State Board of Administration of Florida Retirement System Has $19.61 Million Stock Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

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State Board of Administration of Florida Retirement System decreased its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 5.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 244,712 shares of the technology infrastructure company’s stock after selling 13,321 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.15% of Akamai Technologies worth $19,611,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in Akamai Technologies by 2.1% in the fourth quarter. Geode Capital Management LLC now owns 2,150,566 shares of the technology infrastructure company’s stock valued at $131,125,000 after purchasing an additional 43,330 shares during the period. Conning Inc. acquired a new stake in Akamai Technologies in the first quarter valued at about $231,000. Mercer Global Advisors Inc. ADV acquired a new stake in Akamai Technologies in the first quarter valued at about $280,000. Avalon Advisors LLC lifted its position in Akamai Technologies by 2.1% in the first quarter. Avalon Advisors LLC now owns 32,450 shares of the technology infrastructure company’s stock valued at $2,327,000 after purchasing an additional 666 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its position in Akamai Technologies by 18.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 11,111 shares of the technology infrastructure company’s stock valued at $797,000 after purchasing an additional 1,746 shares during the period. Institutional investors own 87.30% of the company’s stock.

Shares of AKAM opened at $86.99 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.95 and a quick ratio of 2.95. The firm has a 50 day simple moving average of $85.15 and a 200-day simple moving average of $77.43. Akamai Technologies, Inc. has a 1-year low of $57.18 and a 1-year high of $90.76. The stock has a market cap of $14.66 billion, a price-to-earnings ratio of 31.52, a price-to-earnings-growth ratio of 1.84 and a beta of 0.62.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Tuesday, July 30th. The technology infrastructure company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.30. Akamai Technologies had a net margin of 15.12% and a return on equity of 16.32%. The business had revenue of $705.07 million during the quarter, compared to analysts’ expectations of $695.88 million. During the same period last year, the company posted $0.83 EPS. The company’s revenue was up 6.4% on a year-over-year basis. On average, equities analysts expect that Akamai Technologies, Inc. will post 3.3 earnings per share for the current fiscal year.

In other news, CFO Edward J. Mcgowan sold 3,247 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $89.08, for a total transaction of $289,242.76. Following the completion of the transaction, the chief financial officer now directly owns 8,795 shares of the company’s stock, valued at approximately $783,458.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Adam Karon sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $77.00, for a total transaction of $616,000.00. Following the transaction, the executive vice president now directly owns 16,418 shares of the company’s stock, valued at $1,264,186. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,247 shares of company stock valued at $1,482,743. Corporate insiders own 2.40% of the company’s stock.

A number of equities research analysts recently commented on the stock. Royal Bank of Canada set a $83.00 price objective on shares of Akamai Technologies and gave the company a “hold” rating in a research report on Wednesday, July 31st. Craig Hallum set a $97.00 price target on shares of Akamai Technologies and gave the company a “buy” rating in a research report on Wednesday, July 31st. DA Davidson reiterated a “buy” rating and set a $95.00 price target on shares of Akamai Technologies in a research report on Friday, June 14th. Credit Suisse Group lifted their price target on shares of Akamai Technologies from $75.00 to $81.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Finally, Guggenheim downgraded shares of Akamai Technologies from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 24th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $87.81.

Akamai Technologies Profile

Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.

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Institutional Ownership by Quarter for Akamai Technologies (NASDAQ:AKAM)

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