Internap (INAP) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Internap (NASDAQ:INAP) from a sell rating to a hold rating in a report published on Wednesday, Zacks.com reports.

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. “

Other equities analysts have also recently issued reports about the stock. ValuEngine raised shares of Internap from a sell rating to a hold rating in a research note on Saturday, March 9th. Raymond James dropped their price objective on shares of Internap from $22.00 to $15.00 and set a strong-buy rating for the company in a research note on Friday, March 15th. Wells Fargo & Co raised shares of Internap from a market perform rating to an outperform rating and set a $8.00 price objective for the company in a research note on Thursday, March 21st. Finally, SunTrust Banks reissued a buy rating and issued a $6.00 price objective on shares of Internap in a research note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Internap currently has an average rating of Hold and a consensus price target of $9.92.

Shares of NASDAQ INAP opened at $2.79 on Wednesday. The company has a debt-to-equity ratio of 11,888.77, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market capitalization of $74.58 million, a price-to-earnings ratio of -0.93 and a beta of 2.75. Internap has a 52-week low of $2.75 and a 52-week high of $15.31.

Internap (NASDAQ:INAP) last announced its quarterly earnings results on Thursday, May 9th. The information technology services provider reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.26). The business had revenue of $73.60 million for the quarter, compared to the consensus estimate of $77.03 million. The business’s revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.70) EPS. On average, equities analysts forecast that Internap will post -2.11 earnings per share for the current year.

Several large investors have recently modified their holdings of INAP. BNP Paribas Arbitrage SA grew its stake in shares of Internap by 781.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,123 shares of the information technology services provider’s stock worth $25,000 after buying an additional 4,542 shares in the last quarter. Citigroup Inc. grew its stake in shares of Internap by 67.9% in the 4th quarter. Citigroup Inc. now owns 10,171 shares of the information technology services provider’s stock worth $42,000 after buying an additional 4,115 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Internap during the 4th quarter worth about $47,000. American International Group Inc. boosted its stake in shares of Internap by 19.8% during the 4th quarter. American International Group Inc. now owns 15,961 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 2,639 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in shares of Internap during the 4th quarter worth about $72,000. 86.73% of the stock is owned by institutional investors and hedge funds.

About Internap

Internap Corp. engages in the provision of information technology infrastructure services. It operates through the following segments: INAP US and INAP INTL. The INAP US segment consists of U. S. Colocation, U. S. Cloud, and U. S. Network services based in the United States. The INAP INTL segment consists of these same services based in countries other than the United States, and Ubersmith.

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