Northern Trust Corp trimmed its position in Internap Corp (NASDAQ:INAP) by 5.6% in the second quarter, HoldingsChannel reports. The firm owned 262,772 shares of the information technology services provider’s stock after selling 15,705 shares during the quarter. Northern Trust Corp’s holdings in Internap were worth $791,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of INAP. Keystone Financial Group bought a new stake in Internap in the 2nd quarter worth about $49,000. Pacer Advisors Inc. grew its position in Internap by 180.8% in the 2nd quarter. Pacer Advisors Inc. now owns 20,874 shares of the information technology services provider’s stock worth $63,000 after purchasing an additional 13,439 shares in the last quarter. Advisory Services Network LLC bought a new stake in Internap in the 2nd quarter worth about $64,000. GSA Capital Partners LLP bought a new stake in Internap in the 2nd quarter worth about $322,000. Finally, Pinnacle Associates Ltd. grew its position in Internap by 86.9% in the 2nd quarter. Pinnacle Associates Ltd. now owns 168,807 shares of the information technology services provider’s stock worth $508,000 after purchasing an additional 78,495 shares in the last quarter. 65.37% of the stock is owned by institutional investors and hedge funds.
INAP has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Internap from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Benchmark set a $8.00 price objective on shares of Internap and gave the stock a “buy” rating in a research report on Wednesday, August 7th. ValuEngine raised shares of Internap from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Raymond James downgraded shares of Internap from a “strong-buy” rating to an “outperform” rating and set a $10.00 target price for the company. in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Internap has an average rating of “Buy” and an average target price of $7.64.
Internap (NASDAQ:INAP) last released its 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 firm had revenue of $73.13 million for the quarter, compared to analysts’ expectations of $76.75 million. During the same period in the prior year, the company earned ($0.47) earnings per share. The firm’s revenue for the quarter was down 10.8% on a year-over-year basis. On average, equities analysts expect that Internap Corp will post -2.85 EPS for the current fiscal year.
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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