Internap Corporation (NASDAQ:INAP) Major Shareholder Park West Asset Management Llc Sells 125,000 Shares

Internap Corporation (NASDAQ:INAP) major shareholder Park West Asset Management Llc sold 125,000 shares of the business’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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Park West Asset Management Llc also recently made the following trade(s):

On Tuesday, July 25th, Park West Asset Management Llc sold 2,250,000 shares of Internap Corporation stock. The shares were sold at an average price of $3.88, for a total transaction of $8,730,000.00.
On Monday, July 24th, Park West Asset Management Llc sold 1,107,700 shares of Internap Corporation stock. The stock was sold at an average price of $3.96, for a total transaction of $4,386,492.00.

Internap Corporation (NASDAQ:INAP) traded up 7.29% during mid-day trading on Friday, hitting $4.27. 2,295,331 shares of the stock traded hands. Internap Corporation has a 12-month low of $0.80 and a 12-month high of $4.36. The company has a 50 day moving average of $3.73 and a 200-day moving average of $3.08. The stock’s market cap is $274.77 million.

Internap Corporation (NASDAQ:INAP) last posted its quarterly earnings data on Thursday, August 3rd. The information technology services provider reported ($0.08) EPS for the quarter, missing the Zacks’ 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 228.74%. The company had revenue of $69.64 million for the quarter, compared to analyst estimates of $70.59 million. During the same period in the prior year, the company earned ($0.21) EPS. The company’s revenue was down 6.3% compared to the same quarter last year. Equities research analysts forecast that Internap Corporation will post ($0.29) earnings per share for the current year.

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Several research firms have weighed in on INAP. UBS AG raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research report on Friday. Raymond James Financial, Inc. raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 target price on the stock in a research report on Friday. BidaskClub raised shares of Internap Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Zacks Investment Research raised shares of Internap Corporation from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a report on Tuesday, May 16th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Internap Corporation currently has an average rating of “Buy” and an average price target of $4.96.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Park West Asset Management LLC increased its position in Internap Corporation by 243.8% in the first quarter. Park West Asset Management LLC now owns 11,686,429 shares of the information technology services provider’s stock worth $43,474,000 after buying an additional 8,287,292 shares in the last quarter. Gabelli Funds LLC increased its position in Internap Corporation by 83.7% in the first quarter. Gabelli Funds LLC now owns 9,201,883 shares of the information technology services provider’s stock worth $34,231,000 after buying an additional 4,192,066 shares in the last quarter. Avenir Corp increased its position in Internap Corporation by 289.0% in the first quarter. Avenir Corp now owns 7,840,204 shares of the information technology services provider’s stock worth $29,166,000 after buying an additional 5,824,967 shares in the last quarter. Gamco Investors INC. ET AL increased its position in Internap Corporation by 8.8% in the second quarter. Gamco Investors INC. ET AL now owns 6,993,067 shares of the information technology services provider’s stock worth $25,665,000 after buying an additional 563,500 shares in the last quarter. Finally, UBS Oconnor LLC increased its position in Internap Corporation by 725.7% in the first quarter. UBS Oconnor LLC now owns 5,000,000 shares of the information technology services provider’s stock worth $18,600,000 after buying an additional 4,394,481 shares in the last quarter. 76.58% of the stock is owned by institutional investors.

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.