Insider Selling: Evan Goldberg Sells 1,398 Shares of NetSuite Stock (N)
NetSuite (NYSE:N) Chairman Evan Goldberg sold 1,398 shares of the company’s stock on the open market in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $77.00, for a total transaction of $107,646.00. Following the transaction, the chairman now directly owns 63,523 shares in the company, valued at approximately $4,891,271. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on N shares. Analysts at Mizuho initiated coverage on shares of NetSuite in a research note on Monday. They set a “neutral” rating and a $80.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Barclays reiterated an “overweight” rating on shares of NetSuite in a research note on Friday, May 23rd. They now have a $94.00 price target on the stock, down previously from $116.00. Finally, analysts at Goldman Sachs cut their price target on shares of NetSuite from $115.00 to $92.00 in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $105.53.
Shares of NetSuite (NYSE:N) traded up 1.50% on Thursday, hitting $78.25. The stock had a trading volume of 577,122 shares. NetSuite has a 52-week low of $69.48 and a 52-week high of $120.77. The stock’s 50-day moving average is $77.64 and its 200-day moving average is $95.35. The company’s market cap is $5.931 billion. NetSuite also saw a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 3,033,658 shares, an increase of 84.4% from the April 30th total of 1,645,570 shares. Based on an average daily volume of 1,111,581 shares, the days-to-cover ratio is currently 2.7 days. Approximately 9.1% of the company’s stock are sold short.
NetSuite (NYSE:N) last issued its quarterly earnings data on Monday, April 28th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.04. The company had revenue of $123.00 million for the quarter, compared to the consensus estimate of $120.92 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. Analysts expect that NetSuite will post $0.27 EPS for the current fiscal year.
NetSuite Inc (NYSE:N) is a provider of cloud-based financials / Enterprise Resource Planning (ERP) software suites.
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