Internap Corporation (INAP) Upgraded by UBS AG to Strong-Buy
Internap Corporation (NASDAQ:INAP) was upgraded by equities research analysts at UBS AG from an “outperform” rating to a “strong-buy” rating in a research note issued on Friday, The Fly reports.
A number of other research firms also recently commented on INAP. BidaskClub downgraded Internap Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research raised Internap Corporation from a “hold” rating to a “buy” rating and set a $3.75 target price for the company in a report on Tuesday, May 16th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $4.95.
Internap Corporation (INAP) traded up 7.29% during trading on Friday, reaching $4.27. 2,295,331 shares of the company’s stock were exchanged. Internap Corporation has a 52 week low of $0.80 and a 52 week high of $4.36. The firm’s market capitalization is $274.77 million. The stock has a 50-day moving average price of $3.73 and a 200 day moving average price of $3.08.
Internap Corporation (NASDAQ:INAP) last released its earnings results on Thursday, August 3rd. The information technology services provider reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.01. Internap Corporation had a negative net margin of 45.52% and a negative return on equity of 228.74%. The business had revenue of $69.64 million during the quarter, compared to analyst estimates of $70.59 million. During the same period last year, the business posted ($0.21) EPS. Internap Corporation’s revenue was down 6.3% compared to the same quarter last year. Equities research analysts forecast that Internap Corporation will post ($0.29) earnings per share for the current fiscal year.
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In other news, Director Peter J. Rogers, Jr. purchased 15,280 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was acquired at an average price of $3.29 per share, with a total value of $50,271.20. Following the purchase, the director now directly owns 67,306 shares of the company’s stock, valued at approximately $221,436.74. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Park West Asset Management Llc sold 2,250,000 shares of Internap Corporation stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $3.88, for a total value of $8,730,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 3,482,700 shares of company stock valued at $13,640,242. 5.83% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Atlantic Trust LLC increased its position in Internap Corporation by 24.5% in the first quarter. Atlantic Trust LLC now owns 30,910 shares of the information technology services provider’s stock valued at $115,000 after buying an additional 6,085 shares during the period. Federated Investors Inc. PA increased its position in Internap Corporation by 11.3% in the second quarter. Federated Investors Inc. PA now owns 123,635 shares of the information technology services provider’s stock valued at $454,000 after buying an additional 12,533 shares during the period. KCG Holdings Inc. increased its position in Internap Corporation by 85.5% in the first quarter. KCG Holdings Inc. now owns 27,373 shares of the information technology services provider’s stock valued at $102,000 after buying an additional 12,620 shares during the period. Eidelman Virant Capital increased its position in Internap Corporation by 4.5% in the second quarter. Eidelman Virant Capital now owns 336,468 shares of the information technology services provider’s stock valued at $1,234,000 after buying an additional 14,468 shares during the period. Finally, Bank of America Corp DE increased its position in Internap Corporation by 13.5% in the first quarter. Bank of America Corp DE now owns 127,510 shares of the information technology services provider’s stock valued at $474,000 after buying an additional 15,180 shares during the period. 76.58% of the stock is owned by institutional investors and hedge funds.
Internap Corporation Company Profile
Internap Corporation is a technology provider of Internet infrastructure. The Company provides Internet infrastructure through both Colocation Business and Enterprise Services and Cloud Services. The Company operates through two segments: Data Center and Network Services, and Cloud and Hosting Services.
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