What happened

Shares of Limelight Networks (NASDAQ:LLNW) gained 14.7% in March 2017, according to data from S&P Global Market Intelligence.

So what

Seen through a short-term lens, this jump was driven by the launch of a $25 million share-buyback plan. That's an impressive repurchase commitment for a company sporting a $258 million market cap. The next day, the company also reported record traffic levels across its global content-delivery network.

In a full-year perspective, Limelight is absorbing plenty of content-delivery business left behind by larger rival Akamai Technologies (NASDAQ:AKAM), as that company continues to deepen its focus on security services.

Global networking diagram

Image source: Getty Images.

Now what

The transfer of media-focused content-delivery services from Akamai helped Limelight to a market-crushing 75% return in 2016. The surge has slowed down to 45% over the last 52 weeks in a rollicking series of up-and-down shifts, but that's still an impressive performance. The company's stabilizing revenue growth and solid cash profits should keep those rocket engines running. Limelight has found a unique target market, right where it always wanted to work in the first place.