Schwab Charles Investment Management Inc. Acquires 8,171 Shares of Internap Corp (INAP)

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Schwab Charles Investment Management Inc. grew its holdings in shares of Internap Corp (NASDAQ:INAP) by 5.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 155,744 shares of the information technology services provider’s stock after buying an additional 8,171 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Internap were worth $1,623,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in INAP. Millennium Management LLC purchased a new stake in shares of Internap during the 1st quarter valued at about $1,570,000. Fuller & Thaler Asset Management Inc. raised its position in Internap by 40.3% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 270,100 shares of the information technology services provider’s stock worth $2,814,000 after purchasing an additional 77,625 shares during the period. Dimensional Fund Advisors LP raised its position in Internap by 15.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 575,905 shares of the information technology services provider’s stock worth $6,335,000 after purchasing an additional 76,747 shares during the period. Sei Investments Co. purchased a new stake in Internap in the 1st quarter worth about $473,000. Finally, Engineers Gate Manager LP purchased a new stake in Internap in the 2nd quarter worth about $245,000. Hedge funds and other institutional investors own 83.90% of the company’s stock.

Internap stock opened at $11.53 on Friday. The company has a debt-to-equity ratio of -126.72, a quick ratio of 0.62 and a current ratio of 0.62. Internap Corp has a 1-year low of $8.88 and a 1-year high of $20.68. The stock has a market capitalization of $267.99 million, a P/E ratio of -7.44 and a beta of 2.26.

Internap (NASDAQ:INAP) last posted its quarterly earnings data on Thursday, August 2nd. The information technology services provider reported ($0.47) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.69) by $0.22. Internap had a negative net margin of 15.52% and a negative return on equity of 2,471.65%. The company had revenue of $81.96 million for the quarter, compared to analyst estimates of $81.76 million. During the same period in the prior year, the company posted ($0.24) EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. Sell-side analysts expect that Internap Corp will post -2.27 EPS for the current fiscal year.

INAP has been the topic of a number of recent analyst reports. SunTrust Banks initiated coverage on shares of Internap in a research report on Tuesday, September 18th. They issued a “buy” rating and a $22.00 price objective on the stock. BidaskClub raised shares of Internap from a “hold” rating to a “buy” rating in a research report on Tuesday, August 14th. Stifel Nicolaus set a $13.00 price objective on shares of Internap and gave the stock a “hold” rating in a research report on Friday, August 3rd. Zacks Investment Research raised shares of Internap from a “sell” rating to a “hold” rating in a research report on Thursday, July 5th. Finally, ValuEngine raised shares of Internap from a “strong sell” rating to a “sell” rating in a research report on Friday, August 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $19.75.

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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Institutional Ownership by Quarter for Internap (NASDAQ:INAP)

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