KLP Kapitalforvaltning AS Boosts Holdings in Akamai Technologies, Inc. (NASDAQ:AKAM)

KLP Kapitalforvaltning AS grew its position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 2.0% during the first quarter, HoldingsChannel reports. The firm owned 50,906 shares of the technology infrastructure company’s stock after buying an additional 1,000 shares during the period. KLP Kapitalforvaltning AS’s holdings in Akamai Technologies were worth $4,098,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AKAM. Norges Bank purchased a new stake in shares of Akamai Technologies during the fourth quarter valued at approximately $477,454,000. First Trust Advisors LP raised its stake in shares of Akamai Technologies by 15.6% during the fourth quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company’s stock valued at $489,383,000 after purchasing an additional 690,341 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Akamai Technologies by 234.0% during the first quarter. Vontobel Holding Ltd. now owns 595,569 shares of the technology infrastructure company’s stock valued at $47,943,000 after purchasing an additional 417,260 shares during the period. Achmea Investment Management B.V. purchased a new stake in shares of Akamai Technologies during the first quarter valued at approximately $21,626,000. Finally, GAMMA Investing LLC raised its stake in shares of Akamai Technologies by 5,951.4% during the first quarter. GAMMA Investing LLC now owns 253,978 shares of the technology infrastructure company’s stock valued at $20,445,000 after purchasing an additional 249,781 shares during the period. Hedge funds and other institutional investors own 94.28% of the company’s stock.

Insider Buying and Selling at Akamai Technologies

In other Akamai Technologies news, EVP Kim Salem-Jackson sold 13,157 shares of the company’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $76.33, for a total value of $1,004,273.81. Following the completion of the sale, the executive vice president directly owned 43,575 shares of the company’s stock, valued at approximately $3,326,079.75. This represents a 23.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paul C. Joseph sold 5,000 shares of the company’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $77.74, for a total transaction of $388,700.00. Following the completion of the sale, the executive vice president directly owned 32,349 shares of the company’s stock, valued at $2,514,811.26. The trade was a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 22,084 shares of company stock valued at $1,726,847. 2.00% of the stock is owned by insiders.

Akamai Technologies Price Performance

Shares of NASDAQ AKAM opened at $80.75 on Friday. Akamai Technologies, Inc. has a fifty-two week low of $67.51 and a fifty-two week high of $106.80. The firm’s 50-day simple moving average is $78.31 and its 200 day simple moving average is $82.66. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The stock has a market cap of $11.81 billion, a P/E ratio of 27.19, a P/E/G ratio of 2.55 and a beta of 0.77.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Thursday, May 8th. The technology infrastructure company reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.12. Akamai Technologies had a net margin of 11.26% and a return on equity of 14.09%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the business earned $1.64 earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. Equities analysts expect that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AKAM. KeyCorp began coverage on shares of Akamai Technologies in a research note on Friday, June 6th. They set an “underweight” rating and a $63.00 price objective on the stock. Wall Street Zen downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. Piper Sandler reissued a “neutral” rating and set a $88.00 price target (up previously from $80.00) on shares of Akamai Technologies in a research report on Friday, May 9th. Morgan Stanley decreased their price target on shares of Akamai Technologies from $102.00 to $90.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Finally, Scotiabank decreased their price target on shares of Akamai Technologies from $107.00 to $105.00 and set a “sector outperform” rating for the company in a research report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $101.25.

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.