Analysts Set Internap Corporation (INAP) PT at $5.56
Internap Corporation (NASDAQ:INAP) has been assigned an average rating of “Buy” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $5.81.
Several research analysts have commented on the company. Zacks Investment Research upgraded Internap Corporation from a “hold” rating to a “buy” rating and set a $4.75 target price for the company in a research note on Wednesday. Benchmark Co. restated a “buy” rating and issued a $6.00 target price (up previously from $5.00) on shares of Internap Corporation in a research note on Monday, September 25th. BidaskClub upgraded Internap Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 19th. Raymond James Financial, Inc. upgraded Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 target price for the company in a research note on Friday, August 4th. Finally, UBS AG upgraded Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th.
In related news, insider Park West Asset Management Llc sold 2,250,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $3.88, for a total transaction of $8,730,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 3,482,700 shares of company stock worth $13,640,242. 3.71% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System purchased a new position in shares of Internap Corporation during the 2nd quarter valued at about $519,000. The Manufacturers Life Insurance Company increased its stake in Internap Corporation by 3,328.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,585 shares of the information technology services provider’s stock worth $244,000 after purchasing an additional 64,643 shares during the period. State Street Corp increased its stake in Internap Corporation by 2,861.4% in the 2nd quarter. State Street Corp now owns 1,224,423 shares of the information technology services provider’s stock worth $4,493,000 after purchasing an additional 1,183,077 shares during the period. Gotham Asset Management LLC increased its stake in Internap Corporation by 173.1% in the 2nd quarter. Gotham Asset Management LLC now owns 27,952 shares of the information technology services provider’s stock worth $103,000 after purchasing an additional 17,717 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in Internap Corporation in the 2nd quarter worth approximately $158,000. 83.46% of the stock is currently owned by institutional investors.
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Shares of Internap Corporation (INAP) traded down 7.93% during midday trading on Friday, hitting $4.53. 1,522,364 shares of the stock were exchanged. The firm’s market capitalization is $360.17 million. The stock’s 50-day moving average price is $4.35 and its 200-day moving average price is $3.80. Internap Corporation has a 1-year low of $0.80 and a 1-year high of $5.00.
Internap Corporation (NASDAQ:INAP) last announced its quarterly earnings data on Thursday, August 3rd. The information technology services provider reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Internap Corporation had a negative return on equity of 234.35% and a negative net margin of 45.52%. The firm had revenue of $69.64 million during the quarter, compared to analysts’ expectations of $70.59 million. During the same period last year, the business posted ($0.21) EPS. The company’s revenue was down 6.3% compared to the same quarter last year. On average, analysts forecast that Internap Corporation will post ($0.46) EPS for the current year.
About Internap Corporation
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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