Internap Corporation (NASDAQ:INAP) Raised to “Strong-Buy” at Raymond James Financial, Inc.
Raymond James Financial, Inc. upgraded shares of Internap Corporation (NASDAQ:INAP) from an outperform rating to a strong-buy rating in a research report sent to investors on Friday morning, Marketbeat Ratings reports. Raymond James Financial, Inc. currently has $7.00 price objective on the information technology services provider’s stock.
A number of other brokerages have also recently weighed in on INAP. Zacks Investment Research upgraded shares of Internap Corporation from a hold rating to a buy rating and set a $3.75 price objective for the company in a research note on Tuesday, May 16th. BidaskClub cut shares of Internap Corporation from a buy rating to a hold rating in a research note on Tuesday, July 25th. Finally, UBS AG upgraded shares of Internap Corporation from an outperform rating to a strong-buy rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $4.95.
Shares of Internap Corporation (NASDAQ INAP) traded up 2.81% during trading on Friday, hitting $4.39. 2,043,338 shares of the stock were exchanged. The stock’s 50 day moving average is $3.73 and its 200-day moving average is $3.08. Internap Corporation has a 12-month low of $0.80 and a 12-month high of $4.46. The stock’s market cap is $282.50 million.
Internap Corporation (NASDAQ:INAP) last issued its quarterly earnings data on Thursday, August 3rd. The information technology services provider reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.01. Internap Corporation had a negative return on equity of 234.35% and a negative net margin of 45.52%. The firm had revenue of $69.64 million during the quarter, compared to analyst estimates of $70.59 million. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. Internap Corporation’s quarterly revenue was down 6.3% compared to the same quarter last year. Equities research analysts anticipate that Internap Corporation will post ($0.28) EPS for the current year.
In related news, Director Peter J. Rogers, Jr. acquired 15,280 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were purchased at an average price of $3.29 per share, with a total value of $50,271.20. Following the acquisition, the director now directly owns 67,306 shares in the company, valued at $221,436.74. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Park West Asset Management Llc sold 2,250,000 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $3.88, for a total transaction of $8,730,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,482,700 shares of company stock worth $13,640,242. 5.83% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KCG Holdings Inc. increased its position in Internap Corporation by 85.5% in the first quarter. KCG Holdings Inc. now owns 27,373 shares of the information technology services provider’s stock worth $102,000 after buying an additional 12,620 shares during the last quarter. Atlantic Trust LLC increased its position in Internap Corporation by 24.5% in the first quarter. Atlantic Trust LLC now owns 30,910 shares of the information technology services provider’s stock worth $115,000 after buying an additional 6,085 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in Internap Corporation during the first quarter worth about $155,000. BlueCrest Capital Management Ltd acquired a new position in Internap Corporation during the first quarter worth about $157,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in Internap Corporation during the first quarter worth about $232,000. Institutional investors own 77.37% of the company’s stock.
Internap Corporation 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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