Limelight Networks’ (NASDAQ:LLNW) stock was actively traded on Tuesday, accumulating a volume of 26,961,857, a day after the company posted a positive outlook for first quarter revenue. Shares of the Arizona based content delivery network service provider, who expects to beat first quarter sales estimates by $1.5 million, rose over 30% to $8.47.
The firm’s top competitors also thrived off the news on Tuesday. Level 3 Communications (NYSE:LVLT) gained over 5.5%, while Internap Services Corp (NASDAQ:INAP) traded higher by about a quarter of a percent.
Shares of Akami Technologies (NASDAQ:AKAM), who last week forecasted first-quarter results below Wall Street's expectations due to major media acquisitions, gained 1.64% during the trading session.
Last month Oppenheimer analyst, Tim Horan said that data storage and communication companies, such as Limelight Networks, Level 3 Communications, Internap Services Corp and Akami Technologies, could be potential buyout targets for larger firms like AT&T (NYSE:T) and CenturyLink (NYSE:CTL) that are currently seeking entry to the cloud computing market.
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