Shares of Internap Corporation (NASDAQ:INAP) have earned an average recommendation of “Buy” from the seven brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $5.31.
INAP has been the topic of a number of recent research reports. BidaskClub upgraded Internap Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Zacks Investment Research upgraded Internap Corporation from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a research note on Tuesday, May 16th. Raymond James Financial, Inc. upgraded 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. Finally, UBS AG upgraded Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th.
In other news, major shareholder Park West Asset Management Llc sold 125,000 shares of Internap Corporation stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $4.19, for a total value of $523,750.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 3,482,700 shares of company stock worth $13,640,242. Corporate insiders own 5.83% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in INAP. Acadian Asset Management LLC acquired a new stake in shares of Internap Corporation during the 1st quarter valued at $665,000. Gabelli Funds LLC boosted its holdings in shares of Internap Corporation by 83.7% during the 1st quarter. Gabelli Funds LLC now owns 9,201,883 shares of the information technology services provider’s stock valued at $34,231,000 after acquiring an additional 4,192,066 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Internap Corporation during the 1st quarter valued at $526,000. Oxford Asset Management acquired a new stake in shares of Internap Corporation during the 1st quarter valued at $1,685,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Internap Corporation during the 1st quarter valued at $232,000. 83.46% of the stock is currently owned by institutional investors.
Internap Corporation (NASDAQ INAP) traded up 4.28% during mid-day trading on Wednesday, hitting $4.39. The stock had a trading volume of 612,383 shares. Internap Corporation has a one year low of $0.80 and a one year high of $4.78. The stock’s 50 day moving average price is $4.27 and its 200 day moving average price is $3.60. The firm’s market capitalization is $349.04 million.
Internap Corporation (NASDAQ:INAP) last announced its earnings results on Thursday, August 3rd. The information technology services provider reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.01. The firm had revenue of $69.64 million for the quarter, compared to the consensus estimate of $70.59 million. Internap Corporation had a negative return on equity of 234.35% and a negative net margin of 45.52%. Internap Corporation’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.21) EPS. Analysts forecast that Internap Corporation will post ($0.42) EPS for the current year.
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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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