KLP Kapitalforvaltning AS Purchases New Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

KLP Kapitalforvaltning AS acquired a new position in Akamai Technologies, Inc. (NASDAQ:AKAM) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 49,906 shares of the technology infrastructure company’s stock, valued at approximately $4,774,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in shares of Akamai Technologies by 5.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock worth $423,066,000 after purchasing an additional 202,746 shares during the period. Nordea Investment Management AB increased its position in Akamai Technologies by 6.9% in the fourth quarter. Nordea Investment Management AB now owns 2,140,257 shares of the technology infrastructure company’s stock worth $205,743,000 after buying an additional 138,380 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its stake in shares of Akamai Technologies by 6.3% in the third quarter. Disciplined Growth Investors Inc. MN now owns 1,499,760 shares of the technology infrastructure company’s stock valued at $151,401,000 after buying an additional 88,732 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Akamai Technologies by 3.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 922,244 shares of the technology infrastructure company’s stock valued at $88,213,000 after buying an additional 29,888 shares during the period. Finally, Retirement Systems of Alabama lifted its position in shares of Akamai Technologies by 8.9% during the 4th quarter. Retirement Systems of Alabama now owns 911,528 shares of the technology infrastructure company’s stock valued at $87,188,000 after buying an additional 74,373 shares during the last quarter. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

Akamai Technologies Stock Performance

NASDAQ AKAM opened at $81.85 on Wednesday. Akamai Technologies, Inc. has a 52-week low of $75.50 and a 52-week high of $110.14. The company has a fifty day moving average of $90.27 and a 200-day moving average of $94.99. The company has a market capitalization of $12.30 billion, a P/E ratio of 25.11, a P/E/G 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.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share (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 the consensus estimate of $1.02 billion. Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. As a group, equities research analysts predict that Akamai Technologies, Inc. will post 4.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Oppenheimer initiated coverage on Akamai Technologies in a research note on Thursday, March 20th. They issued an “outperform” rating and a $100.00 price objective on the stock. Piper Sandler lowered shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $112.00 to $100.00 in a research report on Friday, February 21st. Royal Bank of Canada cut their price objective on shares of Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating for the company in a report on Friday, February 21st. UBS Group assumed coverage on shares of Akamai Technologies in a report on Monday, December 16th. They set a “neutral” rating and a $110.00 target price on the stock. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Akamai Technologies in a report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $106.55.

Insider Buying and Selling at Akamai Technologies

In other news, EVP Mani Sundaram sold 10,683 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $86.52, for a total transaction of $924,293.16. Following the transaction, the executive vice president now directly owns 23,988 shares of the company’s stock, valued at approximately $2,075,441.76. This trade represents a 30.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of the business’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 completion of the sale, the executive vice president now directly owns 23,104 shares of the company’s stock, valued at approximately $2,115,633.28. This trade represents a 14.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,394 shares of company stock worth $3,019,323 over the last ninety days. Insiders own 2.00% of the company’s stock.

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.