Retirement Systems of Alabama Purchases 139,760 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

Retirement Systems of Alabama grew its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 20.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 837,155 shares of the technology infrastructure company’s stock after purchasing an additional 139,760 shares during the quarter. Retirement Systems of Alabama owned about 0.56% of Akamai Technologies worth $84,511,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AKAM. Dimensional Fund Advisors LP lifted its holdings in shares of Akamai Technologies by 25.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock valued at $156,088,000 after purchasing an additional 347,626 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Akamai Technologies by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock worth $423,066,000 after acquiring an additional 202,746 shares during the period. Empyrean Capital Partners LP acquired a new position in Akamai Technologies in the 2nd quarter worth $15,314,000. Renaissance Technologies LLC increased its holdings in Akamai Technologies by 33.3% during the 2nd quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company’s stock worth $58,678,000 after purchasing an additional 162,700 shares in the last quarter. Finally, Distillate Capital Partners LLC acquired a new stake in shares of Akamai Technologies in the 2nd quarter valued at about $14,130,000. Institutional investors own 94.28% of the company’s stock.

Analyst Upgrades and Downgrades

AKAM has been the subject of several research reports. Oppenheimer upgraded shares of Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price objective on the stock in a report on Monday, December 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a research report on Thursday, August 15th. HSBC upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price target for the company in a research note on Monday, November 11th. Robert W. Baird dropped their target price on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Finally, Tigress Financial reiterated a “strong-buy” rating and issued a $140.00 target price on shares of Akamai Technologies in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $117.61.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $88.61, for a total value of $221,525.00. Following the transaction, the chief technology officer now owns 19,510 shares in the company, valued at $1,728,781.10. The trade was a 11.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $88.63, for a total value of $354,520.00. Following the completion of the sale, the executive vice president now owns 26,703 shares in the company, valued at $2,366,686.89. This trade represents a 13.03 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,500 shares of company stock worth $669,425. Company insiders own 1.80% of the company’s stock.

Akamai Technologies Price Performance

Shares of Akamai Technologies stock opened at $100.00 on Friday. Akamai Technologies, Inc. has a twelve month low of $84.70 and a twelve month high of $129.17. The company has a 50-day simple moving average of $98.24 and a two-hundred day simple moving average of $96.46. The stock has a market capitalization of $15.02 billion, a price-to-earnings ratio of 29.59, a price-to-earnings-growth ratio of 3.83 and a beta of 0.65. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.50.

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.