Bank of New York Mellon Corp Sells 377,642 Shares of Internap (INAP)

Bank of New York Mellon Corp decreased its stake in Internap (NASDAQ:INAP) by 83.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,691 shares of the information technology services provider’s stock after selling 377,642 shares during the period. Bank of New York Mellon Corp owned 0.35% of Internap worth $1,142,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Wells Fargo & Company MN grew its stake in Internap by 53.3% during the third quarter. Wells Fargo & Company MN now owns 91,411 shares of the information technology services provider’s stock worth $397,000 after purchasing an additional 31,789 shares during the period. ACG Wealth acquired a new stake in Internap during the fourth quarter worth approximately $604,000. Cornerstone Capital Management Holdings LLC. grew its stake in Internap by 113.7% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 92,300 shares of the information technology services provider’s stock worth $401,000 after purchasing an additional 49,100 shares during the period. Ameriprise Financial Inc. acquired a new stake in Internap during the third quarter worth approximately $1,261,000. Finally, JPMorgan Chase & Co. grew its stake in Internap by 629.0% during the third quarter. JPMorgan Chase & Co. now owns 407,820 shares of the information technology services provider’s stock worth $1,790,000 after purchasing an additional 351,880 shares during the period. 86.20% of the stock is owned by institutional investors.

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Shares of Internap stock opened at $11.72 on Monday. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of -496.68. Internap has a 52 week low of $10.34 and a 52 week high of $22.36. The company has a market capitalization of $248.23, a price-to-earnings ratio of -7.56 and a beta of 2.02.

Internap (NASDAQ:INAP) last announced its quarterly earnings data on Thursday, March 8th. The information technology services provider reported ($0.33) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.60) by $0.27. Internap had a negative return on equity of 271.76% and a negative net margin of 16.15%. The firm had revenue of $70.00 million during the quarter, compared to analysts’ expectations of $68.48 million. During the same quarter last year, the firm posted ($0.11) earnings per share. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. research analysts predict that Internap will post -1.91 EPS for the current year.

Several research firms recently commented on INAP. BidaskClub raised Internap from a “sell” rating to a “hold” rating in a research note on Tuesday, January 30th. Zacks Investment Research raised Internap from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Wednesday, March 14th. Benchmark reaffirmed a “buy” rating and set a $28.00 target price on shares of Internap in a research note on Tuesday, January 30th. Finally, ValuEngine cut Internap from a “sell” rating to a “strong sell” rating in a research note on Monday, April 2nd. Two research analysts have rated the stock with a sell rating, two have given a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $24.00.

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About Internap

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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Institutional Ownership by Quarter for Internap (NASDAQ:INAP)

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