Zacks: Analysts Expect Internap Corp (NASDAQ:INAP) Will Post Quarterly Sales of $76.53 Million

Brokerages expect Internap Corp (NASDAQ:INAP) to post $76.53 million in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Internap’s earnings, with the lowest sales estimate coming in at $73.50 million and the highest estimate coming in at $81.30 million. Internap posted sales of $82.97 million in the same quarter last year, which suggests a negative year over year growth rate of 7.8%. The business is scheduled to issue its next quarterly earnings report on Thursday, November 7th.

According to Zacks, analysts expect that Internap will report full year sales of $294.27 million for the current year, with estimates ranging from $292.87 million to $295.04 million. For the next fiscal year, analysts forecast that the company will post sales of $318.85 million, with estimates ranging from $303.40 million to $336.37 million. Zacks’ sales averages are an average based on a survey of analysts that cover Internap.

Internap (NASDAQ:INAP) last issued its quarterly earnings results on Tuesday, August 6th. The information technology services provider reported ($0.78) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by ($0.22). The business had revenue of $73.13 million for the quarter, compared to the consensus estimate of $76.75 million. The company’s revenue was down 10.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.47) earnings per share.



A number of equities analysts have recently weighed in on the company. SunTrust Banks reiterated a “buy” rating and issued a $6.00 target price on shares of Internap in a report on Friday, May 10th. ValuEngine upgraded Internap from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Zacks Investment Research downgraded Internap from a “buy” rating to a “sell” rating in a report on Tuesday. Finally, Benchmark set a $8.00 target price on Internap and gave the company a “buy” rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $8.36.

A number of institutional investors have recently made changes to their positions in the business. Jane Street Group LLC purchased a new position in Internap during the 2nd quarter valued at about $294,000. Paloma Partners Management Co increased its holdings in Internap by 900.3% during the 2nd quarter. Paloma Partners Management Co now owns 105,251 shares of the information technology services provider’s stock valued at $317,000 after purchasing an additional 94,729 shares during the period. Invesco Ltd. increased its holdings in Internap by 51.3% during the 2nd quarter. Invesco Ltd. now owns 426,204 shares of the information technology services provider’s stock valued at $1,283,000 after purchasing an additional 144,457 shares during the period. Pacer Advisors Inc. increased its holdings in Internap by 180.8% during the 2nd quarter. Pacer Advisors Inc. now owns 20,874 shares of the information technology services provider’s stock valued at $63,000 after purchasing an additional 13,439 shares during the period. Finally, Keystone Financial Group purchased a new position in Internap during the 2nd quarter valued at about $49,000. 67.31% of the stock is owned by hedge funds and other institutional investors.

NASDAQ INAP traded up $0.24 on Friday, hitting $2.20. 274,500 shares of the company were exchanged, compared to its average volume of 379,630. The company’s 50 day moving average price is $2.91 and its 200-day moving average price is $3.96. The company has a debt-to-equity ratio of 11,888.77, a current ratio of 0.73 and a quick ratio of 0.77. The firm has a market capitalization of $53.77 million, a P/E ratio of -0.73 and a beta of 2.91. Internap has a twelve month low of $1.84 and a twelve month high of $14.21.

Internap Company Profile

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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Earnings History and Estimates for Internap (NASDAQ:INAP)

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