Internap Corporation (NASDAQ:INAP) Upgraded by Raymond James Financial, Inc. to “Strong-Buy”
Internap Corporation (NASDAQ:INAP) was upgraded by Raymond James Financial, Inc. from an “outperform” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm presently has a $7.00 target price on the information technology services provider’s stock. Raymond James Financial, Inc.’s price target indicates a potential upside of 63.93% from the company’s previous close.
A number of other research firms also recently commented on INAP. UBS AG upgraded Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday. BidaskClub downgraded Internap Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Zacks Investment Research upgraded Internap Corporation from a “hold” rating to a “buy” rating and set a $3.75 price target for the company in a research note on Tuesday, May 16th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $4.95.
Internap Corporation (INAP) traded up 7.29% during mid-day trading on Friday, hitting $4.27. The stock had a trading volume of 2,295,331 shares. The company has a 50-day moving average of $3.73 and a 200-day moving average of $3.08. The firm’s market cap is $274.77 million. Internap Corporation has a 12-month low of $0.80 and a 12-month high of $4.36.
Internap Corporation (NASDAQ:INAP) last posted its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.01. The firm had revenue of $69.64 million during the quarter, compared to analyst estimates of $70.59 million. Internap Corporation had a negative return on equity of 228.74% and a negative net margin of 45.52%. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.21) earnings per share. Analysts expect that Internap Corporation will post ($0.29) earnings per share for the current year.
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In other Internap Corporation news, insider Park West Asset Management Llc sold 2,250,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $3.88, for a total value of $8,730,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter J. Rogers, Jr. bought 15,280 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was acquired at an average cost of $3.29 per share, for a total transaction of $50,271.20. Following the acquisition, the director now directly owns 67,306 shares of the company’s stock, valued at $221,436.74. The disclosure for this purchase can be found here. Insiders sold 3,482,700 shares of company stock worth $13,640,242 in the last three months. 5.83% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of Internap Corporation by 6.8% in the first quarter. Geode Capital Management LLC now owns 335,826 shares of the information technology services provider’s stock worth $1,249,000 after buying an additional 21,408 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Internap Corporation by 162.2% in the first quarter. Vanguard Group Inc. now owns 2,715,665 shares of the information technology services provider’s stock worth $10,102,000 after buying an additional 1,680,128 shares in the last quarter. Segantii Capital Management Ltd acquired a new position in shares of Internap Corporation during the first quarter worth about $380,000. California Public Employees Retirement System boosted its position in shares of Internap Corporation by 9.3% in the first quarter. California Public Employees Retirement System now owns 336,400 shares of the information technology services provider’s stock worth $1,251,000 after buying an additional 28,500 shares in the last quarter. Finally, Avenir Corp boosted its position in shares of Internap Corporation by 289.0% in the first quarter. Avenir Corp now owns 7,840,204 shares of the information technology services provider’s stock worth $29,166,000 after buying an additional 5,824,967 shares in the last quarter. 76.58% of the stock is currently owned by hedge funds and other institutional investors.
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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