Internap (INAP) Downgraded to “Hold” at BidaskClub

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BidaskClub lowered shares of Internap (NASDAQ:INAP) from a buy rating to a hold rating in a research note released on Wednesday.

A number of other brokerages have also commented on INAP. ValuEngine upgraded Internap from a strong sell rating to a sell rating in a research report on Friday, August 3rd. Stifel Nicolaus set a $13.00 price objective on Internap and gave the stock a hold rating in a research report on Friday, August 3rd. Finally, Zacks Investment Research lowered Internap from a buy rating to a sell rating in a research report on Wednesday, May 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Internap presently has a consensus rating of Hold and an average price target of $19.00.

NASDAQ:INAP opened at $12.43 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of -126.72. Internap has a 1-year low of $8.88 and a 1-year high of $22.36.

Internap (NASDAQ:INAP) last announced its quarterly earnings data on Thursday, August 2nd. The information technology services provider reported ($0.47) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.69) by $0.22. Internap had a negative return on equity of 2,471.65% and a negative net margin of 15.52%. The firm had revenue of $81.96 million during the quarter, compared to analyst estimates of $81.76 million. During the same period last year, the company posted ($0.24) EPS. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. equities analysts anticipate that Internap will post -2.26 EPS for the current year.

In other news, CEO Peter D. Aquino purchased 4,470 shares of the business’s stock in a transaction dated Wednesday, June 13th. The stock was bought at an average cost of $11.16 per share, with a total value of $49,885.20. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 5.90% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of INAP. Schwab Charles Investment Management Inc. raised its stake in shares of Internap by 5.6% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 147,573 shares of the information technology services provider’s stock worth $1,624,000 after purchasing an additional 7,866 shares in the last quarter. Northern Trust Corp raised its stake in shares of Internap by 4.3% in the 1st quarter. Northern Trust Corp now owns 231,410 shares of the information technology services provider’s stock valued at $2,545,000 after acquiring an additional 9,613 shares in the last quarter. Gabelli Funds LLC raised its stake in shares of Internap by 1.1% in the 1st quarter. Gabelli Funds LLC now owns 2,111,873 shares of the information technology services provider’s stock valued at $23,231,000 after acquiring an additional 23,255 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Internap by 12.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 2,213,220 shares of the information technology services provider’s stock valued at $24,345,000 after acquiring an additional 249,601 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in shares of Internap by 58.5% in the 1st quarter. Pinnacle Associates Ltd. now owns 70,887 shares of the information technology services provider’s stock valued at $780,000 after acquiring an additional 26,150 shares in the last quarter. 83.91% of the stock is owned by institutional investors.

About Internap

Internap Corporation provides Internet infrastructure services. It operates through two business segments, INAP COLO and INAP CLOUD. The INAP COLO segment offers colocation services, including physical space within data centers and related services, such as power, interconnection, environmental controls, monitoring, and security; and Internet protocol (IP) connectivity services comprising its patented Performance IP and content delivery network services, IP routing hardware and software platforms, and Managed Internet Route Optimizer controllers.

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