Internap Corporation (INAP) Sees Large Volume Increase

Shares of Internap Corporation (NASDAQ:INAP) saw unusually-high trading volume on Friday . Approximately 886,150 shares traded hands during mid-day trading, a decline of 5% from the previous session’s volume of 934,006 shares.The stock last traded at $4.59 and had previously closed at $4.92.

INAP has been the subject of several analyst reports. BidaskClub raised shares of Internap Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Zacks Investment Research raised shares of Internap Corporation from a “hold” rating to a “buy” rating and set a $4.75 target price for the company in a research note on Wednesday. Raymond James Financial, Inc. raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 target price for the company in a research note on Friday, August 4th. UBS AG raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th. Finally, Benchmark Co. reissued a “buy” rating and issued a $6.00 target price (up from $5.00) on shares of Internap Corporation in a research note on Monday, September 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $5.81.

The firm’s 50-day moving average is $4.35 and its 200-day moving average is $3.80. The stock’s market capitalization is $360.17 million.

Internap Corporation (NASDAQ:INAP) last announced 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). The firm had revenue of $69.64 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) earnings per share. Equities analysts anticipate that Internap Corporation will post ($0.46) EPS for the current fiscal year.

In related news, insider Park West Asset Management Llc sold 2,250,000 shares of the firm’s 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 3,482,700 shares of company stock worth $13,640,242. 3.71% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in INAP. California State Teachers Retirement System bought a new position in Internap Corporation during the 2nd quarter worth approximately $519,000. The Manufacturers Life Insurance Company grew its position in Internap Corporation by 3,328.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,585 shares of the information technology services provider’s stock worth $244,000 after acquiring an additional 64,643 shares during the last quarter. State Street Corp grew its position in Internap Corporation by 2,861.4% during 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 acquiring an additional 1,183,077 shares during the last quarter. Gotham Asset Management LLC grew its position in Internap Corporation by 173.1% during the 2nd quarter. Gotham Asset Management LLC now owns 27,952 shares of the information technology services provider’s stock worth $103,000 after acquiring an additional 17,717 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. bought a new position in Internap Corporation during the 2nd quarter worth approximately $158,000. 83.46% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY NOTICE: This article was first published by Transcript Daily and is owned by of Transcript Daily. If you are reading this article on another domain, it was copied illegally and reposted in violation of United States and international copyright & trademark laws. The correct version of this article can be read at https://transcriptdaily.com/2017/10/08/internap-corporation-inap-sees-large-volume-increase.html.

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.

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.

Leave a Reply