Alliancebernstein L.P. lowered its position in shares of Limelight Networks (NASDAQ:LLNW) by 53.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,800 shares of the information services provider’s stock after selling 40,800 shares during the quarter. Alliancebernstein L.P.’s holdings in Limelight Networks were worth $158,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Bogle Investment Management L P DE bought a new position in Limelight Networks during the fourth quarter valued at about $1,646,000. Geode Capital Management LLC lifted its stake in Limelight Networks by 10.3% in the 4th quarter. Geode Capital Management LLC now owns 773,920 shares of the information services provider’s stock worth $3,412,000 after acquiring an additional 72,011 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Limelight Networks in the 4th quarter worth about $311,000. Investors Research Corp purchased a new stake in Limelight Networks in the 4th quarter worth about $121,000. Finally, B. Riley Financial Inc. purchased a new stake in Limelight Networks in the 4th quarter worth about $8,314,000. 68.96% of the stock is owned by institutional investors and hedge funds.
LLNW opened at $4.10 on Friday. Limelight Networks has a fifty-two week low of $2.47 and a fifty-two week high of $6.05. The stock has a market cap of $449.96, a PE ratio of -205.00 and a beta of 2.42.
Limelight Networks (NASDAQ:LLNW) last posted its quarterly earnings results on Monday, April 23rd. The information services provider reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.04. Limelight Networks had a negative return on equity of 1.50% and a negative net margin of 4.14%. The company had revenue of $52.11 million during the quarter, compared to the consensus estimate of $48.17 million. During the same period last year, the business earned $0.02 EPS. The business’s quarterly revenue was up 16.5% on a year-over-year basis.
Several brokerages recently issued reports on LLNW. ValuEngine downgraded Limelight Networks from a “buy” rating to a “hold” rating in a research note on Tuesday. B. Riley reissued a “buy” rating and issued a $6.00 price objective on shares of Limelight Networks in a research note on Thursday, December 21st. Zacks Investment Research downgraded Limelight Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Oppenheimer started coverage on Limelight Networks in a research note on Monday. They set an “outperform” rating and a $6.00 price target for the company. Finally, BidaskClub downgraded Limelight Networks from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Limelight Networks has an average rating of “Buy” and a consensus target price of $5.60.
In other news, CEO Robert A. Lento sold 40,000 shares of the stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $4.21, for a total transaction of $168,400.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Goldman Sachs Group Inc sold 15,272,493 shares of the stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $3.80, for a total value of $58,035,473.40. The disclosure for this sale can be found here. Insiders have sold a total of 15,357,793 shares of company stock valued at $58,387,811 over the last ninety days. Company insiders own 37.60% of the company’s stock.
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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, and social channels. It provides Orchestrate Platform, a suite of integrated services comprising content delivery, video content management, Website and Web application acceleration, Website and content security, and cloud storage services.
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