4,991,681 Shares in Akamai Technologies, Inc. (NASDAQ:AKAM) Acquired by Norges Bank

Norges Bank bought a new position in Akamai Technologies, Inc. (NASDAQ:AKAM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,991,681 shares of the technology infrastructure company’s stock, valued at approximately $477,454,000. Norges Bank owned approximately 3.32% of Akamai Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. acquired a new position in shares of Akamai Technologies during the 4th quarter valued at $49,000. Bruce G. Allen Investments LLC raised its holdings in shares of Akamai Technologies by 38.8% during the fourth quarter. Bruce G. Allen Investments LLC now owns 554 shares of the technology infrastructure company’s stock valued at $53,000 after purchasing an additional 155 shares during the period. Wolverine Asset Management LLC acquired a new stake in shares of Akamai Technologies in the 4th quarter valued at about $57,000. TCTC Holdings LLC grew its stake in shares of Akamai Technologies by 17.0% in the 4th quarter. TCTC Holdings LLC now owns 702 shares of the technology infrastructure company’s stock valued at $67,000 after buying an additional 102 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in Akamai Technologies by 443.2% in the fourth quarter. Jones Financial Companies Lllp now owns 804 shares of the technology infrastructure company’s stock worth $77,000 after acquiring an additional 656 shares in the last quarter. 94.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on AKAM shares. Oppenheimer assumed coverage on Akamai Technologies in a research note on Thursday, March 20th. They issued an “outperform” rating and a $100.00 price objective for the company. Bank of America lowered shares of Akamai Technologies from a “buy” rating to a “neutral” rating and decreased their price target for the company from $125.00 to $100.00 in a research note on Friday, February 21st. Susquehanna reduced their price objective on shares of Akamai Technologies from $110.00 to $105.00 and set a “positive” rating for the company in a report on Friday, February 21st. Evercore ISI reiterated an “outperform” rating and set a $110.00 price objective on shares of Akamai Technologies in a report on Tuesday, December 17th. Finally, Piper Sandler lowered shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $112.00 to $100.00 in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Akamai Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $106.55.

Akamai Technologies Price Performance

AKAM opened at $80.05 on Friday. The firm has a 50-day moving average price of $89.69 and a 200-day moving average price of $94.70. Akamai Technologies, Inc. has a twelve month low of $75.50 and a twelve month high of $109.98. 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 $12.03 billion, a price-to-earnings ratio of 24.56, a PEG ratio of 2.74 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Akamai Technologies had a net margin of 12.65% and a return on equity of 14.35%. Equities analysts expect that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Insider Buying and Selling

In other news, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total transaction of $366,280.00. Following the sale, the executive vice president now directly owns 23,104 shares in the company, valued at $2,115,633.28. This represents a 14.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Adam Karon sold 5,628 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $86.20, for a total transaction of $485,133.60. Following the completion of the sale, the chief operating officer now directly owns 24,597 shares in the company, valued at approximately $2,120,261.40. The trade was a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,394 shares of company stock valued at $3,019,323. Corporate insiders own 2.00% of the company’s stock.

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.