Geode Capital Management LLC Grows Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Geode Capital Management LLC lifted its stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 5.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,197,009 shares of the technology infrastructure company's stock after acquiring an additional 202,746 shares during the quarter. Geode Capital Management LLC owned approximately 2.79% of Akamai Technologies worth $423,066,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in AKAM. Dimensional Fund Advisors LP raised its holdings in Akamai Technologies by 25.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company's stock worth $156,088,000 after purchasing an additional 347,626 shares during the last quarter. Empyrean Capital Partners LP acquired a new stake in shares of Akamai Technologies during the second quarter worth $15,314,000. Renaissance Technologies LLC raised its stake in Akamai Technologies by 33.3% during the second quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company's stock worth $58,678,000 after buying an additional 162,700 shares during the last quarter. Distillate Capital Partners LLC acquired a new position in Akamai Technologies in the second quarter valued at $14,130,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in Akamai Technologies during the third quarter valued at $13,313,000. 94.28% of the stock is owned by institutional investors and hedge funds.

Akamai Technologies Stock Down 0.8 %

Shares of Akamai Technologies stock traded down $0.76 on Friday, hitting $99.24. The company had a trading volume of 1,564,642 shares, compared to its average volume of 1,676,197. Akamai Technologies, Inc. has a 1 year low of $84.70 and a 1 year high of $129.17. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a 50 day moving average of $98.19 and a 200-day moving average of $96.53. The stock has a market capitalization of $14.91 billion, a price-to-earnings ratio of 29.36, a P/E/G ratio of 3.83 and a beta of 0.65.

Insider Buying and Selling at Akamai Technologies

In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the company's 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 directly owns 19,510 shares of the company's stock, valued at approximately $1,728,781.10. This represents a 11.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total transaction of $93,380.00. Following the transaction, the director now directly owns 15,719 shares in the company, valued at approximately $1,467,840.22. This represents a 5.98 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,500 shares of company stock worth $669,425. Corporate insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AKAM. Scotiabank lowered their price objective on Akamai Technologies from $115.00 to $112.00 and set a "sector outperform" rating for the company in a research report on Friday, November 8th. Oppenheimer upgraded Akamai Technologies from a "market perform" rating to an "outperform" rating and set a $120.00 target price for the company in a report on Monday, December 2nd. Robert W. Baird dropped their price target on Akamai Technologies from $120.00 to $115.00 and set an "outperform" rating on the stock in a research note on Monday, November 11th. Hsbc Global Res raised shares of Akamai Technologies from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Tigress Financial reiterated a "strong-buy" rating and set a $140.00 target price on shares of Akamai Technologies in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $117.61.

Akamai Technologies 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.