Steve Cohen Stock Portfolio: Top 10 Stock Picks

9. Akamai Technologies, Inc. (NASDAQ:AKAM)

Market value of shares owned: $379,098,603

% of portfolio: 0.49%

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. The adjustment to the price target follows a meeting with Akamai Technologies, Inc. (NASDAQ:AKAM), but the firm believes the market is overlooking the weakness in the company’s margins.

Founded in 1998, Akamai Technologies, Inc. (NASDAQ:AKAM) is a global leader in cybersecurity, cloud computing, and content delivery network (CDN) services. Headquartered in Massachusetts, the company operates Akamai Connected Cloud, a massively distributed edge platform designed to optimize enterprise digital experiences.

1281292 - 11759070 - 1