California State Teachers Retirement System Reduces Position in Internap (INAP)

California State Teachers Retirement System cut its position in shares of Internap (NASDAQ:INAP) by 75.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 31,970 shares of the information technology services provider’s stock after selling 97,498 shares during the period. California State Teachers Retirement System’s holdings in Internap were worth $502,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Engineers Gate Manager LP boosted its stake in Internap by 54.0% during the third quarter. Engineers Gate Manager LP now owns 76,235 shares of the information technology services provider’s stock valued at $332,000 after buying an additional 26,739 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Internap by 53.3% during the third quarter. Wells Fargo & Company MN now owns 91,411 shares of the information technology services provider’s stock valued at $397,000 after buying an additional 31,789 shares during the last quarter. ACG Wealth bought a new position in Internap during the fourth quarter valued at approximately $604,000. Cornerstone Capital Management Holdings LLC. boosted its stake in Internap by 113.7% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 92,300 shares of the information technology services provider’s stock valued at $401,000 after buying an additional 49,100 shares during the last quarter. Finally, OxFORD Asset Management LLP boosted its stake in Internap by 71.4% during the third quarter. OxFORD Asset Management LLP now owns 307,275 shares of the information technology services provider’s stock valued at $1,349,000 after buying an additional 128,031 shares during the last quarter. 86.20% of the stock is owned by institutional investors.

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A number of equities analysts recently commented on INAP shares. Zacks Investment Research raised Internap from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Wednesday, March 14th. Benchmark reissued a “buy” rating and set a $28.00 price target on shares of Internap in a research note on Tuesday, January 30th. BidaskClub raised Internap from a “sell” rating to a “hold” rating in a research note on Tuesday, January 30th. Finally, ValuEngine lowered Internap from a “sell” rating to a “strong sell” rating in a research note on Monday, April 2nd. Two investment analysts have rated the stock with a sell rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $24.00.

Shares of Internap stock opened at $10.94 on Monday. The company has a market cap of $219.47, a P/E ratio of -7.06 and a beta of 2.02. Internap has a 12 month low of $10.34 and a 12 month high of $22.36. The company has a debt-to-equity ratio of -496.68, a current ratio of 0.64 and a quick ratio of 0.64.

Internap (NASDAQ:INAP) last posted its quarterly earnings data on Thursday, March 8th. The information technology services provider reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.27. The business had revenue of $70.00 million during the quarter, compared to analyst estimates of $68.48 million. Internap had a negative return on equity of 271.76% and a negative net margin of 16.15%. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period last year, the company earned ($0.11) EPS. research analysts predict that Internap will post -1.91 earnings per share for the current year.

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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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Institutional Ownership by Quarter for Internap (NASDAQ:INAP)

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