Traders Buy Shares of NetSuite Inc. (N) on Weakness Following Insider Selling
Traders bought shares of NetSuite Inc. (NYSE:N) on weakness during trading on Wednesday after an insider sold shares in the company. $12.45 million flowed into the stock on the tick-up and $8.65 million flowed out of the stock on the tick-down, for a money net flow of $3.80 million into the stock. Of all companies tracked, NetSuite had the 21st highest net in-flow for the day. NetSuite traded down ($0.20) for the day and closed at $108.98Specifically, SVP Michael Forman sold 357 shares of NetSuite stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $109.39, for a total transaction of $39,052.23. Following the completion of the sale, the senior vice president now directly owns 22,986 shares in the company, valued at approximately $2,514,438.54. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider James Mcgeever sold 36,160 shares of NetSuite stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $90.00, for a total transaction of $3,254,400.00. Following the sale, the insider now owns 379,507 shares of the company’s stock, valued at $34,155,630. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.
N has been the subject of several research reports. Mitsubishi UFJ Financial Group downgraded NetSuite from an “overweight” rating to a “neutral” rating in a research report on Friday, July 29th. SunTrust Banks Inc. downgraded NetSuite from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $93.00 to $109.00 in a research report on Thursday, August 11th. BMO Capital Markets cut their price objective on NetSuite from $109.00 to $90.00 and set a “market perform” rating for the company in a research report on Friday, July 29th. William Blair downgraded NetSuite from an “outperform” rating to a “market perform” rating in a research report on Friday, July 29th. Finally, Deutsche Bank AG downgraded NetSuite from a “buy” rating to a “hold” rating and boosted their price target for the company from $95.00 to $109.00 in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, twenty-nine have issued a hold rating and four have assigned a buy rating to the company’s stock. NetSuite has a consensus rating of “Hold” and a consensus target price of $90.82.
The stock’s market capitalization is $8.82 billion. The company has a 50-day moving average of $109.02 and a 200-day moving average of $84.48.
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NetSuite (NYSE:N) last posted its earnings results on Thursday, July 28th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.05. NetSuite had a negative net margin of 16.21% and a negative return on equity of 31.78%. The business had revenue of $230.80 million for the quarter, compared to analyst estimates of $230.58 million. During the same period last year, the business posted $0.02 EPS. NetSuite’s revenue was up 30.2% compared to the same quarter last year. On average, equities analysts forecast that NetSuite Inc. will post $0.49 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of N. BNP Paribas Arbitrage SA raised its position in NetSuite by 65.8% in the second quarter. BNP Paribas Arbitrage SA now owns 1,515 shares of the company’s stock worth $110,000 after buying an additional 601 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in NetSuite during the second quarter valued at about $127,000. DekaBank Deutsche Girozentrale raised its stake in NetSuite by 62.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 2,047 shares of the company’s stock valued at $150,000 after buying an additional 787 shares in the last quarter. Quantbot Technologies LP bought a new stake in NetSuite during the second quarter valued at about $157,000. Finally, M&T Bank Corp bought a new stake in NetSuite during the first quarter valued at about $202,000. Institutional investors and hedge funds own 54.29% of the company’s stock.
NetSuite Inc (NetSuite) is a provider of cloud-based financials, enterprise resource planning and omnichannel commerce software suites. The Company offers a suite of applications, including financial management, customer relationship management, e-commerce and retail management, commerce marketing automation, professional services automation and human capital management that enable companies to manage business operations in an integrated suite.
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