Limelight Networks (NASDAQ:LLNW) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Limelight Networks (NASDAQ:LLNW) from a sell rating to a hold rating in a report published on Wednesday, Zacks.com reports.

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 subject of several other research reports. DA Davidson reissued a neutral rating and issued a $2.70 target price on shares of Limelight Networks in a research report on Tuesday, July 2nd. ValuEngine raised Limelight Networks from a hold rating to a buy rating in a research report on Thursday, August 1st. B. Riley reissued a buy rating and issued a $5.00 target price on shares of Limelight Networks in a research report on Monday, July 15th. Finally, BidaskClub raised Limelight Networks from a hold rating to a buy rating in a research report on Friday, September 13th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $3.85.

LLNW opened at $3.07 on Wednesday. The business has a 50 day simple moving average of $2.59 and a two-hundred day simple moving average of $2.82. The firm has a market capitalization of $370.68 million, a price-to-earnings ratio of -153.50 and a beta of 2.12. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.10 and a quick ratio of 2.10. Limelight Networks has a one year low of $2.20 and a one year high of $5.32.

Limelight Networks (NASDAQ:LLNW) last released its quarterly earnings results on Wednesday, July 17th. The information services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The business had revenue of $45.90 million for the quarter, compared to the consensus estimate of $46.40 million. Limelight Networks had a negative net margin of 11.63% and a negative return on equity of 13.07%. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.04 EPS. As a group, sell-side analysts expect that Limelight Networks will post -0.13 EPS for the current fiscal year.

In other news, CFO Sajid Malhotra bought 20,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was purchased at an average price of $2.28 per share, with a total value of $45,600.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Thomas Marth bought 21,550 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was purchased at an average cost of $2.32 per share, with a total value of $49,996.00. The disclosure for this purchase can be found here. 10.40% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in LLNW. Bank of America Corp DE raised its position in shares of Limelight Networks by 165.6% in the 4th quarter. Bank of America Corp DE now owns 68,155 shares of the information services provider’s stock worth $159,000 after acquiring an additional 42,493 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Limelight Networks by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,372,620 shares of the information services provider’s stock worth $10,232,000 after buying an additional 60,933 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Limelight Networks by 12,438.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 22,945 shares of the information services provider’s stock worth $74,000 after buying an additional 22,762 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Limelight Networks by 1,010.2% in the 1st quarter. Bank of Montreal Can now owns 45,642 shares of the information services provider’s stock worth $146,000 after buying an additional 41,531 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Limelight Networks in the 1st quarter worth approximately $66,000. 76.19% of the stock is owned by hedge funds and other institutional investors.

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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