Limelight Networks, Inc. (LLNW) Price Target Raised to $6.00

Limelight Networks, Inc. (NASDAQ:LLNW) had its target price boosted by B. Riley from $5.30 to $6.00 in a research report report published on Thursday, October 19th. B. Riley currently has a buy rating on the information services provider’s stock.

“We have increased our FY17 revenue/ AEBITDA from $181.4MM/$27.0MM to $184.2MM/$27.8MM and FY18 revenue/AEBITDA from $191.4MM/$31.8MM to $199.4MM/$32.3MM. We are raising our PT from $5.30 to $6.00 on higher estimates using a 14x ’19 AEBITDA multiple, which is in line with comps. Key Points Solid 3Q Beat. Revenue/AEBITDA came in at $46.1MM/$7.4MM versus RILY at $43.0MM/ $4.5MM and consensus of $43.1MM/$4.9MM. Revenue grew 17% Y/Y primarily due to increased ARPU (+36% Y/Y) and continued market share gains. PF GM increased 610bps Y/Y to 58.9%, versus our expectation of 200bps increase, due to mix shift to higher value traffic. Both customer satisfaction (as measured by traffic growth/incident tickets) and customer retention were at 14 quarter highs during 3Q and is a driver of market share gains.”,” the firm’s analyst commented.

A number of other research firms also recently commented on LLNW. DA Davidson set a $5.50 target price on shares of Limelight Networks and gave the stock a buy rating in a report on Monday, October 16th. Zacks Investment Research upgraded shares of Limelight Networks from a hold rating to a buy rating and set a $4.25 target price on the stock in a report on Thursday, September 28th. BidaskClub upgraded shares of Limelight Networks from a hold rating to a buy rating in a report on Wednesday, August 9th. Finally, TheStreet upgraded shares of Limelight Networks from a d+ rating to a c rating in a report on Thursday, July 27th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $5.00.

Shares of Limelight Networks (LLNW) opened at 4.88 on Thursday. The stock’s 50 day moving average price is $4.10 and its 200-day moving average price is $3.39. Limelight Networks has a 52-week low of $1.70 and a 52-week high of $5.18. The firm’s market capitalization is $533.13 million.

Limelight Networks (NASDAQ:LLNW) last released its quarterly earnings results on Wednesday, October 18th. The information services provider reported $0.02 EPS for the quarter. Limelight Networks had a negative net margin of 5.91% and a negative return on equity of 3.29%. The company had revenue of $46.07 million for the quarter, compared to the consensus estimate of $43.09 million. Limelight Networks’s revenue for the quarter was up 16.7% compared to the same quarter last year. Equities research analysts anticipate that Limelight Networks will post $0.07 EPS for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of Limelight Networks by 4.8% in the second quarter. The Manufacturers Life Insurance Company now owns 66,823 shares of the information services provider’s stock worth $193,000 after acquiring an additional 3,090 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Limelight Networks in the second quarter worth approximately $220,000. State Street Corp increased its position in shares of Limelight Networks by 10.4% in the second quarter. State Street Corp now owns 1,263,427 shares of the information services provider’s stock worth $3,650,000 after acquiring an additional 118,836 shares in the last quarter. Cornerstone Capital Management Holdings LLC. increased its position in shares of Limelight Networks by 19.7% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 147,760 shares of the information services provider’s stock worth $426,000 after acquiring an additional 24,300 shares in the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Limelight Networks in the second quarter worth approximately $970,000. 69.02% of the stock is currently owned by institutional investors and hedge funds.

Limelight Networks Company Profile

Limelight Networks, Inc operates a distributed network and provides a suite of integrated services marketed as the Limelight Orchestrate Platform. The Company is engaged in providing content delivery and related services and solutions for global businesses to help them deliver their digital content across Internet, mobile, and social channels.

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