Needham Investment Management LLC Raises Stake in Akamai Technologies, Inc. (NASDAQ:AKAM)

Needham Investment Management LLC boosted its holdings in Akamai Technologies, Inc. (NASDAQ:AKAM) by 33.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 180,000 shares of the technology infrastructure company’s stock after purchasing an additional 45,000 shares during the quarter. Akamai Technologies makes up 1.4% of Needham Investment Management LLC’s portfolio, making the stock its 23rd biggest holding. Needham Investment Management LLC owned approximately 0.12% of Akamai Technologies worth $18,171,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of AKAM. Invenomic Capital Management LP increased its holdings in shares of Akamai Technologies by 252.2% during the 3rd quarter. Invenomic Capital Management LP now owns 175,984 shares of the technology infrastructure company’s stock worth $17,766,000 after buying an additional 126,021 shares during the last quarter. Investment Management Corp of Ontario lifted its stake in shares of Akamai Technologies by 50.8% in the 3rd quarter. Investment Management Corp of Ontario now owns 5,048 shares of the technology infrastructure company’s stock valued at $510,000 after purchasing an additional 1,700 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Akamai Technologies during the 3rd quarter worth about $325,000. Benjamin Edwards Inc. acquired a new stake in Akamai Technologies during the 3rd quarter worth approximately $579,000. Finally, Vinva Investment Management Ltd acquired a new stake in shares of Akamai Technologies in the third quarter worth $327,000. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Price Performance

AKAM stock traded up $0.07 during trading on Tuesday, hitting $98.00. The company had a trading volume of 264,728 shares, compared to its average volume of 1,677,865. The company has a market cap of $14.72 billion, a P/E ratio of 28.97, a P/E/G ratio of 3.58 and a beta of 0.65. The company has a fifty day moving average price of $98.61 and a two-hundred day moving average price of $96.26. Akamai Technologies, Inc. has a fifty-two week low of $84.70 and a fifty-two week 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.

Insiders Place Their Bets

In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $93.38, for a total transaction of $93,380.00. Following the sale, the director now owns 15,719 shares of the company’s stock, valued at $1,467,840.22. This represents a 5.98 % 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, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $88.61, for a total transaction of $221,525.00. Following the sale, the chief technology officer now directly owns 19,510 shares in the company, valued at $1,728,781.10. This trade represents a 11.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,500 shares of company stock valued at $1,058,625. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AKAM. Oppenheimer upgraded Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price target for the company in a report on Monday. Craig Hallum upgraded Akamai Technologies from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $125.00 in a research note on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. Tigress Financial reiterated a “strong-buy” rating and issued a $140.00 price target on shares of Akamai Technologies in a research note on Thursday, August 29th. Finally, Hsbc Global Res upgraded Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Akamai Technologies has a consensus rating of “Moderate Buy” and an average price target of $117.61.

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.