Limelight Networks (NASDAQ:LLNW) Upgraded to “Buy” at Zacks Investment Research

Limelight Networks (NASDAQ:LLNWGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The brokerage presently has a $4.00 price objective on the information services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.99% from the stock’s current price.

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. “

Several other research firms have also recently commented on LLNW. Lake Street Capital boosted their target price on Limelight Networks from $4.50 to $5.00 and gave the company a “buy” rating in a research note on Friday, January 21st. They noted that the move was a valuation call. StockNews.com began coverage on shares of Limelight Networks in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Raymond James boosted their price objective on shares of Limelight Networks from $5.00 to $8.00 and gave the stock a “strong-buy” rating in a research report on Friday, March 11th. Cowen raised shares of Limelight Networks from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $4.00 to $6.00 in a research report on Thursday, March 17th. Finally, Truist Financial raised shares of Limelight Networks from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $3.00 to $7.00 in a research report on Tuesday, January 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $5.34.

Shares of Limelight Networks stock opened at $3.54 on Wednesday. Limelight Networks has a 1 year low of $2.30 and a 1 year high of $5.55. The business has a 50-day moving average of $4.65 and a two-hundred day moving average of $3.85. The company has a market capitalization of $478.27 million, a P/E ratio of -9.08 and a beta of 0.83. The company has a debt-to-equity ratio of 0.86, a current ratio of 3.65 and a quick ratio of 3.65.

Limelight Networks (NASDAQ:LLNWGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The information services provider reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). Limelight Networks had a negative return on equity of 24.09% and a negative net margin of 22.60%. The company had revenue of $58.00 million during the quarter, compared to the consensus estimate of $56.15 million. During the same period in the prior year, the company earned ($0.11) earnings per share. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities analysts anticipate that Limelight Networks will post -0.22 EPS for the current fiscal year.

In other Limelight Networks news, Director David Peterschmidt purchased 68,100 shares of the firm’s stock in a transaction that occurred on Friday, April 29th. The shares were acquired at an average cost of $3.59 per share, for a total transaction of $244,479.00. Following the completion of the purchase, the director now owns 144,175 shares of the company’s stock, valued at approximately $517,588.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 10.20% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC bought a new stake in Limelight Networks during the third quarter worth about $30,000. Integrated Wealth Concepts LLC bought a new position in shares of Limelight Networks in the fourth quarter worth about $52,000. Metropolitan Life Insurance Co NY lifted its holdings in shares of Limelight Networks by 92.9% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 19,959 shares of the information services provider’s stock worth $68,000 after acquiring an additional 9,612 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Limelight Networks by 25.5% in the third quarter. Teacher Retirement System of Texas now owns 19,998 shares of the information services provider’s stock worth $48,000 after acquiring an additional 4,066 shares during the last quarter. Finally, CIBC Private Wealth Group LLC bought a new position in shares of Limelight Networks in the fourth quarter worth about $69,000. 51.29% of the stock is owned by institutional investors and hedge funds.

About Limelight Networks (Get Rating)

Limelight Networks, Inc provides content delivery network and related services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates private global networks with distributed computing resources and extensive connectivity to last-mile broadband network providers; offers live and on-demand video delivery services; and provides online video platforms that integrates and manages advanced video delivery.

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