Akamai Technologies (NASDAQ:AKAM) Sets New 52-Week High – Here’s Why

Akamai Technologies, Inc. (NASDAQ:AKAM)’s share price reached a new 52-week high on Thursday . The stock traded as high as $105.71 and last traded at $104.9840, with a volume of 2147863 shares trading hands. The stock had previously closed at $94.80.

Analyst Ratings Changes

AKAM has been the topic of a number of recent research reports. President Capital boosted their target price on Akamai Technologies from $104.00 to $116.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Piper Sandler boosted their target price on shares of Akamai Technologies from $86.00 to $89.00 and gave the stock a “neutral” rating in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Akamai Technologies in a research note on Monday, December 29th. DA Davidson reissued a “buy” rating and set a $115.00 target price on shares of Akamai Technologies in a research report on Thursday, October 16th. Finally, Citigroup lifted their price target on shares of Akamai Technologies from $88.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, Akamai Technologies has an average rating of “Hold” and an average price target of $96.94.

Akamai Technologies Trading Up 9.9%

The company has a market capitalization of $14.99 billion, a P/E ratio of 30.56, a P/E/G ratio of 2.91 and a beta of 0.70. The company has a 50-day simple moving average of $90.65 and a 200 day simple moving average of $82.62. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.28 and a current ratio of 2.28.

Insider Activity

In related news, EVP Paul C. Joseph sold 5,000 shares of the stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $90.17, for a total value of $450,850.00. Following the completion of the sale, the executive vice president owned 17,513 shares in the company, valued at approximately $1,579,147.21. This trade represents a 22.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mani Sundaram sold 10,438 shares of Akamai Technologies stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $89.25, for a total value of $931,591.50. Following the sale, the executive vice president directly owned 13,550 shares in the company, valued at approximately $1,209,337.50. This trade represents a 43.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 28,818 shares of company stock worth $2,589,254. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Akamai Technologies

A number of hedge funds have recently modified their holdings of the company. DLD Asset Management LP increased its position in shares of Akamai Technologies by 60.0% during the second quarter. DLD Asset Management LP now owns 20,000,000 shares of the technology infrastructure company’s stock valued at $1,595,200,000 after purchasing an additional 7,500,000 shares during the period. Norges Bank acquired a new stake in Akamai Technologies during the second quarter worth $266,817,000. AQR Capital Management LLC increased its holdings in Akamai Technologies by 522.8% in the 3rd quarter. AQR Capital Management LLC now owns 2,020,346 shares of the technology infrastructure company’s stock valued at $153,061,000 after buying an additional 1,695,937 shares during the period. Alyeska Investment Group L.P. raised its stake in shares of Akamai Technologies by 570.0% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,634,040 shares of the technology infrastructure company’s stock valued at $123,795,000 after buying an additional 1,390,167 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in shares of Akamai Technologies by 39.9% during the 3rd quarter. Nordea Investment Management AB now owns 3,437,472 shares of the technology infrastructure company’s stock worth $258,739,000 after acquiring an additional 980,966 shares during the period. Institutional investors own 94.28% of the company’s stock.

About Akamai Technologies

Akamai Technologies, Inc is a leading provider of content delivery network (CDN) services and cloud security solutions designed to optimize and safeguard digital experiences. Leveraging a globally distributed platform, the company accelerates web and mobile content delivery for enterprises, media companies, e-commerce platforms and government agencies. Its edge computing architecture brings processing power closer to end users, reducing latency and improving application performance across geographies.

The company’s core offerings include content acceleration, web and mobile performance optimization, media delivery, and a suite of cybersecurity solutions that protect against DDoS attacks, application-layer threats and bot-driven fraud.