Insider Selling: NetSuite Insider Sells 1,096 Shares of Stock (N)
NetSuite (NYSE:N) Insider Marc Huffman sold 1,096 shares of the company’s stock on the open market in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $78.93, for a total transaction of $86,507.28. Following the completion of the sale, the insider now directly owns 72,233 shares in the company, valued at approximately $5,701,351. The sale was disclosed in a filing with the SEC, which is available at this link.
NetSuite (NYSE:N) traded down 0.20% on Thursday, hitting $80.54. 629,616 shares of the company’s stock traded hands. NetSuite has a 52 week low of $69.48 and a 52 week high of $120.77. The stock has a 50-day moving average of $77.34 and a 200-day moving average of $94.77. The company’s market cap is $6.105 billion. NetSuite also was the target of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 3,033,658 shares, a growth of 84.4% from the April 30th total of 1,645,570 shares. Currently, 9.1% of the shares of the stock are sold short. Based on an average daily volume of 1,111,581 shares, the days-to-cover ratio is presently 2.7 days.
NetSuite (NYSE:N) last released its earnings data on Monday, April 28th. The company reported $0.06 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.04 earnings per share. The company’s quarterly revenue was up 34.3% on a year-over-year basis. Analysts expect that NetSuite will post $0.27 EPS for the current fiscal year.
A number of research firms have recently commented on N. Analysts at Mizuho initiated coverage on shares of NetSuite in a research note on Monday, June 2nd. 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 investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $105.53.
NetSuite Inc (NYSE:N) is a provider of cloud-based financials / Enterprise Resource Planning (ERP) software suites.
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