Zacks Investment Research upgraded shares of Internap Corporation (NASDAQ:INAP) from a hold rating to a buy rating in a research note published on Wednesday. The firm currently has $4.75 price target on the information technology services provider’s stock.

According to Zacks, “InterNAP Network Services Corp is a provider of high performance Internet connectivity services targeted at businesses seeking to maximize the performance of mission-critical Internet-based applications. Customers connected to one of their service points have their data optimally routed to and from destinations on the Internet using their overlay network, which analyzes the traffic situation on the multiplicity of networks that comprise the Internet and delivers mission-critical information and communications faster and more reliably. “

A number of other brokerages have also issued reports on INAP. BidaskClub upgraded Internap Corporation from a hold rating to a buy rating in a research note on Saturday, August 19th. Benchmark Co. reiterated a buy rating and set a $6.00 price objective (up previously from $5.00) on shares of Internap Corporation in a research note on Monday, September 25th. Raymond James Financial, Inc. upgraded Internap Corporation from an outperform rating to a strong-buy rating and set a $7.00 price objective for the company in a research note on Friday, August 4th. Finally, UBS AG upgraded Internap Corporation from an outperform rating to a strong-buy rating in a research note on Friday, August 4th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Internap Corporation currently has a consensus rating of Buy and an average target price of $5.81.

Internap Corporation (INAP) traded down 7.93% during mid-day trading on Wednesday, reaching $4.53. The company had a trading volume of 1,522,364 shares. The stock’s 50-day moving average price is $4.35 and its 200 day moving average price is $3.80. The firm’s market capitalization is $360.17 million. Internap Corporation has a 52 week low of $0.80 and a 52 week high of $5.00.

Internap Corporation (NASDAQ:INAP) last issued its earnings results on Thursday, August 3rd. The information technology services provider reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.01). The firm had revenue of $69.64 million during the quarter, compared to analysts’ expectations of $70.59 million. Internap Corporation had a negative return on equity of 234.35% and a negative net margin of 45.52%. The business’s revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.21) EPS. On average, equities research analysts predict that Internap Corporation will post ($0.46) EPS for the current year.

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In other Internap Corporation news, major shareholder Park West Asset Management Llc sold 1,107,700 shares of Internap Corporation stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $3.96, for a total transaction of $4,386,492.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 3,482,700 shares of company stock valued at $13,640,242 in the last quarter. Company insiders own 3.71% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley raised its stake in shares of Internap Corporation by 91.3% during the 1st quarter. Morgan Stanley now owns 370,816 shares of the information technology services provider’s stock valued at $1,380,000 after buying an additional 176,932 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Internap Corporation by 162.2% during the 1st quarter. Vanguard Group Inc. now owns 2,715,665 shares of the information technology services provider’s stock valued at $10,102,000 after buying an additional 1,680,128 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Internap Corporation by 18.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,854,219 shares of the information technology services provider’s stock valued at $6,898,000 after buying an additional 290,799 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Internap Corporation during the 1st quarter valued at about $232,000. Finally, Highbridge Capital Management LLC purchased a new position in shares of Internap Corporation during the 1st quarter valued at about $155,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Internap Corporation Company Profile

Internap Corporation is a technology provider of Internet infrastructure. The Company provides Internet infrastructure through both Colocation Business and Enterprise Services and Cloud Services. The Company operates through two segments: Data Center and Network Services, and Cloud and Hosting Services.

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