NetSuite Inc. (N) Given Market Perform Rating at Cowen and Company
NetSuite Inc. (NYSE:N)‘s stock had its “market perform” rating reaffirmed by analysts at Cowen and Company in a research note issued to investors on Monday.
A number of other brokerages have also recently issued reports on N. Mitsubishi UFJ Financial Group cut NetSuite from an “overweight” rating to a “neutral” rating in a report on Friday, July 29th. SunTrust Banks Inc. cut NetSuite from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $93.00 to $109.00 in a report on Thursday, August 11th. BMO Capital Markets dropped their price objective on NetSuite from $109.00 to $90.00 and set a “market perform” rating on the stock in a report on Friday, July 29th. William Blair cut NetSuite from an “outperform” rating to a “market perform” rating in a report on Friday, July 29th. Finally, Deutsche Bank AG cut NetSuite from a “buy” rating to a “hold” rating and increased their price objective for the stock 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 assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $90.82.
Shares of NetSuite (NYSE:N) opened at 105.52 on Monday. The company’s market capitalization is $8.54 billion. NetSuite has a 12-month low of $51.75 and a 12-month high of $110.99. The stock’s 50 day moving average price is $109.20 and its 200 day moving average price is $88.33.
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NetSuite (NYSE:N) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.05. The company earned $230.80 million during the quarter, compared to the consensus estimate of $230.58 million. NetSuite had a negative return on equity of 31.78% and a negative net margin of 16.21%. The firm’s quarterly revenue was up 30.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.02 EPS. On average, equities research analysts forecast that NetSuite will post $0.49 earnings per share for the current year.
In other NetSuite news, Chairman Evan Goldberg sold 3,061 shares of NetSuite stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $109.30, for a total transaction of $334,567.30. Following the completion of the transaction, the chairman now owns 210,082 shares in the company, valued at $22,961,962.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Forman sold 1,500 shares of NetSuite stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $97.73, for a total value of $146,595.00. Following the transaction, the senior vice president now owns 24,884 shares of the company’s stock, valued at approximately $2,431,913.32. The disclosure for this sale can be found here. Corporate insiders own 4.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. 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 worth $110,000 after buying an additional 601 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in NetSuite during the second quarter valued at $127,000. DekaBank Deutsche Girozentrale boosted its position 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 acquired a new position in NetSuite during the second quarter valued at $157,000. Finally, Teacher Retirement System of Texas boosted its position in NetSuite by 31.2% in the second quarter. Teacher Retirement System of Texas now owns 2,839 shares of the company’s stock valued at $207,000 after buying an additional 675 shares in the last quarter. 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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