Limelight Networks (NASDAQ:LLNW) Price Target Raised to $8.50

Limelight Networks (NASDAQ:LLNW) had its target price lifted by Raymond James from $6.00 to $8.50 in a research note released on Friday morning, The Fly reports. The firm currently has an outperform rating on the information services provider’s stock.

Other equities research analysts have also recently issued reports about the company. William Blair initiated coverage on Limelight Networks in a research report on Friday, March 6th. They set an outperform rating on the stock. Zacks Investment Research raised Limelight Networks from a hold rating to a buy rating and set a $7.25 price objective for the company in a report on Thursday, June 25th. Oppenheimer reissued a buy rating and set a $7.00 price objective on shares of Limelight Networks in a report on Thursday, April 23rd. Northland Securities assumed coverage on Limelight Networks in a report on Friday, June 19th. They set a buy rating and a $8.00 price objective for the company. Finally, BidaskClub raised Limelight Networks from a sell rating to a hold rating in a report on Tuesday, June 23rd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Limelight Networks presently has a consensus rating of Buy and an average price target of $7.19.

Shares of LLNW opened at $7.41 on Friday. The business’s 50-day moving average price is $5.38 and its 200-day moving average price is $5.09. Limelight Networks has a twelve month low of $2.20 and a twelve month high of $7.99. The stock has a market cap of $881.89 million, a PE ratio of -74.10 and a beta of 0.98. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.08.

Limelight Networks (NASDAQ:LLNW) last announced its quarterly earnings results on Thursday, April 23rd. The information services provider reported ($0.04) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.04). Limelight Networks had a negative return on equity of 7.90% and a negative net margin of 5.94%. The firm had revenue of $57.01 million for the quarter, compared to analysts’ expectations of $54.66 million. During the same period in the prior year, the business posted ($0.04) earnings per share. The company’s revenue was up 31.7% on a year-over-year basis. Analysts expect that Limelight Networks will post -0.08 earnings per share for the current fiscal year.

In related news, CFO Sajid Malhotra sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $4.98, for a total transaction of $249,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David Peterschmidt sold 108,931 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $6.37, for a total value of $693,890.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 509,495 shares of company stock valued at $2,955,983. 11.70% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Limelight Networks by 0.9% during the first quarter. BlackRock Inc. now owns 8,269,987 shares of the information services provider’s stock valued at $47,140,000 after acquiring an additional 75,419 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Limelight Networks by 91.9% during the first quarter. Lord Abbett & CO. LLC now owns 4,442,564 shares of the information services provider’s stock valued at $25,322,000 after acquiring an additional 2,127,883 shares in the last quarter. Granahan Investment Management Inc. MA raised its holdings in shares of Limelight Networks by 17.9% during the first quarter. Granahan Investment Management Inc. MA now owns 4,197,792 shares of the information services provider’s stock valued at $23,927,000 after acquiring an additional 636,924 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Limelight Networks by 61.6% during the first quarter. Driehaus Capital Management LLC now owns 3,668,528 shares of the information services provider’s stock valued at $20,911,000 after acquiring an additional 1,398,370 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Limelight Networks by 5.1% during the first quarter. State Street Corp now owns 2,393,973 shares of the information services provider’s stock valued at $13,646,000 after acquiring an additional 115,212 shares in the last quarter. Institutional investors own 80.32% of the company’s stock.

Limelight Networks Company Profile

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, social, and other digital initiatives.

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The Fly

Analyst Recommendations for Limelight Networks (NASDAQ:LLNW)

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