ValuEngine Downgrades Internap (INAP) to Sell

Internap (NASDAQ:INAP) was downgraded by stock analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Friday.

A number of other analysts have also commented on INAP. UBS raised shares of Internap from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th. Raymond James Financial raised shares of Internap from an “outperform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Friday, August 4th. BidaskClub raised shares of Internap from a “hold” rating to a “buy” rating in a research note on Saturday, August 19th. Benchmark reaffirmed a “buy” rating and set a $24.00 price objective (up from $20.00) on shares of Internap in a research note on Monday, September 25th. Finally, Zacks Investment Research raised shares of Internap from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $23.25.

Internap (NASDAQ INAP) traded down $0.03 during trading hours on Friday, hitting $17.78. 406,339 shares of the stock traded hands, compared to its average volume of 274,856. Internap has a one year low of $3.20 and a one year high of $22.36. The company has a debt-to-equity ratio of 107.36, a current ratio of 0.69 and a quick ratio of 0.69.

Internap (NASDAQ:INAP) last posted its quarterly earnings data on Thursday, November 2nd. The information technology services provider reported ($0.56) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by ($0.16). Internap had a negative net margin of 18.09% and a negative return on equity of 282.42%. The business had revenue of $68.91 million for the quarter, compared to the consensus estimate of $69.10 million. During the same quarter last year, the business posted ($7.00) EPS. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. equities research analysts expect that Internap will post -2.44 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of INAP. California Public Employees Retirement System lifted its position in shares of Internap 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 purchasing an additional 28,500 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Internap 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 purchasing an additional 1,680,128 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Internap 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 purchasing an additional 21,408 shares in the last quarter. Morgan Stanley lifted its position in shares of Internap by 91.3% in the first quarter. Morgan Stanley now owns 370,816 shares of the information technology services provider’s stock worth $1,380,000 after purchasing an additional 176,932 shares in the last quarter. Finally, KCG Holdings Inc. lifted its position in shares of Internap by 85.5% in the first quarter. KCG Holdings Inc. now owns 27,373 shares of the information technology services provider’s stock worth $102,000 after purchasing an additional 12,620 shares in the last quarter. 87.16% of the stock is owned by institutional investors.

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About Internap

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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