Norges Bank Takes $477.45 Million Position in Akamai Technologies, Inc. (NASDAQ:AKAM)

Norges Bank acquired a new stake in Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 4,991,681 shares of the technology infrastructure company's stock, valued at approximately $477,454,000. Norges Bank owned 3.32% of Akamai Technologies at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AKAM. National Pension Service grew its position in Akamai Technologies by 595.3% during the fourth quarter. National Pension Service now owns 318,912 shares of the technology infrastructure company's stock valued at $30,504,000 after buying an additional 273,043 shares during the period. Geode Capital Management LLC grew its position in shares of Akamai Technologies by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company's stock valued at $423,066,000 after acquiring an additional 202,746 shares during the period. Tredje AP fonden increased its stake in shares of Akamai Technologies by 580.4% during the 4th quarter. Tredje AP fonden now owns 169,777 shares of the technology infrastructure company's stock worth $16,239,000 after purchasing an additional 144,823 shares during the last quarter. Retirement Systems of Alabama raised its holdings in shares of Akamai Technologies by 20.0% in the 3rd quarter. Retirement Systems of Alabama now owns 837,155 shares of the technology infrastructure company's stock worth $84,511,000 after purchasing an additional 139,760 shares during the period. Finally, Nordea Investment Management AB raised its holdings in shares of Akamai Technologies by 6.9% in the 4th quarter. Nordea Investment Management AB now owns 2,140,257 shares of the technology infrastructure company's stock worth $205,743,000 after purchasing an additional 138,380 shares during the period. 94.28% of the stock is owned by hedge funds and other institutional investors.

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Akamai Technologies Price Performance

NASDAQ:AKAM traded up $0.00 during mid-day trading on Tuesday, reaching $80.50. The stock had a trading volume of 1,102,729 shares, compared to its average volume of 1,869,363. The stock has a market capitalization of $12.10 billion, a P/E ratio of 24.69, a P/E/G ratio of 2.74 and a beta of 0.68. The firm has a 50 day moving average price of $89.48 and a two-hundred day moving average price of $94.57. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.33 and a current ratio of 1.23. Akamai Technologies, Inc. has a one year low of $75.50 and a one year high of $109.98.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) 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 firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate 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 expect that Akamai Technologies, Inc. will post 4.6 earnings per share for the current year.

Insiders Place Their Bets

In other Akamai Technologies news, CEO F Thomson Leighton acquired 37,670 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $79.58 per share, with a total value of $2,997,778.60. Following the completion of the purchase, the chief executive officer now directly owns 137,342 shares of the company's stock, valued at approximately $10,929,676.36. The trade was a 37.79 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Adam Karon sold 6,431 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $80.49, for a total value of $517,631.19. Following the transaction, the chief operating officer now directly owns 14,239 shares of the company's stock, valued at approximately $1,146,097.11. This trade represents a 31.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,394 shares of company stock worth $3,019,323. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on AKAM shares. Scotiabank decreased their target price on Akamai Technologies from $115.00 to $107.00 and set a "sector outperform" rating for the company in a research report on Friday, February 21st. Needham & Company LLC reissued a "hold" rating on shares of Akamai Technologies in a report on Friday, February 21st. Citigroup lowered their price objective on Akamai Technologies from $102.00 to $95.00 and set a "neutral" rating on the stock in a research note on Monday, February 24th. Royal Bank of Canada cut their target price on shares of Akamai Technologies from $100.00 to $90.00 and set a "sector perform" rating for the company in a research report on Friday, February 21st. Finally, Susquehanna reduced their target price on shares of Akamai Technologies from $110.00 to $105.00 and set a "positive" rating for the company in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Akamai Technologies has a consensus rating of "Moderate Buy" and an average target price of $106.55.

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.