The New Price T Rowe Associates Inc Holding in Netsuite Inc
Price T Rowe Associates Inc filed with the SEC SC 13D form for Netsuite Inc. The form can be accessed here: 000090266416008607. As reported in Price T Rowe Associates Inc ’s form, the filler as of late owns 17.7% or 14,391,800 shares of the Information Technology–company.
Netsuite Inc stake is a new one for the for this institutional investor and it was filed because of activity on October 27, 2016. We feel this shows Price T Rowe Associates Inc ’s positive view for the stock. For a institutional investor managing $689.00 billion in assets and having 2216+ active experts, we at Financialmagazine have no doubt the buy is a bullish signal.
Reasons Why Price T Rowe Associates Inc Bought – Netsuite Inc Stock
PURPOSE OF TRANSACTION
The Reporting Person acquired the shares of Common Stock reported herein for investment purposes in the ordinary course of business. The Reporting Person acquired such shares of Common Stock because it believed that the shares of Common Stock reported herein, when purchased, represented an attractive investment opportunity.
On October 27, 2016, the Reporting Person sent a letter (the “Letter”) to the Chairperson of the Special Committee of the Board of Directors of Oracle Corporation (“Oracle”) reiterating its decision not to participate in the tender offer by Oracle and certain of its affiliates for the Common Stock in view of its offer price of $109 per share. As set forth in the Letter, the Reporting Person believes that such price significantly undervalues the Issuer. The Reporting Person proposed in the Letter that Oracle raise its offer price to $133 per share, and indicated that if Oracle did so the Reporting Person would support the transaction and tender its shares.
This summary of the Letter does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Letter, which is filed as Exhibit 1 hereto and is incorporated by reference herein.
Representatives of the Reporting Person have previously engaged, and may in the future additionally engage, in discussions with members of the Issuer’s management and board and may engage in discussions with Oracle’s management or board, other stockholders and affiliates of any of the foregoing, and other interested persons regarding, among other things, Oracle’s proposed acquisition of the Issuer (including the tender offer), as well as the Issuer’s business, prospects, and strategies to enhance stockholder value.
The Reporting Person intends to review its investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer’s financial position and strategic direction, actions taken by the Issuer’s board, price levels of the Common Stock, other investment opportunities available to the Reporting Person, conditions in the securities market and general economic and industry conditions, the Reporting Person may in the future take such actions with respect to its investment in the Issuer as it deems appropriate, including, without limitation, purchasing additional shares of Common Stock and/or other equity, debt, notes, instruments or other securities of the Issuer (collectively, “Securities”), disposing of any or all of its Securities, in the open market or otherwise, at any time and from time to time, and engaging in short selling of or any hedging or similar transactions with respect to the Securities. The Reporting Person may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect to their investment in the Common Stock.
Except as set forth herein, the Reporting Person has nopresent plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(i) of Item 4 ofSchedule 13D.
|CUSIP No. 64118Q107||SCHEDULE 13D||Page 5 of 9 Pages|
Netsuite Inc Institutional Sentiment
Latest Security and Exchange filings show 188 investors own Netsuite Inc. The institutional ownership in Q3 2015 is high, at 48.22% of the outstanding shares. This is increased by 317384 the total institutional shares. 39287002 were the shares owned by these institutional investors. In total 23 funds opened new Netsuite Inc stakes, 77 increased stakes. There were 34 that closed positions and 60 reduced them.
2 managers had the stock in their top Ten. Notable investors are: Meritech Capital Associates Iii L.L.C., Glynn Capital Management Llc, Taube Hodson Stonex Partners Llp..
Glynn Capital Management Llc is an institutional investor bullish on Netsuite Inc, owning 195312 shares as of Q3 2015 for 5.42% of its portfolio. Meritech Capital Associates Iii Llc owns 147712 shares or 4.86% of its portfolio. OH Mai Wealth Advisors have 0.02% of their stock portfolio for 2689 shares. Further, Tocqueville Asset Management Lp reported stake worth 0.01% of its US stock portfolio. The PA Aris Wealth Services Inc owns 27 shares. Netsuite Inc is less than 0.01% of the manager’s US portfolio.
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. The Company also offers customer support and professional services related to the support and implementation of its suite of applications. The Company delivers its applications over the Internet as a subscription service using the software-as-a-service model. The Company’s offerings include NetSuite, NetSuite OneWorld, NetSuite CRM+, NetSuite OpenAir PSA, SuiteCommerce, Bronto Marketing Platform, NetSuite InStore POS, LightCMS, Add-On Modules, NetSuite Industry Editions and SuiteCloud Platform.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Price T Rowe Associates Inc website.
Insitutional Activity: The institutional sentiment increased to 1.66 in Q2 2016. Its up 0.15, from 1.51 in 2016Q1. The ratio improved, as 18 funds sold all NetSuite Inc shares owned while 52 reduced positions. 40 funds bought stakes while 76 increased positions. They now own 43.78 million shares or 7.04% less from 47.10 million shares in 2016Q1.
