Limelight Networks (NASDAQ:LLNW) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.
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. “
LLNW has been the topic of several other research reports. B. Riley restated a “buy” rating and issued a $6.00 price target on shares of Limelight Networks in a research report on Wednesday, December 13th. DA Davidson set a $5.50 price target on Limelight Networks and gave the company a “buy” rating in a research report on Monday, October 16th. Finally, Cowen restated an “outperform” rating and issued a $6.00 price target (up previously from $4.00) on shares of Limelight Networks in a research report on Thursday, October 19th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Limelight Networks has a consensus rating of “Buy” and a consensus price target of $5.00.
Limelight Networks (NASDAQ:LLNW) last posted its earnings results on Wednesday, October 18th. The information services provider reported $0.02 earnings per share for the quarter. Limelight Networks had a negative return on equity of 3.29% and a negative net margin of 5.91%. The business had revenue of $46.07 million during the quarter, compared to the consensus estimate of $43.09 million. Limelight Networks’s revenue was up 16.7% compared to the same quarter last year. research analysts forecast that Limelight Networks will post -0.04 EPS for the current fiscal year.
In related news, Director Mark J. Midle sold 15,000,000 shares of the business’s stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $4.35, for a total value of $65,250,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 37.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in Limelight Networks by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,872,233 shares of the information services provider’s stock worth $11,191,000 after purchasing an additional 50,901 shares during the period. Vanguard Group Inc. increased its position in Limelight Networks by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 3,307,238 shares of the information services provider’s stock worth $8,533,000 after purchasing an additional 639,265 shares during the period. First Washington CORP increased its position in Limelight Networks by 19.7% during the 2nd quarter. First Washington CORP now owns 1,478,176 shares of the information services provider’s stock worth $4,272,000 after purchasing an additional 243,055 shares during the period. State Street Corp increased its position in Limelight Networks by 10.4% during the 2nd quarter. State Street Corp now owns 1,263,427 shares of the information services provider’s stock worth $3,650,000 after purchasing an additional 118,836 shares during the period. Finally, Northern Trust Corp increased its position in Limelight Networks by 13.5% during the 2nd quarter. Northern Trust Corp now owns 815,108 shares of the information services provider’s stock worth $2,356,000 after purchasing an additional 96,776 shares during the period. Hedge funds and other institutional investors own 69.96% of the company’s stock.
About Limelight Networks
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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