BNP Paribas Arbitrage SA boosted its position in NetSuite Inc. (NYSE:N) by 65.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,515 shares of the company’s stock after buying an additional 601 shares during the period. BNP Paribas Arbitrage SA’s holdings in NetSuite were worth $110,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Boothbay Fund Management LLC acquired a new position in shares of NetSuite during the first quarter worth about $202,000. M&T Bank Corp acquired a new position in shares of NetSuite during the first quarter worth about $202,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of NetSuite during the first quarter worth about $224,000. Affinity Wealth Management acquired a new position in shares of NetSuite during the first quarter worth about $270,000. Finally, Bayesian Capital Management LP acquired a new position in shares of NetSuite during the first quarter worth about $377,000. Hedge funds and other institutional investors own 54.29% of the company’s stock.
NetSuite Inc. (NYSE:N) traded up 0.76% during trading on Friday, hitting $110.69. The stock had a trading volume of 588,963 shares. The company’s market cap is $8.96 billion. The company has a 50 day moving average of $109.21 and a 200-day moving average of $86.79. NetSuite Inc. has a 12-month low of $51.75 and a 12-month high of $110.83.
NetSuite (NYSE:N) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.05. NetSuite had a negative return on equity of 31.78% and a negative net margin of 16.21%. The company had revenue of $230.80 million for the quarter, compared to the consensus estimate of $230.58 million. During the same quarter in the previous year, the business earned $0.02 EPS. The company’s quarterly revenue was up 30.2% compared to the same quarter last year. On average, equities analysts predict that NetSuite Inc. will post $0.49 EPS for the current year.
Several equities research analysts have recently weighed in on N shares. Mitsubishi UFJ Financial Group downgraded NetSuite from an “overweight” rating to a “neutral” rating in a report on Friday, July 29th. SunTrust Banks Inc. downgraded NetSuite from a “buy” rating to a “neutral” rating and increased their price objective for the company from $93.00 to $109.00 in a report on Thursday, August 11th. BMO Capital Markets decreased their price objective on NetSuite from $109.00 to $90.00 and set a “market perform” rating for the company in a report on Friday, July 29th. William Blair downgraded NetSuite from an “outperform” rating to a “market perform” rating in a report on Friday, July 29th. Finally, Deutsche Bank AG downgraded NetSuite from a “buy” rating to a “hold” rating and increased their price objective for the company from $95.00 to $109.00 in a report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, twenty-nine have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $90.82.
In other news, SVP Michael Forman sold 1,500 shares of the business’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $97.73, for a total transaction of $146,595.00. Following the sale, the senior vice president now directly owns 24,884 shares of the company’s stock, valued at $2,431,913.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Evan Goldberg sold 20,000 shares of the business’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $79.80, for a total value of $1,596,000.00. Following the sale, the chairman now directly owns 236,081 shares in the company, valued at $18,839,263.80. The disclosure for this sale can be found here. Insiders own 4.60% of the company’s stock.
NetSuite Company Profile
NetSuite Inc (NetSuite) is a provider of cloud-based financials, enterprise resource planning and omnichannel commerce software suites. The Company offers a suite of applications, including financial management, customer relationship management, e-commerce and retail management, commerce marketing automation, professional services automation and human capital management that enable companies to manage business operations in an integrated suite.
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