Internap (INAP) Downgraded by Zacks Investment Research to Sell

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Zacks Investment Research lowered shares of Internap (NASDAQ:INAP) from a hold rating to a sell rating in a research note released on Thursday.

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 research firms have also issued reports on INAP. SunTrust Banks reduced their price target on Internap to $15.00 and set a buy rating on the stock in a research report on Friday, November 2nd. Craig Hallum reduced their price target on Internap from $22.00 to $16.00 and set a buy rating on the stock in a research report on Friday, November 2nd. Jefferies Financial Group assumed coverage on Internap in a research report on Monday, December 10th. They issued a buy rating and a $7.50 price target on the stock. Finally, ValuEngine raised Internap from a sell rating to a hold rating in a research report on Wednesday, January 2nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $12.30.

INAP stock traded down $0.34 during mid-day trading on Thursday, reaching $5.72. The company had a trading volume of 298,746 shares, compared to its average volume of 292,961. The firm has a market capitalization of $145.93 million, a P/E ratio of -3.69 and a beta of 2.83. Internap has a fifty-two week low of $3.86 and a fifty-two week high of $15.31.

Several institutional investors and hedge funds have recently added to or reduced their stakes in INAP. Gamco Investors INC. ET AL increased its holdings in shares of Internap by 35.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 2,988,896 shares of the information technology services provider’s stock valued at $12,404,000 after acquiring an additional 779,084 shares during the last quarter. Gabelli Funds LLC increased its holdings in shares of Internap by 25.7% in the 4th quarter. Gabelli Funds LLC now owns 2,915,413 shares of the information technology services provider’s stock valued at $12,099,000 after acquiring an additional 595,833 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Internap in the 3rd quarter valued at about $3,268,000. Avenir Corp increased its holdings in shares of Internap by 19.7% in the 4th quarter. Avenir Corp now owns 1,305,017 shares of the information technology services provider’s stock valued at $5,416,000 after acquiring an additional 214,473 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Internap by 16.0% in the 4th quarter. BlackRock Inc. now owns 1,461,314 shares of the information technology services provider’s stock valued at $6,064,000 after acquiring an additional 201,086 shares during the last quarter. Institutional investors and hedge funds own 77.98% of the company’s stock.

Internap Company Profile

Internap Corporation provides Internet infrastructure services. It operates through two business segments, INAP COLO and INAP CLOUD. The INAP COLO segment offers colocation services, including physical space within data centers and related services, such as power, interconnection, environmental controls, monitoring, and security; and Internet protocol (IP) connectivity services comprising its patented Performance IP and content delivery network services, IP routing hardware and software platforms, and Managed Internet Route Optimizer controllers.

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