$68.09 Million in Sales Expected for Internap Corporation (INAP) This Quarter
Equities research analysts expect Internap Corporation (NASDAQ:INAP) to announce sales of $68.09 million for the current quarter, Zacks reports. Three analysts have provided estimates for Internap Corporation’s earnings, with the lowest sales estimate coming in at $67.45 million and the highest estimate coming in at $69.00 million. Internap Corporation reported sales of $74.12 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 8.1%. The firm is scheduled to announce its next earnings results on Thursday, March 8th.
According to Zacks, analysts expect that Internap Corporation will report full year sales of $68.09 million for the current fiscal year, with estimates ranging from $277.97 million to $280.00 million. For the next financial year, analysts anticipate that the business will report sales of $274.23 million per share, with estimates ranging from $269.21 million to $279.97 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Internap Corporation.
Internap Corporation (NASDAQ:INAP) last released its quarterly earnings data on Thursday, November 2nd. The information technology services provider reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.03). Internap Corporation had a negative net margin of 45.52% and a negative return on equity of 234.35%. The company had revenue of $68.91 million during the quarter, compared to analyst estimates of $69.10 million. During the same quarter in the prior year, the company earned ($1.75) EPS. The business’s revenue was down 6.8% on a year-over-year basis.
A number of brokerages have commented on INAP. UBS AG upgraded shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating in a report on Friday, August 4th. Raymond James Financial, Inc. raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 target price for the company in a research report on Friday, August 4th. BidaskClub raised shares of Internap Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Zacks Investment Research raised shares of Internap Corporation from a “hold” rating to a “buy” rating and set a $4.75 target price for the company in a research report on Wednesday, October 4th. Finally, Benchmark Co. reissued a “buy” rating and issued a $6.00 target price (up previously from $5.00) on shares of Internap Corporation in a research report on Monday, September 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $5.81.
Large investors have recently made changes to their positions in the stock. KCG Holdings Inc. grew its position in shares of Internap Corporation by 85.5% during the 1st 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 last quarter. Gotham Asset Management LLC grew its position in shares of Internap Corporation by 173.1% during the 2nd quarter. Gotham Asset Management LLC now owns 27,952 shares of the information technology services provider’s stock valued at $103,000 after buying an additional 17,717 shares during the last quarter. Voya Investment Management LLC bought a new stake in shares of Internap Corporation during the 2nd quarter valued at about $133,000. Highbridge Capital Management LLC bought a new stake in shares of Internap Corporation during the 1st quarter valued at about $155,000. Finally, BlueCrest Capital Management Ltd bought a new stake in shares of Internap Corporation during the 1st quarter valued at about $157,000. 83.13% of the stock is owned by institutional investors and hedge funds.
About Internap Corporation
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Internap Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Internap Corporation and related companies with MarketBeat.com's FREE daily email newsletter.