DA Davidson set a $109.00 price objective on NetSuite Inc. (NYSE:N) in a research note published on Monday. The firm currently has a a hold rating on the stock.
Several other equities research analysts have also recently weighed in on the company. BTIG Research reissued a neutral rating on shares of NetSuite in a research note on Monday, August 22nd. Cowen and Company reissued a market perform rating on shares of NetSuite in a research note on Monday. Deutsche Bank AG cut NetSuite from a buy rating to a hold rating and increased their price target for the company from $95.00 to $109.00 in a research note on Thursday, July 28th. JPMorgan Chase & Co. cut NetSuite from an overweight rating to a neutral rating and set a $109.00 price target for the company. in a research note on Friday, July 29th. Finally, Raymond James Financial Inc. raised NetSuite from an underperform rating to a market perform rating in a research note on Friday, July 29th. Two analysts have rated the stock with a sell rating, twenty-nine have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $90.82.
NetSuite (NYSE:N) traded down 2.21% during trading on Monday, hitting $101.79. The stock had a trading volume of 721,767 shares. The stock has a 50 day moving average of $109.07 and a 200 day moving average of $88.93. NetSuite has a one year low of $51.75 and a one year high of $110.99. The firm’s market capitalization is $8.24 billion.
NetSuite (NYSE:N) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.05. NetSuite had a negative return on equity of 31.78% and a negative net margin of 16.21%. The business earned $230.80 million during the quarter, compared to the consensus estimate of $230.58 million. During the same period in the prior year, the company earned $0.02 EPS. NetSuite’s revenue for the quarter was up 30.2% on a year-over-year basis. Equities research analysts expect that NetSuite will post $0.49 earnings per share for the current fiscal year.
In other news, SVP Michael Forman sold 1,500 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $97.73, for a total transaction of $146,595.00. Following the transaction, the senior vice president now directly owns 24,884 shares of the company’s stock, valued at approximately $2,431,913.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Evan Goldberg sold 20,000 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $79.80, for a total value of $1,596,000.00. Following the transaction, the chairman now directly owns 236,081 shares in the company, valued at $18,839,263.80. The disclosure for this sale can be found here. 4.60% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC boosted its position in NetSuite by 1.0% in the first quarter. TIAA CREF Investment Management LLC now owns 102,339 shares of the company’s stock valued at $7,009,000 after buying an additional 1,026 shares during the last quarter. Teachers Advisors Inc. boosted its position in NetSuite by 0.4% in the first quarter. Teachers Advisors Inc. now owns 32,560 shares of the company’s stock valued at $2,230,000 after buying an additional 133 shares during the last quarter. BlackRock Inc. boosted its position in NetSuite by 33.9% in the first quarter. BlackRock Inc. now owns 30,923 shares of the company’s stock valued at $2,118,000 after buying an additional 7,834 shares during the last quarter. BlackRock Group LTD boosted its position in NetSuite by 2.4% in the first quarter. BlackRock Group LTD now owns 152,771 shares of the company’s stock valued at $10,463,000 after buying an additional 3,513 shares during the last quarter. Finally, BlackRock Japan Co. Ltd boosted its position in NetSuite by 13.0% in the first quarter. BlackRock Japan Co. Ltd now owns 49,397 shares of the company’s stock valued at $3,383,000 after buying an additional 5,694 shares during the last quarter. 54.29% of the stock is currently owned by hedge funds and other institutional investors.
About NetSuite
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.