Limelight Networks, Inc. (NASDAQ:LLNW) dropped 5% on Tuesday . The company traded as low as $4.67 and last traded at $4.71. Approximately 1,784,600 shares changed hands during trading, an increase of 251% from the average daily volume of 509,018 shares. The stock had previously closed at $4.96.

LLNW has been the subject of a number of recent analyst reports. BidaskClub raised Limelight Networks from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. B. Riley raised their price target on Limelight Networks from $5.30 to $6.00 and gave the company a “buy” rating in a report on Thursday, October 19th. Cowen reaffirmed an “outperform” rating and set a $6.00 price target (up from $4.00) on shares of Limelight Networks in a report on Thursday, October 19th. Zacks Investment Research cut Limelight Networks from a “buy” rating to a “hold” rating in a report on Friday, September 29th. Finally, DA Davidson set a $5.50 price target on Limelight Networks and gave the company a “buy” rating in a report on Monday, October 16th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $5.00.

Limelight Networks (NASDAQ:LLNW) last released its earnings results on Wednesday, October 18th. The information services provider reported $0.02 EPS for the quarter. The company had revenue of $46.07 million during the quarter, compared to analysts’ expectations of $43.09 million. Limelight Networks had a negative return on equity of 3.29% and a negative net margin of 5.91%. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. sell-side analysts predict that Limelight Networks, Inc. will post -0.04 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. increased its stake in shares of Limelight Networks by 7.1% in the 1st quarter. American International Group Inc. now owns 43,718 shares of the information services provider’s stock valued at $113,000 after buying an additional 2,913 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Limelight Networks by 4.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,823 shares of the information services provider’s stock valued at $193,000 after buying an additional 3,090 shares during the period. Acadian Asset Management LLC increased its stake in shares of Limelight Networks by 3.0% in the 2nd quarter. Acadian Asset Management LLC now owns 179,959 shares of the information services provider’s stock valued at $520,000 after buying an additional 5,269 shares during the period. Dorsey & Whitney Trust CO LLC increased its stake in shares of Limelight Networks by 26.8% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 48,570 shares of the information services provider’s stock valued at $140,000 after buying an additional 10,270 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Limelight Networks by 3.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 289,101 shares of the information services provider’s stock valued at $1,148,000 after buying an additional 10,368 shares during the period. 70.27% of the stock is owned by institutional investors.

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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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