DAVENPORT & Co LLC Acquires 6,360 Shares of Akamai Technologies, Inc. (NASDAQ:AKAM)

DAVENPORT & Co LLC increased its holdings in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) by 13.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,883 shares of the technology infrastructure company’s stock after acquiring an additional 6,360 shares during the quarter. DAVENPORT & Co LLC’s holdings in Akamai Technologies were worth $5,154,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC lifted its holdings in Akamai Technologies by 85.7% during the third quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock worth $25,000 after acquiring an additional 114 shares during the period. Bruce G. Allen Investments LLC raised its stake in shares of Akamai Technologies by 38.8% in the fourth quarter. Bruce G. Allen Investments LLC now owns 554 shares of the technology infrastructure company’s stock valued at $53,000 after buying an additional 155 shares during the period. Eastern Bank bought a new stake in shares of Akamai Technologies in the third quarter valued at $71,000. Covestor Ltd raised its stake in shares of Akamai Technologies by 67.7% in the third quarter. Covestor Ltd now owns 887 shares of the technology infrastructure company’s stock valued at $90,000 after buying an additional 358 shares during the period. Finally, Catalyst Capital Advisors LLC bought a new stake in shares of Akamai Technologies in the third quarter valued at $102,000. 94.28% of the stock is currently owned by institutional investors.

Insider Transactions at Akamai Technologies

In other news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $88.63, for a total value of $354,520.00. Following the completion of the sale, the executive vice president now owns 26,703 shares of the company’s stock, valued at approximately $2,366,686.89. The trade was a 13.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $93.38, for a total value of $93,380.00. Following the completion of the sale, the director now directly owns 15,719 shares of the company’s stock, valued at approximately $1,467,840.22. This trade represents a 5.98 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 22,282 shares of company stock worth $2,099,996. 2.00% of the stock is currently owned by corporate insiders.

Akamai Technologies Price Performance

AKAM opened at $98.00 on Tuesday. The stock has a 50-day moving average price of $95.80 and a 200-day moving average price of $97.64. Akamai Technologies, Inc. has a 12-month low of $84.70 and a 12-month high of $129.17. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $14.72 billion, a P/E ratio of 28.99, a PEG ratio of 3.57 and a beta of 0.65.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AKAM. Oppenheimer upgraded Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a research note on Monday, December 2nd. Robert W. Baird reduced their price target on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Scotiabank reduced their price target on Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a research report on Friday, November 8th. Evercore ISI reiterated an “outperform” rating and issued a $110.00 price target on shares of Akamai Technologies in a research report on Tuesday, December 17th. Finally, UBS Group initiated coverage on Akamai Technologies in a research report on Monday, December 16th. They issued a “neutral” rating and a $110.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $116.10.

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.