** Shares of Akamai Technologies AKAM.O up 0.9% at $142.62 premarket after above-target raise

** Cambridge, Massachusetts late Tues announced pricing private offering of $1.5 bln 0% convertible bonds (CBs) due 2030 and $1.5 bln 0% CBs due 2032

** Initial conversion price on 2030 CBs is $201.41, which represents 42.5% premium to stock's last close, and conversion price on 2032 CBs of $190.81 is a 35% premium

** AKAM shares fell fourth straight day on Tues, closing down >6% after co late Mon kicked off $2.6 bln offering

** Co intends to use net offering proceeds to fund capex for its cloud infrastructure services business, among other purposes

** It also intends to use approx $203 mln to pay cost of CBs hedge transactions, and approx $350 mln to repurchase shares to facilitate hedging transactions by investors in the CBs

** Through Tues, AKAM shares up 62% YTD and well outperforming the Nasdaq's .IXIC 11% advance

** Avg rating of 26 analysts is "buy"; median PT $162.50, per LSEG data