Everence Capital Management Inc. Invests $432,000 in Akamai Technologies, Inc. (NASDAQ:AKAM)

Everence Capital Management Inc. acquired a new position in shares of Akamai Technologies, Inc. (NASDAQ:AKAM) during the fourth quarter, Holdings Channel reports. The fund acquired 3,650 shares of the technology infrastructure company’s stock, valued at approximately $432,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in Akamai Technologies in the 4th quarter valued at about $1,184,000. Quadrature Capital Ltd bought a new position in Akamai Technologies in the 3rd quarter valued at about $4,238,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in Akamai Technologies in the 4th quarter valued at about $1,879,000. Alpine Global Management LLC bought a new position in Akamai Technologies in the 3rd quarter valued at about $2,791,000. Finally, International Assets Investment Management LLC bought a new position in Akamai Technologies in the 4th quarter valued at about $41,880,000. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Trading Down 1.0 %

NASDAQ:AKAM opened at $100.34 on Thursday. The company has a market cap of $15.20 billion, a P/E ratio of 28.42, a P/E/G ratio of 2.89 and a beta of 0.72. The stock’s fifty day moving average price is $109.64 and its two-hundred day moving average price is $112.53. Akamai Technologies, Inc. has a 1 year low of $76.85 and a 1 year high of $129.17. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.16 and a quick ratio of 2.16.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Tuesday, February 13th. The technology infrastructure company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.10. The firm had revenue of $995.00 million for the quarter, compared to the consensus estimate of $999.09 million. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.01 earnings per share. As a group, analysts expect that Akamai Technologies, Inc. will post 4.84 EPS for the current year.

Insider Buying and Selling

In related news, CMO Kim Salem-Jackson sold 2,600 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $123.30, for a total value of $320,580.00. Following the sale, the chief marketing officer now owns 27,663 shares in the company, valued at $3,410,847.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Anthony P. Williams sold 4,500 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $108.73, for a total value of $489,285.00. Following the sale, the executive vice president now owns 14,938 shares in the company, valued at $1,624,208.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Kim Salem-Jackson sold 2,600 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $123.30, for a total value of $320,580.00. Following the completion of the sale, the chief marketing officer now owns 27,663 shares in the company, valued at approximately $3,410,847.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,353 shares of company stock worth $3,688,883. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. StockNews.com raised shares of Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, January 25th. Robert W. Baird raised shares of Akamai Technologies from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $128.00 to $135.00 in a research report on Thursday, March 7th. HSBC cut shares of Akamai Technologies from a “hold” rating to a “reduce” rating and dropped their target price for the stock from $109.00 to $96.00 in a research report on Thursday, February 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $115.00 target price on shares of Akamai Technologies in a research report on Wednesday, February 14th. Finally, KeyCorp lifted their target price on shares of Akamai Technologies from $134.00 to $138.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Akamai Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $121.27.

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.