Zacks Investment Research upgraded shares of Internap (NASDAQ:INAP) from a sell rating to a hold rating in a research note published on Wednesday.
According to Zacks, “InterNAP Network Services Corp is a provider of high performance Internet connectivity services targeted at businesses seeking to maximize the performance of mission-critical Internet-based applications. Customers connected to one of their service points have their data optimally routed to and from destinations on the Internet using their overlay network, which analyzes the traffic situation on the multiplicity of networks that comprise the Internet and delivers mission-critical information and communications faster and more reliably. “
A number of other brokerages also recently issued reports on INAP. ValuEngine downgraded shares of Internap from a hold rating to a sell rating in a report on Friday, December 1st. BidaskClub downgraded shares of Internap from a hold rating to a sell rating in a report on Saturday, January 6th. Finally, Benchmark reaffirmed a buy rating and set a $24.00 price target (up previously from $20.00) on shares of Internap in a report on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. Internap currently has a consensus rating of Buy and a consensus target price of $23.25.
Shares of Internap (INAP) traded up $0.22 during mid-day trading on Wednesday, reaching $15.25. 101,100 shares of the company traded hands, compared to its average volume of 124,946. Internap has a one year low of $6.28 and a one year high of $22.36. The stock has a market cap of $317.90, a P/E ratio of -5.03 and a beta of 1.92. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 107.36.
Internap (NASDAQ:INAP) last announced its quarterly earnings results on Thursday, November 2nd. The information technology services provider reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.16). The company had revenue of $68.91 million for the quarter, compared to analysts’ expectations of $69.10 million. Internap had a negative net margin of 18.09% and a negative return on equity of 282.42%. The business’s revenue was down 6.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($7.00) EPS. analysts anticipate that Internap will post -2.44 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in shares of Internap by 314.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 213,186 shares of the information technology services provider’s stock valued at $783,000 after acquiring an additional 161,694 shares during the last quarter. EAM Investors LLC boosted its holdings in shares of Internap by 182.9% during the 3rd quarter. EAM Investors LLC now owns 1,161,840 shares of the information technology services provider’s stock valued at $5,054,000 after acquiring an additional 751,131 shares during the last quarter. State Street Corp boosted its holdings in shares of Internap by 2,861.4% during the 2nd quarter. State Street Corp now owns 1,224,423 shares of the information technology services provider’s stock valued at $4,493,000 after acquiring an additional 1,183,077 shares during the last quarter. Cornerstone Capital Management Holdings LLC. lifted its stake in shares of Internap by 113.7% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 92,300 shares of the information technology services provider’s stock worth $401,000 after purchasing an additional 49,100 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its stake in shares of Internap by 197.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 475,932 shares of the information technology services provider’s stock worth $1,747,000 after purchasing an additional 315,674 shares during the period.
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Internap 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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