UPDATE: Piper Jaffray Lowers PT on Limelight Networks from $8 to $3

Piper Jaffray has published a report on Limelight Networks (NASDAQ: LLNW) lowering the price target from $8 to $3.

In the report, Piper Jaffray wrote, "Limelight reported soft Q2 revenue and EPS due to lower-than-expected CDN traffic at two of its largest customers and weak EyeWonder revenue. Gross margin ticked down sequentially by 4 percentage points to 37%; VAS was 40% of revs in Q2 up from 33% in Q1 (for comparison, Akamai VAS was 58% of revenue in Q2). Q3 revenue guidance is also below Street expectations."

Piper Jaffray rated Limelight Networks a Neutral with a price target lowered from $8.00 to $3.00. Limelight Networks closed Monday at $3.30.