Tocqueville Asset Mngmt L P has 13,725 shares for 0.01% of their US portfolio. Guggenheim Cap Ltd Com holds 0% or 3,735 shares in its portfolio. Moreover, Citigroup Incorporated has 0% invested in NetSuite Inc (NYSE:N) for 3,601 shares. Natixis Asset Mngmt reported 15,060 shares or 0.12% of all its holdings. The New York-based Gagnon Advsr Lc has invested 3.38% in NetSuite Inc (NYSE:N). Fmr Ltd has invested 0.02% of its portfolio in NetSuite Inc (NYSE:N). Brown Advisory Inc holds 1.02% of its portfolio in NetSuite Inc (NYSE:N) for 3.98M shares. Moreover, Fjarde Ap has 0.02% invested in NetSuite Inc (NYSE:N) for 12,303 shares. Emerald Advisers Incorporated Pa has 10,166 shares for 0.04% of their US portfolio. Zurcher Kantonalbank (Zurich Cantonalbank) holds 4,828 shares or 0% of its portfolio. Moreover, Franklin Resource has 0.02% invested in NetSuite Inc (NYSE:N) for 410,915 shares. Natixis holds 0.05% of its portfolio in NetSuite Inc (NYSE:N) for 35,409 shares. Jane Street Limited Liability Com holds 4,846 shares or 0% of its portfolio. Ubs Asset Management Americas holds 0.01% of its portfolio in NetSuite Inc (NYSE:N) for 91,587 shares. California State Teachers Retirement accumulated 0.01% or 84,147 shares.
The stock decreased 0.92% or $0.83 during the last trading session, hitting $89.16. About 386,100 shares traded hands. NetSuite Inc (NYSE:N) has risen 31.41% since March 31, 2016 and is uptrending. It has outperformed by 28.88% the S&P500.
NetSuite Inc. is a provider of cloud financials, enterprise resource planning and omnichannel commerce software suites. The company has a market cap of $7.02 billion. The Firm 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 in an integrated suite. It currently has negative earnings. The Firm also offers customer support and professional services related to the support and implementation of its suite of applications.
NetSuite Inc (NYSE:N) Ratings Coverage
Out of 26 analysts covering NetSuite (NYSE:N), 4 rate it a “Buy”, 2 “Sell”, while 20 “Hold”. This means 15% are positive. $109 is the highest target while $68 is the lowest. The $91.30 average target is 2.40% above today’s ($89.16) stock price. NetSuite has been the topic of 51 analyst reports since August 20, 2015 according to StockzIntelligence Inc. FBR Capital maintained NetSuite Inc (NYSE:N) rating on Friday, April 29. FBR Capital has “Outperform” rating and $94 price target. The firm has “Sector Perform” rating given on Friday, July 29 by RBC Capital Markets. DA Davidson downgraded NetSuite Inc (NYSE:N) on Monday, October 31 to “Neutral” rating. FBN Securities maintained NetSuite Inc (NYSE:N) on Monday, May 2 with “Outperform” rating. The rating was upgraded by Goldman Sachs on Friday, July 29 to “Neutral”. As per Monday, October 24, the company rating was maintained by BMO Capital Markets. The stock of NetSuite Inc (NYSE:N) has “Underperform” rating given on Friday, September 4 by Raymond James. The rating was downgraded by JP Morgan on Friday, July 29 to “Neutral”. Mizuho maintained the stock with “Neutral” rating in Friday, October 23 report. The rating was maintained by M Partners on Tuesday, January 19 with “Buy”.
More important recent NetSuite Inc (NYSE:N) news were published by: Seekingalpha.com which released: “The Battle For NetSuite Enters Its Final Stage” on November 02, 2016, also Prnewswire.com published article titled: “NetSuite Appoints Sam Levy As Vice President Of Sales Americas”, Streetinsider.com published: “Form SC 13E3/A NETSUITE INC Filed by: NETSUITE INC” on October 31, 2016. More interesting news about NetSuite Inc (NYSE:N) was released by: Benzinga.com and their article: “Watch These 7 Huge Call Purchases In Wednesday Trade” with publication date: November 02, 2016.
According to Zacks Investment Research, “NetSuite, Inc. is the leading provider of on-demand, integrated business management software for growing and midsize businesses. With thousands of customers globally using NetSuite’s online products and professional services, companies are enabled to manage all key business operations in a single hosted system, including: customer relationship management; order fulfillment; inventory; accounting and finance, product assembly; ecommerce; Web site management; and employee productivity.”
N Company Profile
NetSuite Inc. (NetSuite), incorporated on April 11, 2007, is a well-known provider of cloud financials, enterprise resource planning (ERP) and omnichannel commerce software suites. The Firm also offers a suite of applications, including financial management, customer relationship management (CRM), e-commerce and retail management, commerce marketing automation, professional services automation (PSA) and human capital management (HCM) that enable companies to manage business in an integrated suite. The Company’s real-time dashboard technology provides a view into various business information. The Firm also offers customer support and professional services related to the support and implementation of its suite of applications. The Firm delivers its applications over the Internet as a subscription service using the software-as-a-service (SaaS) model.
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