Kentucky Retirement Systems Insurance Trust Fund Sells 2,009 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Kentucky Retirement Systems Insurance Trust Fund reduced its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 31.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,329 shares of the technology infrastructure company’s stock after selling 2,009 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Akamai Technologies were worth $348,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. TCTC Holdings LLC lifted its stake in shares of Akamai Technologies by 17.0% during the 4th quarter. TCTC Holdings LLC now owns 702 shares of the technology infrastructure company’s stock valued at $67,000 after buying an additional 102 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in Akamai Technologies by 0.6% during the 4th quarter. Orion Portfolio Solutions LLC now owns 19,991 shares of the technology infrastructure company’s stock valued at $1,912,000 after acquiring an additional 114 shares during the period. M&T Bank Corp lifted its position in shares of Akamai Technologies by 1.2% during the fourth quarter. M&T Bank Corp now owns 12,143 shares of the technology infrastructure company’s stock worth $1,161,000 after acquiring an additional 142 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Akamai Technologies by 54.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 438 shares of the technology infrastructure company’s stock worth $35,000 after acquiring an additional 155 shares during the period. Finally, Principal Securities Inc. boosted its holdings in shares of Akamai Technologies by 24.2% in the fourth quarter. Principal Securities Inc. now owns 894 shares of the technology infrastructure company’s stock worth $86,000 after acquiring an additional 174 shares during the period. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Insider Activity at Akamai Technologies

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

Akamai Technologies Stock Performance

NASDAQ:AKAM opened at $79.53 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.18 and a current ratio of 1.18. Akamai Technologies, Inc. has a fifty-two week low of $67.51 and a fifty-two week high of $106.80. The firm has a market cap of $11.63 billion, a PE ratio of 26.78, a price-to-earnings-growth ratio of 2.53 and a beta of 0.77. The business has a 50 day moving average price of $78.13 and a 200-day moving average price of $85.29.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.12. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the company posted $1.64 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts predict that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AKAM. Wall Street Zen lowered Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Morgan Stanley reduced 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. KeyCorp started coverage on shares of Akamai Technologies in a report on Friday, June 6th. They issued an “underweight” rating and a $63.00 price target on the stock. Oppenheimer started coverage on shares of Akamai Technologies in a research report on Thursday, March 20th. They issued an “outperform” rating and a $100.00 price objective for the company. Finally, Scotiabank decreased their target price on shares of Akamai Technologies from $107.00 to $105.00 and set a “sector outperform” rating on the stock in a report on Friday, May 9th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $101.25.

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.