Park West Asset Management Picked Up Internap Corp (NASDAQ:INAP) Shares

In a just published Form 13, filed with the US Securities and Exchange Commission (SEC),...
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In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Internap Corp (NASDAQ:INAP) reported that Park West Asset Management has picked up 3,399,137 of common stock as of 2017-02-21.

The acquisition brings the aggregate amount owned by Park West Asset Management to a total of 3,399,137 representing a 5.8% stake in the company.

For those not familiar with the company, Internap Corporation, formerly InterNAP Network Services Corporation, provides Internet infrastructure services. The Company operates through two segments: Data Center Services segment and Internet Protocol Services segment. It offers hybrid Internet infrastructure services, which enables customers to mix and match cloud, hosting and colocation for the combination of services. It also offers availability across a global network of data centers, and services backed by service level agreements (SLAs). The Company serves approximately 11,000 customers in various industries, including software and Internet; media and entertainment; business services; healthcare technology infrastructure, and telecommunications. Its Data Center Services segment includes colocation, hosting and cloud services. IP Services segment includes its performance IP service, content delivery network (CDN) services, IP routing hardware and software platform, and Managed Internet Route Optimizer Controller.

A glance at Internap Corp (NASDAQ:INAP)’s key stats reveals a current market capitalization of 106.60 million based on 58.25 million shares outstanding and a price at last close of $1.81 per share.

Looking at insider activity, there are a few transactions worth noting.

Specifically, on 2016-09-14, Stanzione picked up 50,000 at a purchase price of $1.93. This brings their total holding to 193,536 as of the date of the filing.

On the sell side, the most recent transaction saw Gamco unload 3000 shares at a sale price of $1.92. This brings their total holding to 40,000.

It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Internap Corp (NASDAQ:INAP) as things move forward to see if its progress aligns with these transactions.

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