NetSuite Inc. (N) Shares Up 12.9%
NetSuite Inc. (NYSE:N)’s share price was up 12.9% on Tuesday . The stock traded as high as $87.85 and last traded at $85.63, with a volume of 3,975,738 shares changing hands. The stock had previously closed at $75.85.
Several equities analysts have recently weighed in on N shares. Mitsubishi UFJ Financial Group started coverage on shares of NetSuite in a report on Tuesday, April 12th. They set a “buy” rating and a $80.00 price objective on the stock. Deutsche Bank AG upgraded shares of NetSuite from a “hold” rating to a “buy” rating and upped their price objective for the company from $95.00 to $125.00 in a report on Monday, March 28th. Vetr upgraded shares of NetSuite from a “hold” rating to a “buy” rating and set a $79.74 price objective on the stock in a report on Monday, May 9th. Piper Jaffray Cos. reiterated a “neutral” rating and set a $65.00 price objective on shares of NetSuite in a report on Friday, April 1st. Finally, Zacks Investment Research lowered shares of NetSuite from a “buy” rating to a “hold” rating in a report on Thursday, March 31st. Six investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. NetSuite has a consensus rating of “Hold” and an average target price of $82.66.
The firm’s 50 day moving average is $77.88 and its 200-day moving average is $71.88. The company’s market cap is $6.47 billion.
NetSuite (NYSE:N) last announced its earnings results on Thursday, April 28th. The company reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.08. The firm earned $216.60 million during the quarter, compared to analysts’ expectations of $213.45 million. The company’s revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 EPS. On average, equities analysts expect that NetSuite Inc. will post $0.45 earnings per share for the current year.
In other news, Chairman Evan Goldberg sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $79.06, for a total value of $1,581,200.00. Following the sale, the chairman now directly owns 269,943 shares in the company, valued at approximately $21,341,693.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Douglas P. Solomon sold 500 shares of the firm’s stock in a transaction dated Thursday, April 21st. The shares were sold at an average price of $75.00, for a total transaction of $37,500.00. Following the completion of the sale, the senior vice president now owns 53,692 shares in the company, valued at $4,026,900. The disclosure for this sale can be found here.
A number of hedge funds recently added to or reduced their stakes in the company. Pitcairn Co. boosted its stake in NetSuite by 48.1% in the fourth quarter. Pitcairn Co. now owns 14,846 shares of the company’s stock worth $1,256,000 after buying an additional 4,819 shares during the period. Profund Advisors LLC boosted its stake in NetSuite by 50.3% in the fourth quarter. Profund Advisors LLC now owns 15,701 shares of the company’s stock worth $1,329,000 after buying an additional 5,255 shares during the period. Rhumbline Advisers boosted its stake in NetSuite by 1.3% in the fourth quarter. Rhumbline Advisers now owns 38,200 shares of the company’s stock worth $3,232,000 after buying an additional 497 shares during the period. Dimensional Fund Advisors LP boosted its stake in NetSuite by 18.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 58,827 shares of the company’s stock worth $4,978,000 after buying an additional 9,120 shares during the period. Finally, Schroder Investment Management Group boosted its stake in NetSuite by 14.4% in the fourth quarter. Schroder Investment Management Group now owns 59,178 shares of the company’s stock worth $5,008,000 after buying an additional 7,471 shares during the period.
NetSuite Inc (NetSuite) is a provider of cloud-based financials, enterprise resource planning and omnichannel commerce software suites. The Company offers a suite of applications, including financial management, customer relationship management, e-commerce and retail management, commerce marketing automation, professional services automation and human capital management that enable companies to manage business operations in an integrated suite.
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