Norges Bank Acquires New Shares in Akamai Technologies, Inc. (NASDAQ:AKAM)

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

Other institutional investors and hedge funds have also modified their holdings of the company. TCTC Holdings LLC lifted its position in shares of Akamai Technologies by 17.0% during the 4th quarter. TCTC Holdings LLC now owns 702 shares of the technology infrastructure company's stock worth $67,000 after purchasing an additional 102 shares during the last quarter. D.A. Davidson & CO. grew its position in Akamai Technologies by 1.3% in the 3rd quarter. D.A. Davidson & CO. now owns 8,860 shares of the technology infrastructure company's stock worth $894,000 after purchasing an additional 115 shares during the last quarter. Koshinski Asset Management Inc. increased its holdings in shares of Akamai Technologies by 1.5% during the 4th quarter. Koshinski Asset Management Inc. now owns 7,867 shares of the technology infrastructure company's stock worth $752,000 after purchasing an additional 116 shares during the period. Delta Capital Management LLC raised its position in shares of Akamai Technologies by 4.5% during the fourth quarter. Delta Capital Management LLC now owns 2,790 shares of the technology infrastructure company's stock valued at $267,000 after buying an additional 120 shares during the last quarter. Finally, Tandem Investment Advisors Inc. lifted its stake in shares of Akamai Technologies by 0.5% in the fourth quarter. Tandem Investment Advisors Inc. now owns 30,096 shares of the technology infrastructure company's stock valued at $2,879,000 after buying an additional 140 shares during the period. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Akamai Technologies Stock Up 1.2 %

AKAM traded up $1.01 during trading on Wednesday, reaching $81.61. 291,312 shares of the stock were exchanged, compared to its average volume of 2,589,939. The stock has a market cap of $12.27 billion, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 2.74 and a beta of 0.68. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.33 and a current ratio of 1.23. The stock's 50 day moving average price is $89.20 and its two-hundred day moving average price is $94.44. Akamai Technologies, Inc. has a twelve month low of $75.50 and a twelve month high of $108.18.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.52 by ($0.33). Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. Equities analysts expect that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Insider Activity

In related news, EVP Paul C. Joseph sold 4,000 shares of the firm's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total value of $366,280.00. Following the transaction, the executive vice president now owns 23,104 shares in the company, valued at approximately $2,115,633.28. This trade represents a 14.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO F Thomson Leighton bought 37,670 shares of the company's stock in a transaction dated Thursday, February 27th. The stock was purchased at an average price of $79.58 per share, with a total value of $2,997,778.60. Following the completion of the transaction, the chief executive officer now directly owns 137,342 shares in the company, valued at approximately $10,929,676.36. This represents a 37.79 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 35,394 shares of company stock valued at $3,019,323 over the last three months. Insiders own 1.80% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on AKAM shares. Piper Sandler cut Akamai Technologies from an "overweight" rating to a "neutral" rating and cut their price target for the company from $112.00 to $100.00 in a report on Friday, February 21st. TD Cowen cut Akamai Technologies from a "buy" rating to a "hold" rating and reduced their target price for the stock from $125.00 to $98.00 in a research report on Friday, February 21st. Bank of America lowered shares of Akamai Technologies from a "buy" rating to a "neutral" rating and lowered their price target for the company from $125.00 to $100.00 in a report on Friday, February 21st. UBS Group began coverage on shares of Akamai Technologies in a report on Monday, December 16th. They set a "neutral" rating and a $110.00 price objective for the company. Finally, Needham & Company LLC reissued a "hold" rating on shares of Akamai Technologies in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, ten have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Akamai Technologies has a consensus rating of "Moderate Buy" and a consensus 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.