State Board of Administration of Florida Retirement System raised its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 2.5% during the fourth quarter, Holdings Channel reports. The firm owned 263,901 shares of the technology infrastructure company’s stock after buying an additional 6,330 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Akamai Technologies were worth $17,597,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI raised its stake in Akamai Technologies by 44.5% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 26,439 shares of the technology infrastructure company’s stock worth $1,763,000 after buying an additional 8,143 shares during the period. Pier 88 Investment Partners LLC bought a new position in shares of Akamai Technologies during the fourth quarter worth approximately $640,000. BP PLC bought a new position in shares of Akamai Technologies during the fourth quarter worth approximately $1,400,000. Cadence Capital Management LLC bought a new position in Akamai Technologies during the fourth quarter worth $228,000. Finally, Chiron Investment Management LLC bought a new position in Akamai Technologies during the fourth quarter worth $2,374,000. 91.07% of the stock is currently owned by institutional investors and hedge funds.
Akamai Technologies, Inc. (NASDAQ:AKAM) opened at 63.55 on Wednesday. The firm has a market cap of $10.99 billion, a PE ratio of 35.50 and a beta of 0.95. The company has a 50-day moving average price of $68.11 and a 200 day moving average price of $61.09. Akamai Technologies, Inc. has a 12 month low of $47.80 and a 12 month high of $71.64.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, February 7th. The technology infrastructure company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.68 by $0.04. The firm had revenue of $616 million for the quarter, compared to analyst estimates of $605.57 million. Akamai Technologies had a return on equity of 11.45% and a net margin of 13.51%. Akamai Technologies’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 EPS. Equities research analysts anticipate that Akamai Technologies, Inc. will post $2.79 EPS for the current year.
This piece of content was first published by sleekmoney and is the sole property of of sleekmoney. If you are viewing this piece of content on another website, it was illegally stolen and republished in violation of United States and international copyright laws. The legal version of this piece of content can be viewed at http://sleekmoney.com/state-board-of-administration-of-florida-retirement-system-has-17597000-stake-in-akamai-technologies-inc-akam/1662311.html.
Several equities research analysts recently issued reports on AKAM shares. Zacks Investment Research upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Tuesday, December 6th. Cowen and Company reissued a “market perform” rating on shares of Akamai Technologies in a research note on Thursday, October 27th. B. Riley restated a “buy” rating and set a $75.00 price target on shares of Akamai Technologies in a report on Thursday, October 27th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $65.00 price target (down previously from $67.00) on shares of Akamai Technologies in a research report on Wednesday, February 8th. Finally, Stifel Nicolaus upped their price objective on Akamai Technologies from $58.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, October 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Akamai Technologies has a consensus rating of “Buy” and an average target price of $67.51.
In related news, EVP James Gemmell sold 2,297 shares of the business’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $63.83, for a total transaction of $146,617.51. Following the transaction, the executive vice president now directly owns 8,738 shares of the company’s stock, valued at approximately $557,746.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Melanie Haratunian sold 2,164 shares of the business’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $63.83, for a total value of $138,128.12. Following the transaction, the executive vice president now directly owns 80,785 shares in the company, valued at $5,156,506.55. The disclosure for this sale can be found here. Insiders have sold a total of 46,386 shares of company stock worth $3,058,604 over the last three months. 2.70% of the stock is currently owned by corporate insiders.
Akamai Technologies Company Profile
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
Want to see what other hedge funds are holding AKAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Akamai Technologies, Inc. (NASDAQ:AKAM).
This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/state-board-of-administration-of-florida-retirement-system-has-17597000-stake-in-akamai-technologies-inc-akam/1662311.html
Receive News & Ratings for Akamai Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akamai Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.