Sompo Asset Management Co. Ltd. Boosts Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

Sompo Asset Management Co. Ltd. lifted its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 148.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 19,900 shares of the technology infrastructure company's stock after acquiring an additional 11,890 shares during the period. Sompo Asset Management Co. Ltd.'s holdings in Akamai Technologies were worth $2,009,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of AKAM. Swedbank AB grew its position in Akamai Technologies by 5.3% during the 3rd quarter. Swedbank AB now owns 92,497 shares of the technology infrastructure company's stock worth $9,338,000 after purchasing an additional 4,689 shares during the last quarter. Pitcairn Co. grew its holdings in shares of Akamai Technologies by 18.4% during the third quarter. Pitcairn Co. now owns 5,982 shares of the technology infrastructure company's stock valued at $604,000 after buying an additional 928 shares during the last quarter. Meridian Wealth Management LLC acquired a new position in shares of Akamai Technologies in the 3rd quarter valued at $502,000. Charles Schwab Investment Management Inc. raised its stake in Akamai Technologies by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company's stock worth $90,083,000 after acquiring an additional 11,272 shares during the last quarter. Finally, Moors & Cabot Inc. purchased a new position in Akamai Technologies in the 3rd quarter worth $345,000. 94.28% of the stock is owned by hedge funds and other institutional investors.

Akamai Technologies Price Performance

Shares of AKAM traded up $1.82 during mid-day trading on Friday, hitting $92.90. 2,730,112 shares of the company were exchanged, compared to its average volume of 2,425,409. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.33. Akamai Technologies, Inc. has a 1-year low of $84.70 and a 1-year high of $129.17. The stock has a market cap of $13.96 billion, a price-to-earnings ratio of 27.49, a price-to-earnings-growth ratio of 3.47 and a beta of 0.68. The company has a 50 day moving average of $99.09 and a 200-day moving average of $96.31.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on AKAM shares. Craig Hallum raised Akamai Technologies from a "hold" rating to a "buy" rating and increased their price objective for the company from $110.00 to $125.00 in a report on Friday, August 9th. Needham & Company LLC reissued a "hold" rating on shares of Akamai Technologies in a research report on Friday, August 9th. Tigress Financial reaffirmed a "strong-buy" rating and issued a $140.00 price objective on shares of Akamai Technologies in a report on Thursday, August 29th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $100.00 price objective on shares of Akamai Technologies in a research note on Thursday, August 15th. Finally, HSBC upgraded shares of Akamai Technologies from a "hold" rating to a "buy" rating and set a $121.00 target price for the company in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Akamai Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $117.47.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $88.61, for a total value of $221,525.00. Following the completion of the sale, the chief technology officer now owns 19,510 shares in the company, valued at approximately $1,728,781.10. This represents a 11.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the completion of the transaction, the executive vice president now directly owns 30,703 shares in the company, valued at $2,987,401.90. This trade represents a 11.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,500 shares of company stock valued at $1,065,975. 1.80% of the stock is owned by insiders.

Akamai Technologies Company Profile

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.