Internap Corporation (INAP) Expected to Announce Earnings of -$0.09 Per Share

Equities research analysts forecast that Internap Corporation (NASDAQ:INAP) will post ($0.09) earnings per share (EPS) for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Internap Corporation’s earnings. Internap Corporation posted earnings per share of ($0.15) in the same quarter last year, which suggests a positive year over year growth rate of 40%. The company is expected to issue its next earnings results on Thursday, November 2nd.

Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that follow Internap Corporation.

Internap Corporation (NASDAQ:INAP) last posted its quarterly earnings results 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). The business had revenue of $69.64 million for the quarter, compared to the consensus estimate of $70.59 million. Internap Corporation had a negative return on equity of 234.35% and a negative net margin of 45.52%. The company’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period last year, the firm earned ($0.21) earnings per share.

Several equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Internap Corporation from a “hold” rating to a “buy” rating and set a $4.75 target price on the stock in a research report on Wednesday, October 4th. Benchmark Co. reiterated a “buy” rating and set a $6.00 target price (up from $5.00) on shares of Internap Corporation in a research report on Monday, September 25th. BidaskClub upgraded shares of Internap Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 19th. Raymond James Financial, Inc. upgraded shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 target price on the stock in a research report on Friday, August 4th. Finally, UBS AG upgraded shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research report on Friday, August 4th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. Internap Corporation currently has a consensus rating of “Buy” and an average price target of $5.81.

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In other news, major shareholder Park West Asset Management Llc sold 125,000 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $4.19, for a total value of $523,750.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 3,482,700 shares of company stock worth $13,640,242 in the last 90 days. Corporate insiders own 3.71% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of INAP. Park West Asset Management LLC lifted its position in shares of Internap Corporation by 243.8% in the 1st quarter. Park West Asset Management LLC now owns 11,686,429 shares of the information technology services provider’s stock worth $43,474,000 after purchasing an additional 8,287,292 shares during the period. UBS Oconnor LLC lifted its position in shares of Internap Corporation by 725.7% in the 1st quarter. UBS Oconnor LLC now owns 5,000,000 shares of the information technology services provider’s stock worth $18,600,000 after purchasing an additional 4,394,481 shares during the period. Vanguard Group Inc. lifted its position in shares of Internap Corporation by 162.2% in the 1st quarter. Vanguard Group Inc. now owns 2,715,665 shares of the information technology services provider’s stock worth $10,102,000 after purchasing an additional 1,680,128 shares during the period. State Street Corp lifted its position in shares of Internap Corporation by 2,861.4% in the 2nd quarter. State Street Corp now owns 1,224,423 shares of the information technology services provider’s stock worth $4,493,000 after purchasing an additional 1,183,077 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Internap Corporation by 488.3% in the 2nd quarter. Northern Trust Corp now owns 913,121 shares of the information technology services provider’s stock worth $3,351,000 after purchasing an additional 757,898 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

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.

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Earnings History and Estimates for Internap Corporation (NASDAQ:INAP)

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