Internap Corporation (INAP) Expected to Announce Quarterly Sales of $68.93 Million
Wall Street brokerages expect Internap Corporation (NASDAQ:INAP) to report $68.93 million in sales for the current quarter, according to Zacks. Five analysts have issued estimates for Internap Corporation’s earnings. The lowest sales estimate is $67.92 million and the highest is $70.20 million. Internap Corporation posted sales of $73.94 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 6.8%. The business is expected to report its next earnings results on Thursday, November 2nd.
On average, analysts expect that Internap Corporation will report full year sales of $68.93 million for the current fiscal year, with estimates ranging from $277.14 million to $282.00 million. For the next year, analysts anticipate that the firm will post sales of $279.81 million per share, with estimates ranging from $269.21 million to $293.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Internap Corporation.
Internap Corporation (NASDAQ:INAP) last released its earnings results on Thursday, August 3rd. The information technology services provider reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by $0.01. The firm had revenue of $69.64 million during the quarter, compared to analyst estimates of $70.59 million. Internap Corporation had a negative net margin of 45.52% and a negative return on equity of 234.35%. The business’s revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.21) earnings per share.
Several equities research analysts have commented on INAP shares. BidaskClub upgraded Internap Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Zacks Investment Research upgraded Internap Corporation from a “hold” rating to a “buy” rating and set a $3.75 price target for the company in a research note on Tuesday, May 16th. Raymond James Financial, Inc. upgraded Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 price target for the company in a research note on Friday, August 4th. Finally, UBS AG upgraded Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $5.31.
In other news, 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 value of $8,730,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders sold 3,482,700 shares of company stock valued at $13,640,242. Insiders own 5.83% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Park West Asset Management LLC grew its stake in shares of Internap Corporation by 243.8% in the first quarter. Park West Asset Management LLC now owns 11,686,429 shares of the information technology services provider’s stock valued at $43,474,000 after buying an additional 8,287,292 shares in the last quarter. Avenir Corp grew its stake in shares of Internap Corporation by 289.0% in the first quarter. Avenir Corp now owns 7,840,204 shares of the information technology services provider’s stock valued at $29,166,000 after buying an additional 5,824,967 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Internap Corporation by 8.8% in the second quarter. Gamco Investors INC. ET AL now owns 6,993,067 shares of the information technology services provider’s stock valued at $25,665,000 after buying an additional 563,500 shares in the last quarter. UBS Oconnor LLC grew its stake in shares of Internap Corporation by 725.7% in the first quarter. UBS Oconnor LLC now owns 5,000,000 shares of the information technology services provider’s stock valued at $18,600,000 after buying an additional 4,394,481 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Internap Corporation by 13.5% in the second quarter. Vanguard Group Inc. now owns 3,081,341 shares of the information technology services provider’s stock valued at $11,309,000 after buying an additional 365,676 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.
Internap Corporation (INAP) traded down 1.86% during trading on Thursday, reaching $4.21. The company’s stock had a trading volume of 553,120 shares. The company’s 50-day moving average is $4.26 and its 200-day moving average is $3.56. Internap Corporation has a 1-year low of $0.80 and a 1-year high of $4.78. The company’s market capitalization is $350.71 million.
ILLEGAL ACTIVITY WARNING: This news story was originally published by Daily Political and is owned by of Daily Political. If you are accessing this news story on another website, it was copied illegally and republished in violation of US and international copyright and trademark legislation. The correct version of this news story can be viewed at https://www.dailypolitical.com/2017/09/10/internap-corporation-inap-expected-to-announce-quarterly-sales-of-68-93-million.html.
About Internap Corporation
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Internap Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Internap Corporation and related companies with MarketBeat.com's FREE daily email newsletter.