Internap (NASDAQ:INAP) had its price objective decreased by research analysts at Raymond James from $22.00 to $15.00 in a report released on Friday. The brokerage currently has a “strong-buy” rating on the information technology services provider’s stock. Raymond James’ target price indicates a potential upside of 217.80% from the company’s previous close.
Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group initiated coverage on shares of Internap in a report on Monday, December 10th. They set a “buy” rating and a $7.50 price target for the company. ValuEngine cut shares of Internap from a “hold” rating to a “sell” rating in a report on Saturday, December 15th. Craig Hallum lowered their price target on shares of Internap from $16.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, December 19th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut shares of Internap from a “hold” rating to a “sell” rating in a report on Tuesday, January 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Internap has a consensus rating of “Hold” and a consensus price target of $12.10.
INAP traded down $0.37 during trading hours on Friday, hitting $4.72. 678,203 shares of the company’s stock were exchanged, compared to its average volume of 295,251. Internap has a 12-month low of $3.86 and a 12-month high of $15.31. The company has a market cap of $124.76 million, a P/E ratio of -3.05 and a beta of 2.91.
Internap (NASDAQ:INAP) last announced its earnings results on Thursday, March 14th. The information technology services provider reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.31). Internap had a negative return on equity of 2,471.65% and a negative net margin of 16.18%. The business had revenue of $78.20 million for the quarter, compared to analysts’ expectations of $82.52 million. During the same period in the previous year, the company earned ($0.35) earnings per share. Internap’s quarterly revenue was up 11.7% on a year-over-year basis. As a group, research analysts predict that Internap will post -2.59 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its holdings in shares of Internap by 31.5% in the 2nd quarter. Bank of America Corp DE now owns 36,981 shares of the information technology services provider’s stock valued at $385,000 after buying an additional 8,857 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Internap by 110.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 50,505 shares of the information technology services provider’s stock valued at $638,000 after buying an additional 26,542 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Internap by 10.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 721,466 shares of the information technology services provider’s stock valued at $9,112,000 after buying an additional 66,780 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Internap in the 3rd quarter valued at $202,000. Finally, MetLife Investment Advisors LLC acquired a new position in shares of Internap in the 3rd quarter valued at $191,000. Institutional investors own 87.61% of the company’s stock.
Internap Company Profile
Internap Corporation provides Internet infrastructure services. It operates through two business segments, INAP COLO and INAP CLOUD. The INAP COLO segment offers colocation services, including physical space within data centers and related services, such as power, interconnection, environmental controls, monitoring, and security; and Internet protocol (IP) connectivity services comprising its patented Performance IP and content delivery network services, IP routing hardware and software platforms, and Managed Internet Route Optimizer controllers.
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