NetSuite Inc. (N) Shares Up 12.9%
NetSuite Inc. (NYSE:N) shot up 12.9% during trading on Tuesday . The stock traded as high as $87.85 and last traded at $85.63, with a volume of 3,975,738 shares trading hands. The stock had previously closed at $75.85.
Several research firms have commented on N. Morgan Stanley reiterated a “sell” rating on shares of NetSuite in a research note on Saturday, April 30th. FBN Securities decreased their price objective on shares of NetSuite from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Monday, May 2nd. Cowen and Company began coverage on shares of NetSuite in a research note on Thursday, June 23rd. They issued an “underperform” rating and a $70.00 price objective for the company. BMO Capital Markets reiterated a “hold” rating on shares of NetSuite in a research note on Wednesday, June 15th. Finally, FBR & Co increased their price objective on shares of NetSuite from $90.00 to $94.00 and gave the company an “outperform” rating in a research note on Friday, April 29th. Six equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $82.66.
The company’s market capitalization is $6.77 billion. The stock has a 50 day moving average price of $77.65 and a 200-day moving average price of $71.72.
NetSuite (NYSE:N) last posted its quarterly earnings data on Thursday, April 28th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.08. The business had revenue of $216.60 million for the quarter, compared to analysts’ expectations of $213.45 million. During the same quarter in the prior year, the firm earned $0.11 earnings per share. NetSuite’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, analysts predict that NetSuite Inc. will post $0.45 earnings per share for the current fiscal year.
In other news, CEO Zachary Nelson sold 28,242 shares of the business’s stock in a transaction that occurred on Friday, April 29th. The stock was sold at an average price of $80.00, for a total value of $2,259,360.00. Following the completion of the sale, the chief executive officer now directly owns 313,825 shares in the company, valued at approximately $25,106,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Evan Goldberg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, April 15th. The shares were sold at an average price of $70.60, for a total value of $1,412,000.00. Following the completion of the sale, the chairman now owns 289,892 shares of the company’s stock, valued at $20,466,375.20. The disclosure for this sale can be found here.
Several large investors have recently modified their holdings of the stock. California State Teachers Retirement System increased its stake in shares of NetSuite by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 74,031 shares of the company’s stock worth $6,265,000 after buying an additional 1,162 shares during the period. Swiss National Bank increased its stake in shares of NetSuite by 3.0% in the fourth quarter. Swiss National Bank now owns 71,200 shares of the company’s stock worth $6,025,000 after buying an additional 2,100 shares during the period. Rhumbline Advisers increased its stake in shares of 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. TD Asset Management Inc. increased its stake in shares of NetSuite by 12.6% in the fourth quarter. TD Asset Management Inc. now owns 107,958 shares of the company’s stock worth $9,135,000 after buying an additional 12,100 shares during the period. Finally, Profund Advisors LLC increased its stake in shares of 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.
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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