Internap Corporation (INAP) Receives Consensus Recommendation of “Buy” from Brokerages
Internap Corporation (NASDAQ:INAP) has been assigned an average recommendation of “Buy” from the seven research firms that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $5.31.
Several equities research analysts have commented on INAP shares. BidaskClub upgraded shares of Internap Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. UBS AG upgraded shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th. Zacks Investment Research upgraded shares of Internap Corporation from a “hold” rating to a “buy” rating and set a $3.75 price target on the stock in a research note on Tuesday, May 16th. Finally, Raymond James Financial, Inc. upgraded shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 price objective on the stock in a research note on Friday, August 4th.
In related news, major shareholder Park West Asset Management Llc sold 125,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $4.19, for a total transaction of $523,750.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Peter J. Rogers, Jr. acquired 15,280 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were bought at an average price of $3.29 per share, for a total transaction of $50,271.20. Following the purchase, the director now directly owns 67,306 shares of the company’s stock, valued at $221,436.74. The disclosure for this purchase can be found here. Insiders have sold 3,482,700 shares of company stock worth $13,640,242 in the last quarter. Company insiders own 5.83% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. KCG Holdings Inc. raised its position in Internap Corporation by 85.5% in the first quarter. KCG Holdings Inc. now owns 27,373 shares of the information technology services provider’s stock valued at $102,000 after buying an additional 12,620 shares during the period. Atlantic Trust LLC raised its position in Internap Corporation by 24.5% in the first quarter. Atlantic Trust LLC now owns 30,910 shares of the information technology services provider’s stock valued at $115,000 after buying an additional 6,085 shares during the period. Highbridge Capital Management LLC acquired a new position in Internap Corporation during the first quarter valued at about $155,000. BlueCrest Capital Management Ltd acquired a new position in Internap Corporation during the first quarter valued at about $157,000. Finally, Symphony Asset Management LLC acquired a new position in Internap Corporation during the second quarter valued at about $159,000. Hedge funds and other institutional investors own 77.37% of the company’s stock.
Internap Corporation (NASDAQ INAP) traded down 6.25% during trading on Friday, reaching $4.20. The company’s stock had a trading volume of 1,431,615 shares. The firm has a 50 day moving average of $3.94 and a 200 day moving average of $3.20. Internap Corporation has a 52 week low of $0.80 and a 52 week high of $4.79. The stock’s market capitalization is $333.93 million.
Internap Corporation (NASDAQ:INAP) last announced its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by $0.01. Internap Corporation had a negative net margin of 45.52% and a negative return on equity of 234.35%. The firm had revenue of $69.64 million during the quarter, compared to analyst estimates of $70.59 million. During the same quarter in the previous year, the business posted ($0.21) EPS. Internap Corporation’s revenue for the quarter was down 6.3% compared to the same quarter last year. Analysts expect that Internap Corporation will post ($0.42) EPS for the current year.
Internap Corporation Company Profile
Internap Corporation is a technology provider of Internet infrastructure. The Company provides Internet infrastructure through both Colocation Business and Enterprise Services and Cloud Services. The Company operates through two segments: Data Center and Network Services, and Cloud and Hosting Services.
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