NetSuite Inc. (N) Short Interest Update
NetSuite Inc. (NYSE:N) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 853,876 shares, a drop of 36.5% from the October 14th total of 1,345,193 shares. Approximately 2.2% of the company’s stock are sold short. Based on an average trading volume of 614,315 shares, the short-interest ratio is currently 1.4 days.
Several equities research analysts have issued reports on N shares. Cowen and Company set a $70.00 price target on shares of NetSuite and gave the company a “sell” rating in a research note on Wednesday, July 27th. DA Davidson lowered shares of NetSuite from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $130.00 to $109.00 in a research note on Thursday, July 28th. Deutsche Bank AG lowered shares of NetSuite from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $95.00 to $109.00 in a research note on Thursday, July 28th. Goldman Sachs Group Inc. upgraded shares of NetSuite from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $65.00 to $90.00 in a research note on Thursday, July 28th. Finally, Morgan Stanley upgraded shares of NetSuite from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $60.00 to $109.00 in a research note on Friday, July 29th. Three research analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating and three have assigned a buy rating to the company’s stock. NetSuite presently has an average rating of “Hold” and an average price target of $89.99.
In other NetSuite news, SVP Michael Forman sold 357 shares of NetSuite stock in a transaction on Monday, September 12th. The shares were sold at an average price of $109.39, for a total value of $39,052.23. Following the sale, the senior vice president now directly owns 22,986 shares in the company, valued at approximately $2,514,438.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Price T. Rowe Associates Inc /M sold 47,000 shares of NetSuite stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $89.27, for a total transaction of $4,195,690.00. The disclosure for this sale can be found here. Corporate insiders own 4.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors Inc. raised its position in NetSuite by 0.4% in the first quarter. Teachers Advisors Inc. now owns 32,560 shares of the company’s stock worth $2,230,000 after buying an additional 133 shares during the period. State Street Corp raised its position in NetSuite by 3.1% in the first quarter. State Street Corp now owns 662,982 shares of the company’s stock worth $45,407,000 after buying an additional 19,668 shares during the period. Pictet Asset Management Ltd. raised its position in NetSuite by 10.4% in the first quarter. Pictet Asset Management Ltd. now owns 13,800 shares of the company’s stock worth $834,000 after buying an additional 1,300 shares during the period. Geode Capital Management LLC raised its position in NetSuite by 4.1% in the first quarter. Geode Capital Management LLC now owns 224,944 shares of the company’s stock worth $15,395,000 after buying an additional 8,927 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of NetSuite during the first quarter valued at about $224,000. Institutional investors own 54.45% of the company’s stock.
NetSuite (NYSE:N) opened at 90.34 on Thursday. NetSuite has a 12 month low of $51.75 and a 12 month high of $110.99. The firm has a 50-day moving average of $96.27 and a 200 day moving average of $93.61. The firm’s market capitalization is $7.36 billion.
NetSuite (NYSE:N) last released its quarterly earnings data on Friday, October 21st. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. NetSuite had a negative net margin of 14.93% and a negative return on equity of 28.78%. The company earned $243.90 million during the quarter, compared to analyst estimates of $249.97 million. During the same period last year, the business earned $0.03 earnings per share. NetSuite’s revenue was up 26.5% compared to the same quarter last year. Equities research analysts forecast that NetSuite will post $0.53 earnings per share for the current year.
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NetSuite Inc (NetSuite) is a provider of cloud-based financials, enterprise resource planning and omnichannel commerce software suites. The Company offers a suite of applications, including financial management, customer relationship management, e-commerce and retail management, commerce marketing automation, professional services automation and human capital management that enable companies to manage business operations in an integrated suite.
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