There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Limelight Networks (NASDAQ:LLNW) and Open Text (NASDAQ:OTEX) with bullish sentiments.
Limelight Networks (LLNW)
Oppenheimer analyst Timothy Horan assigned a Buy rating to Limelight Networks yesterday and set a price target of $6.50. The company’s shares closed yesterday at $4.70.
Horan observed:
“Robust top-line growth beat our Street-high revenue estimates by 60bps. The company has made great progress on product quality, which has enabled it to close the gap on pricing with competitors and drive up margins. The company achieved positive earnings for the first time as a public company, and operating FCF of $8 million was a $5 million beat. A patent settlement will add an additional $25M to cash ($5M/year savings from litigation expense and ~$15M in receivables due from AKAM). Management is still in transition mode to customers that value high-quality services, which will help FCF growth and margin improvement. The primary driver of all this is focus and virtualization (software). Management is very optimistic on new Edge services.”
According to TipRanks.com, Horan is a top 100 analyst with an average return of 16.7% and a 75.5% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Boingo Wireless Inc, and Zayo Group Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Limelight Networks with a $6.50 average price target.
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Open Text (OTEX)
In a report issued on July 17, Thanos Moschopoulos from BMO Capital reiterated a Buy rating on Open Text, with a price target of $42. The company’s shares closed yesterday at $37.68.
Moschopoulos has an average return of 7.4% when recommending Open Text.
According to TipRanks.com, Moschopoulos is ranked #1150 out of 4841 analysts.
Currently, the analyst consensus on Open Text is a Strong Buy with an average price target of $45, a 19.4% upside from current levels. In a report issued on July 10, National Bank also reiterated a Buy rating on the stock with a $50 price target.
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