Internap (INAP) Downgraded by Zacks Investment Research to Sell

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

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. “

Several other equities analysts also recently weighed in on the company. SunTrust Banks assumed coverage on Internap in a research report on Tuesday, September 18th. They issued a “buy” rating and a $22.00 target price for the company. Craig Hallum dropped their price objective on Internap from $16.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, December 19th. They noted that the move was a valuation call. BidaskClub lowered Internap from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Jefferies Financial Group assumed coverage on Internap in a research report on Monday, December 10th. They set a “buy” rating and a $7.50 target price on the stock. Finally, ValuEngine lowered Internap from a “hold” rating to a “sell” rating in a research note on Saturday, December 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Internap has a consensus rating of “Hold” and an average price target of $14.92.

Shares of Internap stock opened at $5.28 on Tuesday. The company has a market capitalization of $128.58 million, a P/E ratio of -3.41 and a beta of 2.53. Internap has a 52 week low of $3.86 and a 52 week high of $18.04.

Internap (NASDAQ:INAP) last announced its quarterly earnings data on Thursday, November 1st. The information technology services provider reported ($0.75) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.51) by ($0.24). The company had revenue of $82.97 million during the quarter, compared to analysts’ expectations of $82.80 million. Internap had a negative net margin of 16.18% and a negative return on equity of 2,471.65%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.48) earnings per share. As a group, research analysts anticipate that Internap will post -2.58 earnings per share for the current fiscal year.

In other Internap news, CEO Peter D. Aquino purchased 25,000 shares of the company’s stock in a transaction that occurred on Thursday, November 8th. The shares were bought at an average cost of $7.06 per share, for a total transaction of $176,500.00. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Gary M. Pfeiffer purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 12th. The shares were acquired at an average price of $6.56 per share, for a total transaction of $65,600.00. Following the completion of the purchase, the director now directly owns 53,969 shares in the company, valued at approximately $354,036.64. The disclosure for this purchase can be found here. Insiders purchased 59,000 shares of company stock worth $411,760 over the last three months. 5.90% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the business. MetLife Investment Advisors LLC bought a new stake in Internap in the 3rd quarter worth $191,000. Dynamic Technology Lab Private Ltd bought a new stake in Internap in the 3rd quarter worth $202,000. Raymond James & Associates grew its holdings in Internap by 114.7% in the 2nd quarter. Raymond James & Associates now owns 23,794 shares of the information technology services provider’s stock worth $248,000 after acquiring an additional 12,709 shares during the last quarter. Bank of America Corp DE grew its holdings in Internap by 31.5% in the 2nd quarter. Bank of America Corp DE now owns 36,981 shares of the information technology services provider’s stock worth $385,000 after acquiring an additional 8,857 shares during the last quarter. Finally, Teachers Advisors LLC grew its holdings in Internap by 17.6% in the 3rd quarter. Teachers Advisors LLC now owns 42,292 shares of the information technology services provider’s stock worth $534,000 after acquiring an additional 6,315 shares during the last quarter. 68.63% of the stock is currently owned by institutional investors and hedge funds.

About Internap

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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