Internap Corporation (NASDAQ:INAP) has been given an average rating of “Buy” by the nine brokerages that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $4.96.
A number of research firms recently weighed in on INAP. UBS AG raised Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research report on Friday. Raymond James Financial, Inc. raised Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 price objective for the company in a research report on Friday. BidaskClub raised Internap Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Zacks Investment Research raised Internap Corporation from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a research report on Tuesday, May 16th.
In other news, major shareholder Park West Asset Management Llc sold 125,000 shares of the business’s stock in a transaction dated 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 filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter J. Rogers, Jr. acquired 15,280 shares of the stock in a transaction dated Tuesday, May 30th. The stock was acquired at an average price of $3.29 per share, for a total transaction of $50,271.20. Following the completion of the transaction, the director now directly owns 67,306 shares of the company’s stock, valued at $221,436.74. The disclosure for this purchase can be found here. Insiders have sold 3,482,700 shares of company stock worth $13,640,242 over the last quarter. 5.83% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of INAP. Park West Asset Management LLC boosted its stake in shares of 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 valued at $43,474,000 after buying an additional 8,287,292 shares during the period. Gabelli Funds LLC boosted its stake in shares of 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 valued at $34,231,000 after buying an additional 4,192,066 shares during the period. Avenir Corp boosted its stake in shares of 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 valued at $29,166,000 after buying an additional 5,824,967 shares during the period. Gamco Investors INC. ET AL boosted its stake in shares of 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 valued at $25,665,000 after buying an additional 563,500 shares during the last quarter. Finally, UBS Oconnor LLC boosted its stake in shares of 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 valued at $18,600,000 after buying an additional 4,394,481 shares during the last quarter. 76.58% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Internap Corporation (NASDAQ:INAP) traded up 7.29% during midday trading on Tuesday, hitting $4.27. 2,295,331 shares of the stock traded hands. Internap Corporation has a 1-year low of $0.80 and a 1-year high of $4.36. The stock has a 50 day moving average of $3.73 and a 200 day moving average of $3.08. The company’s market capitalization 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) earnings per share 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 the consensus estimate of $70.59 million. During the same period last year, the business earned ($0.21) EPS. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. Equities research analysts predict that Internap Corporation will post ($0.29) earnings per share for the current fiscal year.
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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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