Zacks Investment Research lowered shares of Internap (NASDAQ:INAP) from a hold rating to a sell rating in a report released on Tuesday morning.
According to Zacks, “InterNAP Network Services Corp is a provider of high performance Internet connectivity services targeted at businesses seeking to maximize the performance of mission-critical Internet-based applications. Customers connected to one of their service points have their data optimally routed to and from destinations on the Internet using their overlay network, which analyzes the traffic situation on the multiplicity of networks that comprise the Internet and delivers mission-critical information and communications faster and more reliably. “
Several other analysts have also issued reports on the stock. SunTrust Banks initiated coverage on shares of Internap in a research report on Tuesday, September 18th. They issued a buy rating and a $22.00 price target on the stock. Craig Hallum lowered their price target on shares of Internap from $16.00 to $10.00 and set a buy rating on the stock in a research report on Wednesday, December 19th. They noted that the move was a valuation call. BidaskClub lowered shares of Internap from a hold rating to a sell rating in a research report on Wednesday, September 12th. Jefferies Financial Group initiated coverage on shares of Internap in a research report on Monday, December 10th. They issued a buy rating and a $7.50 price target on the stock. Finally, ValuEngine lowered shares of Internap from a hold rating to a sell rating in a research report on Saturday, December 15th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $14.92.
Shares of NASDAQ INAP traded up $0.08 during midday trading on Tuesday, hitting $5.21. The company’s stock had a trading volume of 9,997 shares, compared to its average volume of 382,464. Internap has a one year low of $3.86 and a one year high of $18.04. The firm has a market cap of $134.71 million, a P/E ratio of -3.15 and a beta of 2.53.
Internap (NASDAQ:INAP) last posted its quarterly earnings results on Thursday, November 1st. The information technology services provider reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.24). Internap had a negative net margin of 16.18% and a negative return on equity of 2,471.65%. The business had revenue of $82.97 million during the quarter, compared to the consensus estimate of $82.80 million. During the same period last year, the firm earned ($0.48) EPS. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. As a group, equities research analysts expect that Internap will post -2.58 earnings per share for the current fiscal year.
In other news, Director Gary M. Pfeiffer bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 12th. The shares were acquired at an average price of $6.56 per share, with a total value of $65,600.00. Following the acquisition, the director now owns 53,969 shares of the company’s stock, valued at approximately $354,036.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Debora J. Wilson bought 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The shares were purchased at an average cost of $7.19 per share, for a total transaction of $50,330.00. Following the acquisition, the director now directly owns 96,302 shares in the company, valued at approximately $692,411.38. The disclosure for this purchase can be found here. Insiders have purchased a total of 59,000 shares of company stock worth $411,760 in the last ninety days. 5.90% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Teachers Advisors LLC grew its stake in Internap by 17.6% in the 3rd quarter. Teachers Advisors LLC now owns 42,292 shares of the information technology services provider’s stock worth $534,000 after buying an additional 6,315 shares in the last quarter. Vanguard Group Inc grew its stake in Internap by 7.3% in the 3rd quarter. Vanguard Group Inc now owns 901,179 shares of the information technology services provider’s stock worth $11,382,000 after buying an additional 61,428 shares in the last quarter. Marshall Wace LLP purchased a new position in Internap in the 3rd quarter worth approximately $3,268,000. Vanguard Group Inc. grew its stake in Internap by 7.3% in the 3rd quarter. Vanguard Group Inc. now owns 901,179 shares of the information technology services provider’s stock worth $11,382,000 after buying an additional 61,428 shares in the last quarter. Finally, MetLife Investment Advisors LLC purchased a new position in Internap in the 3rd quarter worth approximately $191,000. 68.63% of the stock is owned by institutional investors and hedge funds.
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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