NetSuite Inc. (NYSE:N) reached a new 52-week high on Tuesday . The stock traded as high as $110.28 and last traded at $110.10, with a volume of 391,956 shares traded. The stock had previously closed at $110.05.
Several equities research analysts recently weighed in on N shares. Deutsche Bank AG reiterated a “buy” rating on shares of NetSuite in a research note on Wednesday, May 18th. Morgan Stanley upgraded shares of NetSuite from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $60.00 to $109.00 in a research note on Friday, July 29th. Barclays PLC increased their price objective on shares of NetSuite from $74.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 2nd. BMO Capital Markets reiterated a “hold” rating on shares of NetSuite in a research note on Wednesday, June 15th. Finally, Canaccord Genuity lowered shares of NetSuite from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, twenty-nine have assigned a hold rating and four have issued a buy rating to the company. NetSuite currently has a consensus rating of “Hold” and an average target price of $90.82.
The firm’s 50-day moving average price is $107.72 and its 200-day moving average price is $82.77. The firm’s market cap is $8.92 billion.
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NetSuite (NYSE:N) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.05. The firm earned $230.80 million during the quarter, compared to analysts’ expectations of $230.58 million. NetSuite had a negative net margin of 16.21% and a negative return on equity of 31.78%. The business’s revenue for the quarter was up 30.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.02 earnings per share. Analysts forecast that NetSuite Inc. will post $0.49 earnings per share for the current fiscal year.
In other news, SVP Michael Forman sold 541 shares of the company’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $109.30, for a total value of $59,131.30. Following the completion of the transaction, the senior vice president now owns 23,343 shares in the company, valued at $2,551,389.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Evan Goldberg sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $79.80, for a total transaction of $1,596,000.00. Following the completion of the transaction, the chairman now owns 236,081 shares of the company’s stock, valued at approximately $18,839,263.80. The disclosure for this sale can be found here. Corporate insiders own 4.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in shares of NetSuite by 29.9% in the second quarter. Royal Bank of Canada now owns 110,064 shares of the company’s stock worth $8,012,000 after buying an additional 25,362 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of NetSuite by 4.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 88,625 shares of the company’s stock worth $6,452,000 after buying an additional 4,031 shares in the last quarter. Stifel Financial Corp raised its stake in shares of NetSuite by 2.4% in the second quarter. Stifel Financial Corp now owns 6,734 shares of the company’s stock worth $491,000 after buying an additional 158 shares in the last quarter. Amalgamated Bank raised its stake in shares of NetSuite by 34.4% in the second quarter. Amalgamated Bank now owns 6,355 shares of the company’s stock worth $691,000 after buying an additional 1,627 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of NetSuite by 14.8% in the second quarter. Legal & General Group Plc now owns 16,834 shares of the company’s stock worth $1,226,000 after buying an additional 2,176 shares in the last quarter. Institutional investors own 54.29% of the company’s stock.
NetSuite Inc (NetSuite) is a provider of cloud-based financials, enterprise resource planning and omnichannel commerce software suites. The Company offers a suite of applications, including financial management, customer relationship management, e-commerce and retail management, commerce marketing automation, professional services automation and human capital management that enable companies to manage business operations in an integrated suite.
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