Cowen and Company Reiterates “Market Perform” Rating for NetSuite Inc. (N)
NetSuite Inc. (NYSE:N)‘s stock had its “market perform” rating restated by equities research analysts at Cowen and Company in a research note issued on Monday.
A number of other research analysts also recently commented on N. MKM Partners downgraded shares of NetSuite from a “buy” rating to a “neutral” rating and upped their price objective for the company from $92.00 to $109.00 in a research note on Tuesday, August 2nd. BTIG Research reissued a “neutral” rating on shares of NetSuite in a research report on Monday, August 1st. Barclays PLC increased their target price on shares of NetSuite from $74.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 2nd. SunTrust Banks Inc. downgraded shares of NetSuite from a “buy” rating to a “neutral” rating and increased their target price for the stock from $93.00 to $109.00 in a research report on Thursday, August 11th. Finally, Societe Generale raised shares of NetSuite from a “sell” rating to a “hold” rating in a research report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, twenty-nine have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $90.82.
Shares of NetSuite (NYSE:N) traded up 0.879% on Monday, reaching $106.115. 98,968 shares of the company were exchanged. The stock’s market capitalization is $8.59 billion. The company has a 50-day moving average price of $109.20 and a 200 day moving average price of $88.33. NetSuite has a 1-year low of $51.75 and a 1-year high of $110.99.
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NetSuite (NYSE:N) last announced its earnings results on Thursday, July 28th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate 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 firm earned $230.80 million during the quarter, compared to the consensus estimate of $230.58 million. During the same quarter in the previous year, the company posted $0.02 EPS. The firm’s revenue for the quarter was up 30.2% on a year-over-year basis. On average, analysts forecast that NetSuite will post $0.49 EPS for the current fiscal year.
In other news, Chairman Evan Goldberg sold 20,000 shares of the firm’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $79.80, for a total transaction of $1,596,000.00. Following the transaction, the chairman now directly owns 236,081 shares of the company’s stock, valued at $18,839,263.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Mcgeever sold 36,160 shares of the firm’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $90.00, for a total value of $3,254,400.00. Following the transaction, the insider now directly owns 379,507 shares in the company, valued at $34,155,630. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in shares of NetSuite by 3.1% in the first quarter. State Street Corp now owns 662,982 shares of the company’s stock worth $45,407,000 after buying an additional 19,668 shares during the period. Pictet Asset Management Ltd. boosted its position in shares of NetSuite by 10.4% in the first quarter. Pictet Asset Management Ltd. now owns 13,800 shares of the company’s stock valued at $834,000 after buying an additional 1,300 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of NetSuite by 65.8% in the second quarter. BNP Paribas Arbitrage SA now owns 1,515 shares of the company’s stock valued at $110,000 after buying an additional 601 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of NetSuite by 9.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 132,507 shares of the company’s stock valued at $9,647,000 after buying an additional 11,060 shares in the last quarter. Finally, Teachers Advisors Inc. boosted its position in shares of NetSuite by 0.4% in the first quarter. Teachers Advisors Inc. now owns 32,560 shares of the company’s stock valued at $2,230,000 after buying an additional 133 shares in the last quarter. 54.29% of the stock is currently owned by institutional investors.
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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