New York State Common Retirement Fund Sells 7,377,500 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

New York State Common Retirement Fund lessened its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 98.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 109,463 shares of the technology infrastructure company’s stock after selling 7,377,500 shares during the period. New York State Common Retirement Fund’s holdings in Akamai Technologies were worth $10,470,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its holdings in Akamai Technologies by 85.7% in the third quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock worth $25,000 after acquiring an additional 114 shares in the last quarter. Bruce G. Allen Investments LLC raised its position in shares of Akamai Technologies by 38.8% during the fourth quarter. Bruce G. Allen Investments LLC now owns 554 shares of the technology infrastructure company’s stock worth $53,000 after purchasing an additional 155 shares during the period. Principal Securities Inc. lifted its holdings in shares of Akamai Technologies by 24.2% in the 4th quarter. Principal Securities Inc. now owns 894 shares of the technology infrastructure company’s stock worth $86,000 after purchasing an additional 174 shares in the last quarter. Covestor Ltd grew its position in Akamai Technologies by 67.7% in the 3rd quarter. Covestor Ltd now owns 887 shares of the technology infrastructure company’s stock valued at $90,000 after purchasing an additional 358 shares during the period. Finally, Catalyst Capital Advisors LLC bought a new stake in Akamai Technologies during the 3rd quarter valued at $102,000. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Akamai Technologies Stock Performance

Shares of AKAM opened at $77.65 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. The stock has a market cap of $11.67 billion, a P/E ratio of 23.82, a P/E/G ratio of 3.50 and a beta of 0.65. The business’s 50 day moving average price is $95.75 and its 200-day moving average price is $97.84. Akamai Technologies, Inc. has a 52 week low of $75.50 and a 52 week high of $113.36.

Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.33). Akamai Technologies had a return on equity of 14.47% and a net margin of 12.65%. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. Equities research analysts anticipate that Akamai Technologies, Inc. will post 4.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

AKAM has been the topic of a number of recent research reports. 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. Evercore ISI reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Akamai Technologies in a research report on Tuesday, December 17th. Scotiabank decreased their price objective on Akamai Technologies from $115.00 to $107.00 and set a “sector outperform” rating for the company in a report on Friday. HSBC upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 target price on the stock in a report on Monday, November 11th. Finally, TD Cowen downgraded Akamai Technologies from a “buy” rating to a “hold” rating and decreased their price target for the stock from $125.00 to $98.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Akamai Technologies has a consensus rating of “Moderate Buy” and an average price target of $107.55.

Insider Buying and Selling

In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total transaction of $93,380.00. Following the sale, the director now directly owns 15,719 shares in the company, valued at approximately $1,467,840.22. This trade represents a 5.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total value of $366,280.00. Following the completion of the sale, the executive vice president now directly owns 23,104 shares of the company’s stock, valued at approximately $2,115,633.28. The trade was a 14.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,782 shares of company stock worth $1,523,951 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

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.