Allstate Corp Invests $423,000 in Akamai Technologies, Inc. (NASDAQ:AKAM)

Allstate Corp acquired a new stake in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,420 shares of the technology infrastructure company's stock, valued at approximately $423,000.

Other large investors have also modified their holdings of the company. DnB Asset Management AS raised its position in shares of Akamai Technologies by 13.0% in the 4th quarter. DnB Asset Management AS now owns 29,418 shares of the technology infrastructure company's stock worth $2,814,000 after buying an additional 3,382 shares during the period. Orion Portfolio Solutions LLC increased its stake in Akamai Technologies by 0.6% during the fourth quarter. Orion Portfolio Solutions LLC now owns 19,991 shares of the technology infrastructure company's stock worth $1,912,000 after acquiring an additional 114 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Akamai Technologies by 11.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 92,873 shares of the technology infrastructure company's stock worth $8,883,000 after purchasing an additional 9,798 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of Akamai Technologies by 0.8% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 46,592 shares of the technology infrastructure company's stock valued at $4,457,000 after purchasing an additional 357 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new stake in shares of Akamai Technologies during the 4th quarter worth about $9,889,000. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

AKAM has been the topic of several research reports. UBS Group assumed coverage on shares of Akamai Technologies in a report on Monday, December 16th. They issued a "neutral" rating and a $110.00 price target on the stock. Raymond James cut their target price on shares of Akamai Technologies from $115.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday, February 21st. Craig Hallum lowered shares of Akamai Technologies from a "buy" rating to a "hold" rating and set a $90.00 target price on the stock. in a report on Friday, February 21st. Scotiabank lowered their price target on Akamai Technologies from $115.00 to $107.00 and set a "sector outperform" rating for the company in a report on Friday, February 21st. Finally, Susquehanna reduced their price objective on Akamai Technologies from $110.00 to $105.00 and set a "positive" rating on the stock in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $106.55.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were 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 of the company's stock, valued at $2,115,633.28. This trade represents a 14.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Adam Karon sold 6,431 shares of Akamai Technologies 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 completion of the transaction, the chief operating officer now owns 14,239 shares of the company's stock, valued at approximately $1,146,097.11. The trade was a 31.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,394 shares of company stock valued at $3,019,323. Corporate insiders own 1.80% of the company's stock.

Akamai Technologies Stock Down 3.7 %

Shares of AKAM traded down $2.76 during midday trading on Monday, hitting $70.93. The company had a trading volume of 3,467,799 shares, compared to its average volume of 1,891,012. The stock has a market cap of $10.66 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 2.74 and a beta of 0.80. The company's 50 day moving average price is $87.53 and its 200 day moving average price is $93.81. 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, Inc. has a 52 week low of $69.50 and a 52 week high of $107.60.

Akamai Technologies (NASDAQ:AKAM - Get Free Report) last announced 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 net margin of 12.65% and a return on equity of 14.35%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. On average, equities research analysts predict 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.