Limelight Networks (LLNW) Upgraded by Zacks Investment Research to Strong-Buy

Zacks Investment Research upgraded shares of Limelight Networks (NASDAQ:LLNW) from a hold rating to a strong-buy rating in a research report released on Friday morning. They currently have $4.50 target price on the information services provider’s stock.

According to Zacks, “LIMELIGHT NETWORKS, INC. is a content delivery partner enabling the next wave of Internet business and entertainment. More than 1300 Internet, entertainment, software, and technology brands trust their robust, scalable platform to monetize their digital assets by delivering a brilliant online experience to their global audience. LimeLight’s architecture bypasses the busy public Internet using a dedicated optical network that interconnects thousands of servers and delivers massive files at the speed of light — directly to the access networks that consumers use every day. LimeLight’s proven network and passion for service assures their customers that every object in their library will be instantly delivered to every user, every time. “

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LLNW has been the subject of a number of other reports. B. Riley reaffirmed a buy rating and issued a $6.00 price target on shares of Limelight Networks in a research note on Thursday, December 21st. BidaskClub cut Limelight Networks from a buy rating to a hold rating in a research note on Wednesday, December 27th. Finally, ValuEngine raised Limelight Networks from a hold rating to a buy rating in a research note on Monday, April 2nd. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Limelight Networks presently has a consensus rating of Buy and an average target price of $5.50.

Shares of NASDAQ:LLNW opened at $3.95 on Friday. Limelight Networks has a 1-year low of $2.41 and a 1-year high of $6.05.

Limelight Networks (NASDAQ:LLNW) last announced its quarterly earnings data on Wednesday, February 7th. The information services provider reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The firm had revenue of $48.19 million during the quarter, compared to analysts’ expectations of $47.74 million. Limelight Networks had a negative return on equity of 1.50% and a negative net margin of 4.14%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. research analysts anticipate that Limelight Networks will post 0.01 earnings per share for the current fiscal year.

In related news, major shareholder Goldman Sachs Group Inc sold 15,272,493 shares of the stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $3.80, for a total transaction of $58,035,473.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert A. Lento sold 40,000 shares of the stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $4.21, for a total value of $168,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,357,793 shares of company stock valued at $58,387,811. 37.60% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Investors Research Corp bought a new stake in Limelight Networks during the 4th quarter worth approximately $121,000. Teacher Retirement System of Texas bought a new stake in Limelight Networks during the 4th quarter worth approximately $129,000. Wolverine Trading LLC increased its stake in Limelight Networks by 761.3% during the 3rd quarter. Wolverine Trading LLC now owns 37,766 shares of the information services provider’s stock worth $150,000 after purchasing an additional 43,477 shares in the last quarter. J. Goldman & Co LP bought a new stake in Limelight Networks during the 4th quarter worth approximately $161,000. Finally, BlueCrest Capital Management Ltd bought a new stake in Limelight Networks during the 4th quarter worth approximately $163,000. 68.96% of the stock is owned by institutional investors and hedge funds.

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About Limelight Networks

Limelight Networks, Inc provides content delivery and related services and solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers services and solutions for businesses to deliver their digital content across Internet, mobile, and social channels. It provides Orchestrate Platform, a suite of integrated services comprising content delivery, video content management, Website and Web application acceleration, Website and content security, and cloud storage services.

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