NetSuite Inc. (N) Sees Unusually-High Trading Volume
NetSuite Inc. (NYSE:N) saw unusually-high trading volume on Thursday . Approximately 1,733,092 shares changed hands during mid-day trading, an increase of 47% from the previous session’s volume of 1,176,652 shares.The stock last traded at $81.90 and had previously closed at $80.80.
N has been the subject of a number of recent research reports. Cowen and Company reiterated an “underperform” rating and issued a $70.00 price target on shares of NetSuite in a research note on Wednesday, July 13th. Goldman Sachs Group Inc. started coverage on shares of NetSuite in a research note on Monday, May 23rd. They issued a “sell” rating and a $68.00 price target for the company. Vetr upgraded shares of NetSuite from a “hold” rating to a “buy” rating and set a $79.74 price objective for the company in a research report on Monday, May 9th. Macquarie started coverage on shares of NetSuite in a research report on Tuesday, April 26th. They set a “neutral” rating and a $69.00 price objective for the company. Finally, FBN Securities reduced their price objective on shares of NetSuite from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, May 2nd. Six research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $82.66.
The stock’s market cap is $6.59 billion. The stock’s 50-day moving average price is $78.04 and its 200-day moving average price is $71.86.
NetSuite (NYSE:N) last posted its earnings results on Thursday, April 28th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.08. The company earned $216.60 million during the quarter, compared to the consensus estimate of $213.45 million. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.11 earnings per share. Equities research analysts predict that NetSuite Inc. will post $0.45 earnings per share for the current year.
In other news, SVP Michael Forman sold 357 shares of the firm’s stock in a transaction on Friday, June 10th. The stock was sold at an average price of $82.90, for a total transaction of $29,595.30. Following the transaction, the senior vice president now directly owns 23,884 shares of the company’s stock, valued at $1,979,983.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Evan Goldberg sold 20,000 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $79.80, for a total value of $1,596,000.00. Following the transaction, the chairman now directly owns 236,081 shares in the company, valued at $18,839,263.80. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of N. Dimensional Fund Advisors LP raised its position in shares of 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. Pitcairn Co. raised its position in shares of 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. Schroder Investment Management Group raised its position in shares of 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. New York State Common Retirement Fund raised its position in shares of NetSuite by 4.3% in the fourth quarter. New York State Common Retirement Fund now owns 217,800 shares of the company’s stock worth $18,430,000 after buying an additional 8,900 shares during the period. Finally, Rhumbline Advisers raised its position 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 last quarter.
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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