Akamai Technologies, Inc. (NASDAQ:AKAM) is one of the 10 Best Stocks in Steve Cohen’s Portfolio.
On May 22, 2026, Akamai Technologies, Inc. (NASDAQ:AKAM) completed a private placement issuing $3.5 billion in 0.00% Convertible Senior Notes to qualified institutional buyers
The transaction is split evenly into $1.75 billion tranches maturing in 2030 and 2032. The company intends to use $236.6 million of the proceeds to fund convertible note hedge transactions to mitigate future dilution, partially offset by warrant sales. Additionally, Akamai Technologies, Inc. (NASDAQ:AKAM) aimed to spend $350 million to repurchase roughly 2.48 million shares at $141.34 per share, which would optimize the company’s capital structure.
Prior to this, on May 15, 2026, Citi raised the firm’s price target on Akamai Technologies, Inc. (NASDAQ:AKAM) from $110 to $160. The firm’s analyst Fatima Boolani maintained a Neutral rating on the shares. Citi attributed the company’s recent stock rally to a landmark seven-year, $1.8 billion AI infrastructure deal with Anthropic and cited its scarcity value as a reasonably priced AI asset.