Internap (INAP) Rating Lowered to Sell at ValuEngine

Internap (NASDAQ:INAP) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Friday.

A number of other equities research analysts have also recently commented on the company. Zacks Investment Research raised Internap from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Wednesday, October 4th. Benchmark reissued a “buy” rating and issued a $24.00 target price (up from $20.00) on shares of Internap in a research note on Monday, September 25th. BidaskClub raised Internap from a “hold” rating to a “buy” rating in a research note on Saturday, August 19th. Raymond James Financial raised Internap from an “outperform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Friday, August 4th. Finally, UBS raised Internap from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. Internap has an average rating of “Buy” and a consensus target price of $23.25.

Shares of Internap (INAP) traded down $0.03 during mid-day trading on Friday, reaching $17.78. The company had a trading volume of 406,339 shares, compared to its average volume of 274,856. Internap has a 12 month low of $3.20 and a 12 month high of $22.36. The company has a debt-to-equity ratio of 107.36, a quick ratio of 0.69 and a current ratio of 0.69.

Internap (NASDAQ:INAP) last issued its quarterly earnings results on Thursday, November 2nd. The information technology services provider reported ($0.56) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by ($0.16). Internap had a negative return on equity of 282.42% and a negative net margin of 18.09%. The firm had revenue of $68.91 million during the quarter, compared to analysts’ expectations of $69.10 million. During the same period in the previous year, the company earned ($7.00) earnings per share. Internap’s revenue for the quarter was down 6.8% on a year-over-year basis. equities analysts anticipate that Internap will post -2.44 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the company. Morgan Stanley lifted its holdings in shares of Internap by 91.3% during the first quarter. Morgan Stanley now owns 370,816 shares of the information technology services provider’s stock valued at $1,380,000 after purchasing an additional 176,932 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Internap by 314.0% in the second quarter. Bank of New York Mellon Corp now owns 213,186 shares of the information technology services provider’s stock valued at $783,000 after acquiring an additional 161,694 shares during the period. Vanguard Group Inc. lifted its holdings in Internap by 162.2% in the first quarter. Vanguard Group Inc. now owns 2,715,665 shares of the information technology services provider’s stock valued at $10,102,000 after acquiring an additional 1,680,128 shares during the period. EAM Investors LLC lifted its holdings in Internap by 182.9% in the third quarter. EAM Investors LLC now owns 1,161,840 shares of the information technology services provider’s stock valued at $5,054,000 after acquiring an additional 751,131 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Internap by 197.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 475,932 shares of the information technology services provider’s stock valued at $1,747,000 after acquiring an additional 315,674 shares during the period. 87.16% of the stock is currently owned by hedge funds and other institutional investors.

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About Internap

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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