Brokerages Set Internap (INAP) Target Price at $24.00
Shares of Internap (NASDAQ:INAP) have been given a consensus rating of “Buy” by the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, two have given a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $24.00.
Several equities research analysts have recently weighed in on INAP shares. Benchmark reaffirmed a “buy” rating and issued a $28.00 target price on shares of Internap in a research report on Tuesday, January 30th. BidaskClub downgraded Internap from a “hold” rating to a “sell” rating in a report on Saturday, January 6th. Zacks Investment Research downgraded Internap from a “hold” rating to a “sell” rating in a report on Saturday, February 10th. Finally, ValuEngine downgraded Internap from a “sell” rating to a “strong sell” rating in a report on Monday, April 2nd.
Shares of NASDAQ INAP opened at $11.72 on Thursday. Internap has a 1-year low of $10.34 and a 1-year high of $22.36. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of -496.68. The stock has a market capitalization of $248.23, a PE ratio of -7.56 and a beta of 2.02.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Internap by 111.2% in the third quarter. Bank of New York Mellon Corp now owns 450,333 shares of the information technology services provider’s stock valued at $1,959,000 after purchasing an additional 237,147 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Internap by 629.0% in the third quarter. JPMorgan Chase & Co. now owns 407,820 shares of the information technology services provider’s stock valued at $1,790,000 after purchasing an additional 351,880 shares during the last quarter. Cortina Asset Management LLC purchased a new position in Internap in the fourth quarter valued at about $5,224,000. Driehaus Capital Management LLC purchased a new position in Internap in the fourth quarter valued at about $5,052,000. Finally, Ameriprise Financial Inc. purchased a new position in Internap in the third quarter valued at about $1,261,000. 86.20% of the stock is owned by hedge funds and other institutional investors.
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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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