State of Wisconsin Investment Board Cuts Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)
State of Wisconsin Investment Board lowered its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 2.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 166,759 shares of the technology infrastructure company’s stock after selling 4,335 shares during the period. State of Wisconsin Investment Board’s holdings in Akamai Technologies were worth $11,958,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Truvestments Capital LLC acquired a new stake in Akamai Technologies during the 1st quarter valued at approximately $29,000. Liberty Wealth Management LLC acquired a new stake in Akamai Technologies during the 4th quarter valued at approximately $32,000. Oregon Public Employees Retirement Fund increased its position in Akamai Technologies by 5,021.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,029,933 shares of the technology infrastructure company’s stock valued at $33,000 after purchasing an additional 1,990,300 shares during the period. Horan Capital Advisors LLC. acquired a new stake in Akamai Technologies during the 1st quarter valued at approximately $57,000. Finally, Fort L.P. acquired a new stake in Akamai Technologies during the 4th quarter valued at approximately $82,000. 87.67% of the stock is currently owned by hedge funds and other institutional investors.
AKAM has been the subject of a number of recent analyst reports. Deutsche Bank downgraded shares of Akamai Technologies from a “hold” rating to a “sell” rating and set a $58.00 target price for the company. in a research report on Monday, March 25th. Evercore ISI initiated coverage on shares of Akamai Technologies in a research report on Thursday, March 21st. They set an “in-line” rating and a $70.00 target price for the company. Needham & Company LLC initiated coverage on shares of Akamai Technologies in a research report on Monday, April 22nd. They set a “buy” rating and a $95.00 target price for the company. Piper Jaffray Companies increased their target price on shares of Akamai Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, KeyCorp increased their target price on shares of Akamai Technologies from $80.00 to $91.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $82.47.
Shares of AKAM opened at $79.19 on Friday. Akamai Technologies, Inc. has a 12-month low of $57.18 and a 12-month high of $86.19. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $13.02 billion, a P/E ratio of 28.69, a PEG ratio of 1.68 and a beta of 0.63.
Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, April 30th. The technology infrastructure company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.09. Akamai Technologies had a return on equity of 15.29% and a net margin of 12.78%. The company had revenue of $706.51 million for the quarter, compared to analysts’ expectations of $698.33 million. During the same period last year, the business earned $0.79 EPS. Akamai Technologies’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Akamai Technologies, Inc. will post 3.23 earnings per share for the current fiscal year.
About Akamai Technologies
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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