This trade represents a 15.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Robert Blumofe sold 3,000 shares of Akamai Technologies stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $77.00, for a total value of $231,000.00. Following the completion of the transaction, the chief technology officer directly owned 27,910 shares of the company’s stock, valued at $2,149,070. This represents a 9.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,000 shares of company stock valued at $917,290 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

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.