KLP Kapitalforvaltning AS Purchases Shares of 49,906 Akamai Technologies, Inc. (NASDAQ:AKAM)

KLP Kapitalforvaltning AS purchased a new position in Akamai Technologies, Inc. (NASDAQ:AKAM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 49,906 shares of the technology infrastructure company’s stock, valued at approximately $4,774,000.

A number of other hedge funds have also recently modified their holdings of AKAM. SBI Securities Co. Ltd. bought a new stake in shares of Akamai Technologies in the fourth quarter worth about $49,000. Charles Schwab Investment Management Inc. lifted its holdings in Akamai Technologies by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company’s stock worth $90,083,000 after buying an additional 11,272 shares during the period. Van ECK Associates Corp boosted its position in Akamai Technologies by 49.6% during the 4th quarter. Van ECK Associates Corp now owns 2,746 shares of the technology infrastructure company’s stock valued at $263,000 after acquiring an additional 910 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Akamai Technologies by 32.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company’s stock worth $19,018,000 after acquiring an additional 46,335 shares during the period. Finally, Cascade Investment Advisors Inc. bought a new position in shares of Akamai Technologies in the 4th quarter worth approximately $827,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Analyst Ratings Changes

AKAM has been the topic of a number of research reports. Citigroup dropped their target price on shares of Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, February 24th. TD Cowen downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating and decreased their target price for the company from $125.00 to $98.00 in a research note on Friday, February 21st. Raymond James dropped their price target on Akamai Technologies from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Craig Hallum lowered Akamai Technologies from a “buy” rating to a “hold” rating and set a $90.00 price objective for the company. in a research report on Friday, February 21st. Finally, Bank of America cut Akamai Technologies from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $125.00 to $100.00 in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.55.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, EVP Aaron Ahola sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $80.92, for a total value of $323,680.00. Following the transaction, the executive vice president now directly owns 25,211 shares of the company’s stock, valued at approximately $2,040,074.12. This trade represents a 13.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Mani Sundaram sold 10,683 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $86.52, for a total transaction of $924,293.16. Following the sale, the executive vice president now directly owns 23,988 shares of the company’s stock, valued at $2,075,441.76. The trade was a 30.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,394 shares of company stock worth $3,019,323 in the last ninety days. Insiders own 2.00% of the company’s stock.

Akamai Technologies Stock Performance

Shares of NASDAQ AKAM opened at $81.85 on Wednesday. The firm’s 50-day moving average price is $90.27 and its 200-day moving average price is $94.99. Akamai Technologies, Inc. has a 52-week low of $75.50 and a 52-week high of $110.14. The company has a market cap of $12.30 billion, a PE ratio of 25.11, a PEG ratio of 2.74 and a beta of 0.68. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.52 by ($0.33). The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. As a group, analysts anticipate that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

About Akamai Technologies

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.