Pinnacle Associates Ltd. Buys 78,495 Shares of Internap Corp (NASDAQ:INAP)

Pinnacle Associates Ltd. boosted its stake in shares of Internap Corp (NASDAQ:INAP) by 86.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 168,807 shares of the information technology services provider’s stock after buying an additional 78,495 shares during the period. Pinnacle Associates Ltd. owned approximately 0.63% of Internap worth $508,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of INAP. BNP Paribas Arbitrage SA increased its position in Internap by 781.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,123 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 4,542 shares in the last quarter. Advisory Services Network LLC bought a new position in Internap during the 2nd quarter valued at approximately $64,000. Two Sigma Advisers LP increased its position in Internap by 80.5% during the 4th quarter. Two Sigma Advisers LP now owns 35,599 shares of the information technology services provider’s stock valued at $148,000 after buying an additional 15,877 shares in the last quarter. Rhumbline Advisers increased its position in Internap by 11.8% during the 1st quarter. Rhumbline Advisers now owns 30,245 shares of the information technology services provider’s stock valued at $150,000 after buying an additional 3,190 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Internap by 16.0% during the 4th quarter. Bank of America Corp DE now owns 42,744 shares of the information technology services provider’s stock valued at $177,000 after buying an additional 5,902 shares in the last quarter. 61.91% of the stock is owned by institutional investors.

A number of research analysts recently weighed in on INAP shares. ValuEngine raised Internap from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research downgraded Internap from a “buy” rating to a “sell” rating in a research note on Tuesday, August 13th. Benchmark set a $8.00 target price on Internap and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, SunTrust Banks reiterated a “buy” rating and set a $6.00 target price on shares of Internap in a research note on Friday, May 10th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $8.36.

Shares of INAP opened at $2.28 on Friday. The business’s fifty day simple moving average is $2.77 and its two-hundred day simple moving average is $3.86. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 11,888.77. Internap Corp has a 12 month low of $1.84 and a 12 month high of $14.21. The company has a market cap of $60.99 million, a price-to-earnings ratio of -0.76 and a beta of 2.91.

Internap (NASDAQ:INAP) last issued its earnings results on Tuesday, August 6th. The information technology services provider reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.22). The business had revenue of $73.13 million during the quarter, compared to analyst estimates of $76.75 million. The company’s revenue was down 10.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.47) EPS. As a group, research analysts forecast that Internap Corp will post -2.65 EPS for the current 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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Institutional Ownership by Quarter for Internap (NASDAQ:INAP)

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