DnB Asset Management AS Purchases 3,382 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

DnB Asset Management AS grew its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) by 13.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,418 shares of the technology infrastructure company's stock after buying an additional 3,382 shares during the quarter. DnB Asset Management AS's holdings in Akamai Technologies were worth $2,814,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. D.A. Davidson & CO. increased its position in shares of Akamai Technologies by 1.3% during 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. Public Sector Pension Investment Board increased its holdings in Akamai Technologies by 8.4% during the third quarter. Public Sector Pension Investment Board now owns 6,475 shares of the technology infrastructure company's stock worth $654,000 after buying an additional 500 shares during the last quarter. Benjamin Edwards Inc. bought a new stake in Akamai Technologies during the third quarter worth $579,000. Centiva Capital LP bought a new position in shares of Akamai Technologies in the 3rd quarter valued at about $325,000. Finally, Investment Management Corp of Ontario grew its position in shares of Akamai Technologies by 50.8% in the 3rd quarter. Investment Management Corp of Ontario now owns 5,048 shares of the technology infrastructure company's stock valued at $510,000 after acquiring an additional 1,700 shares during the period. 94.28% of the stock is currently owned by institutional investors and hedge funds.

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Akamai Technologies Price Performance

Shares of NASDAQ:AKAM traded down $5.09 during midday trading on Friday, hitting $73.69. The stock had a trading volume of 2,610,528 shares, compared to its average volume of 1,884,705. The company's 50-day moving average price is $88.11 and its 200-day moving average price is $94.04. Akamai Technologies, Inc. has a fifty-two week low of $73.42 and a fifty-two week high of $107.60. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $11.08 billion, a P/E ratio of 22.60, a price-to-earnings-growth ratio of 2.74 and a beta of 0.80.

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

Insider Activity at Akamai Technologies

In related news, CFO Edward J. Mcgowan sold 4,652 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $86.48, for a total transaction of $402,304.96. Following the completion of the transaction, the chief financial officer now directly owns 34,510 shares in the company, valued at $2,984,424.80. This represents a 11.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO F Thomson Leighton bought 37,670 shares of the business's stock in a transaction on Thursday, February 27th. The stock was bought at an average price of $79.58 per share, for a total transaction of $2,997,778.60. Following the transaction, the chief executive officer now directly owns 137,342 shares of the company's stock, valued at approximately $10,929,676.36. This represents a 37.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 35,394 shares of company stock valued at $3,019,323 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports 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 for the company in a research note on Friday, February 21st. Bank of America lowered Akamai Technologies from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $125.00 to $100.00 in a report on Friday, February 21st. Piper Sandler downgraded 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. Citigroup decreased their price objective on shares of Akamai Technologies from $102.00 to $95.00 and set a "neutral" rating on the stock in a report on Monday, February 24th. Finally, TD Cowen cut shares of Akamai Technologies from a "buy" rating to a "hold" rating and cut their target price for the stock from $125.00 to $98.00 in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Akamai Technologies presently has an average rating of "Moderate Buy" and an average target price of $106.55.

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.