Internap (INAP) Releases Earnings Results, Misses Expectations By $0.31 EPS

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Internap (NASDAQ:INAP) released its earnings results on Thursday. The information technology services provider reported ($0.82) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.51) by ($0.31), MarketWatch Earnings reports. The company had revenue of $78.20 million during the quarter, compared to analysts’ expectations of $82.52 million. Internap had a negative net margin of 16.18% and a negative return on equity of 2,471.65%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.35) earnings per share. Internap updated its FY 2019 guidance to EPS.

NASDAQ:INAP opened at $5.35 on Thursday. The firm has a market capitalization of $151.80 million, a P/E ratio of -3.32 and a beta of 2.91. Internap has a 12-month low of $3.86 and a 12-month high of $15.31.

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its holdings in Internap by 31.5% during 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 buying an additional 8,857 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Internap by 110.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 50,505 shares of the information technology services provider’s stock worth $638,000 after buying an additional 26,542 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Internap by 10.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 721,466 shares of the information technology services provider’s stock worth $9,112,000 after buying an additional 66,780 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Internap during the 3rd quarter worth about $202,000. Finally, MetLife Investment Advisors LLC purchased a new stake in Internap during the 3rd quarter worth about $191,000. Hedge funds and other institutional investors own 87.61% of the company’s stock.

A number of research analysts recently issued reports on the company. ValuEngine upgraded Internap from a “sell” rating to a “hold” rating in a report on Saturday, March 9th. Zacks Investment Research lowered Internap from a “hold” rating to a “sell” rating in a report on Thursday, February 21st. Craig Hallum decreased their target price on Internap from $16.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, December 19th. They noted that the move was a valuation call. Finally, Jefferies Financial Group assumed coverage on Internap in a report on Monday, December 10th. They issued a “buy” rating and a $7.50 target price for the company. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $12.30.

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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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Earnings History for Internap (NASDAQ:INAP)

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