Brokerages Set Internap Corporation (INAP) Price Target at $5.56
Shares of Internap Corporation (NASDAQ:INAP) have been assigned a consensus recommendation of “Buy” from the seven brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, four have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $5.81.
A number of equities analysts have recently weighed in on INAP shares. BidaskClub raised Internap Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 19th. UBS AG raised Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research report on Friday, August 4th. Benchmark Co. reaffirmed a “buy” rating and set a $6.00 target price (up from $5.00) on shares of Internap Corporation in a research report on Monday, September 25th. Raymond James Financial, Inc. raised Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 target price on the stock in a research report on Friday, August 4th. Finally, Zacks Investment Research raised Internap Corporation from a “hold” rating to a “buy” rating and set a $4.75 target price on the stock in a research report on Wednesday.
Shares of Internap Corporation (INAP) traded up 1.65% during trading on Friday, hitting $4.30. 477,248 shares of the stock traded hands. The company has a 50-day moving average of $4.34 and a 200-day moving average of $3.78. Internap Corporation has a 52 week low of $0.80 and a 52 week high of $4.78. The firm’s market cap is $341.88 million.
Internap Corporation (NASDAQ:INAP) last issued its earnings results on Thursday, August 3rd. The information technology services provider reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Internap Corporation had a negative return on equity of 234.35% and a negative net margin of 45.52%. The firm had revenue of $69.64 million for the quarter, compared to analyst estimates of $70.59 million. During the same period in the previous year, the company earned ($0.21) earnings per share. Internap Corporation’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, analysts forecast that Internap Corporation will post ($0.46) EPS for the current fiscal year.
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In related news, major shareholder Park West Asset Management Llc sold 1,107,700 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $3.96, for a total transaction of $4,386,492.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 3,482,700 shares of company stock valued at $13,640,242 in the last quarter. 3.71% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in INAP. Raymond James Financial Services Advisors Inc. bought a new stake in Internap Corporation during the first quarter worth $232,000. SG Americas Securities LLC bought a new stake in Internap Corporation during the first quarter worth $246,000. California Public Employees Retirement System grew its holdings in Internap Corporation by 9.3% during 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. Vanguard Group Inc. grew its holdings in Internap Corporation by 162.2% during 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. Finally, Geode Capital Management LLC grew its holdings in Internap Corporation by 6.8% during 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. Institutional investors and hedge funds own 83.46% of the company’s stock.
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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