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

DAVENPORT & Co LLC boosted its position in Akamai Technologies, Inc. (NASDAQ:AKAM) by 13.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,883 shares of the technology infrastructure company’s stock after acquiring an additional 6,360 shares during the period. DAVENPORT & Co LLC’s holdings in Akamai Technologies were worth $5,154,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Gagnon Securities LLC raised its position in shares of Akamai Technologies by 0.8% during the fourth quarter. Gagnon Securities LLC now owns 29,552 shares of the technology infrastructure company’s stock worth $2,827,000 after purchasing an additional 243 shares during the period. Cascade Investment Advisors Inc. acquired a new stake in shares of Akamai Technologies during the fourth quarter worth about $827,000. Pacer Advisors Inc. raised its position in shares of Akamai Technologies by 44.1% during the fourth quarter. Pacer Advisors Inc. now owns 20,343 shares of the technology infrastructure company’s stock worth $1,946,000 after purchasing an additional 6,224 shares during the period. Blue Trust Inc. raised its position in shares of Akamai Technologies by 21.3% during the fourth quarter. Blue Trust Inc. now owns 8,568 shares of the technology infrastructure company’s stock worth $865,000 after purchasing an additional 1,506 shares during the period. Finally, Exchange Traded Concepts LLC raised its position in shares of Akamai Technologies by 4.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 48,617 shares of the technology infrastructure company’s stock worth $4,650,000 after purchasing an additional 1,968 shares during the period. Institutional investors own 94.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on AKAM shares. Citigroup dropped their target price on Akamai Technologies from $104.00 to $102.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Scotiabank dropped their target price on Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating on the stock in a research report on Friday, November 8th. Oppenheimer raised Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a research report on Monday, December 2nd. Evercore ISI reissued an “outperform” rating and issued a $110.00 target price on shares of Akamai Technologies in a research report on Tuesday, December 17th. Finally, Robert W. Baird dropped their target price on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Akamai Technologies has an average rating of “Moderate Buy” and an average price target of $116.10.

Akamai Technologies Stock Performance

AKAM opened at $98.00 on Tuesday. The business has a fifty day simple moving average of $95.80 and a 200 day simple moving average of $97.64. The company has a market capitalization of $14.72 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 3.57 and a beta of 0.65. Akamai Technologies, Inc. has a 1 year low of $84.70 and a 1 year high of $129.17. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33.

Insider Transactions at Akamai Technologies

In other Akamai Technologies news, CFO Edward J. Mcgowan sold 10,782 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $98.71, for a total value of $1,064,291.22. Following the sale, the chief financial officer now owns 12,716 shares in the company, valued at approximately $1,255,196.36. The trade was a 45.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Paul C. Joseph sold 4,000 shares of the company’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 owns 23,104 shares in the company, valued at $2,115,633.28. This trade represents a 14.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,282 shares of company stock valued at $2,099,996. Corporate insiders own 2.00% of the company’s stock.

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.