Internap (INAP) Rating Lowered to Sell at Zacks Investment Research

Internap (NASDAQ:INAP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “InterNAP Network Services Corp is a provider of high performance Internet connectivity services targeted at businesses seeking to maximize the performance of mission-critical Internet-based applications. Customers connected to one of their service points have their data optimally routed to and from destinations on the Internet using their overlay network, which analyzes the traffic situation on the multiplicity of networks that comprise the Internet and delivers mission-critical information and communications faster and more reliably. “

A number of other equities research analysts have also commented on INAP. Benchmark restated a “buy” rating and set a $24.00 price objective (up from $20.00) on shares of Internap in a report on Monday, September 25th. BidaskClub upgraded shares of Internap from a “sell” rating to a “hold” rating in a report on Saturday, December 16th. Finally, ValuEngine upgraded shares of Internap from a “sell” rating to a “hold” rating in a report on Tuesday, November 21st. Two analysts have rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. Internap currently has an average rating of “Buy” and an average price target of $23.25.

Internap (NASDAQ INAP) traded up $0.08 on Wednesday, reaching $15.51. 8,265 shares of the company’s stock traded hands, compared to its average volume of 148,467. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 107.36. The firm has a market capitalization of $321.03, a price-to-earnings ratio of -5.10 and a beta of 1.92. Internap has a 12 month low of $6.28 and a 12 month high of $22.36.

Internap (NASDAQ:INAP) last posted its 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 analyst estimates of $69.10 million. During the same quarter last year, the business posted ($7.00) earnings per share. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. research analysts forecast that Internap will post -2.44 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the stock. GSA Capital Partners LLP grew its position in Internap by 2,313.4% in the third quarter. GSA Capital Partners LLP now owns 370,432 shares of the information technology services provider’s stock valued at $1,611,000 after purchasing an additional 355,083 shares in the last quarter. Cornerstone Capital Management Holdings LLC. grew its position in Internap by 113.7% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 92,300 shares of the information technology services provider’s stock valued at $401,000 after purchasing an additional 49,100 shares in the last quarter. Engineers Gate Manager LP grew its position in Internap by 54.0% in the third quarter. Engineers Gate Manager LP now owns 76,235 shares of the information technology services provider’s stock valued at $332,000 after purchasing an additional 26,739 shares in the last quarter. OxFORD Asset Management LLP grew its position in Internap by 71.4% in the third quarter. OxFORD Asset Management LLP now owns 307,275 shares of the information technology services provider’s stock valued at $1,349,000 after purchasing an additional 128,031 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Internap by 53.3% in the third quarter. Wells Fargo & Company MN now owns 91,411 shares of the information technology services provider’s stock valued at $397,000 after purchasing an additional 31,789 shares in the last quarter.

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Internap 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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