Is Internap Corp (NASDAQ:INAP) a good investment? Peter S. Park seems to think so. His fund, Park West Asset Management, has initiated a position and has accumulated exactly 3 million shares, according to a recent filing with the Securities and Exchange Commission. The fund’s stake amounts to approximately 5.2% of the company’s outstanding stock.
A provider of internet infrastructure services, Internap Corp (NASDAQ:INAP) has seen its stock plunge to historic lows during 2016, having lost 75% of its value between January and December. The company has started 2017 with a plan to reduce costs, reorganize its operations and recapitalize its balance sheet, while also aiming to bolster its sales team as it develops two new business units: Colocation and Cloud. At the end of December, Internap issued a press release that included some forecasts for 2017: revenue of $275 million to $285 million and adjusted EBITDA in the range of $84 million to $87 million. The company also said it will take into consideration selling some of its non-core assets and terminating programs that are not profitable.
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Follow Internap Corp (NASDAQ:INAP)
Follow Internap Corp (NASDAQ:INAP)
In general, Internap Corp (NASDAQ:INAP) is not a very popular stock among the hedge funds followed by Insider Monkey. It’s status sunk even lower as the number of funds invested in the company fell to 11 at the end of the 2016 third quarter, from 15 registered at the end of June. Mario Gabelli‘s GAMCO Investors was one of the company’s largest shareholder, having indicated ownership of 7.33 million shares in its latest 13F filing. Jim Simons’ Renaissance Technologies, one of the largest hedge funds in the world, was also invested in Internap Corp, having amassed 1.07 million shares by the end of the 2016 third quarter.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Park West Asset Management | 3,000,000 | 0 | 3,000,000 | 0 | 3,000,000 | 5.2% |
| Peter S. Park | 3,000,000 | 0 | 3,000,000 | 0 | 3,000,000 | 5.2% |
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Page 1 of 9 – SEC Filing
UNITED STATES
| INTERNAP CORPORATION |
| (Name of Issuer) |
| COMMON STOCK, $0.001 PAR VALUE PER SHARE |
| (Title of Class of Securities) |
| 45885A300 |
| (CUSIP Number) |
| DECEMBER 27, 2016 |
| (Date of Event Which Requires Filing of this Statement) |
