Trading Report: The Kentucky Retirement Systems Insurance Trust Fund Invests $397,000 in Akamai Technologies Inc. (AKAM)

The Kentucky Retirement Systems Insurance Trust Fund Invests $397,000 in Akamai Technologies Inc. (AKAM)

Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Akamai Technologies Inc. (NASDAQ:AKAM) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,090 shares of the technology infrastructure company’s stock, valued at approximately $397,000.

Other large investors have also bought and sold shares of the company. Acrospire Investment Management LLC raised its position in Akamai Technologies by 100.0% in the second quarter. Acrospire Investment Management LLC now owns 1,800 shares of the technology infrastructure company’s stock valued at $101,000 after buying an additional 900 shares during the period. Advisory Services Network LLC raised its position in Akamai Technologies by 10.6% in the second quarter. Advisory Services Network LLC now owns 1,825 shares of the technology infrastructure company’s stock valued at $102,000 after buying an additional 175 shares during the period. Mizuho Asset Management Co. Ltd. raised its position in Akamai Technologies by 142.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,659 shares of the technology infrastructure company’s stock valued at $149,000 after buying an additional 1,562 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in Akamai Technologies by 10.0% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,750 shares of the technology infrastructure company’s stock valued at $154,000 after buying an additional 250 shares during the period. Finally, Checchi Capital Advisers LLC raised its position in Akamai Technologies by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 2,834 shares of the technology infrastructure company’s stock valued at $159,000 after buying an additional 24 shares during the period. Hedge funds and other institutional investors own 90.50% of the company’s stock.

Akamai Technologies Inc. (NASDAQ:AKAM) traded up 0.71% during trading on Friday, reaching $66.95. The company had a trading volume of 439,745 shares. The stock has a market cap of $11.60 billion, a PE ratio of 38.02 and a beta of 0.94. Akamai Technologies Inc. has a 52-week low of $39.43 and a 52-week high of $71.04. The company has a 50-day moving average price of $62.84 and a 200 day moving average price of $55.80.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Tuesday, October 25th. The technology infrastructure company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. Akamai Technologies had a return on equity of 11.61% and a net margin of 13.59%. The company had revenue of $584.10 million for the quarter, compared to analysts’ expectations of $571.92 million. During the same period last year, the firm earned $0.62 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts anticipate that Akamai Technologies Inc. will post $2.66 earnings per share for the current year.

Several research firms have commented on AKAM. Pacific Crest reaffirmed a “hold” rating on shares of Akamai Technologies in a research report on Monday, November 7th. B. Riley reaffirmed a “buy” rating and set a $75.00 price target on shares of Akamai Technologies in a research report on Tuesday, November 1st. Cowen and Company reaffirmed a “market perform” rating on shares of Akamai Technologies in a research report on Thursday, October 27th. Wells Fargo & Co. reissued an “outperform” rating and issued a $72.50 target price (up previously from $60.50) on shares of Akamai Technologies in a report on Wednesday, October 26th. Finally, Deutsche Bank AG boosted their target price on Akamai Technologies from $70.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 26th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.97.

In related news, CEO F Thomson Leighton acquired 19,468 shares of Akamai Technologies stock in a transaction dated Thursday, September 15th. The stock was acquired at an average cost of $51.36 per share, with a total value of $999,876.48. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Rick M. Mcconnell sold 7,545 shares of the firm’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $55.29, for a total value of $417,163.05. Following the sale, the insider now directly owns 41,381 shares of the company’s stock, valued at $2,287,955.49. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

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.

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