NetApp Inc. (NASDAQ:NTAP) has been given an average rating of “Hold” by the twenty-nine brokerages that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $59.47.
A number of analysts have recently issued reports on NTAP shares. Longbow Research cut NetApp from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Stifel Nicolaus decreased their price target on NetApp from $75.00 to $60.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Morgan Stanley set a $41.00 price target on NetApp and gave the stock a “sell” rating in a report on Monday, September 30th. Cowen upgraded NetApp from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $40.00 to $45.00 in a report on Monday, August 26th. Finally, Bank of America set a $56.00 price target on NetApp and gave the stock a “hold” rating in a report on Tuesday, September 17th.
In related news, VP Joel D. Reich sold 3,963 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $47.29, for a total transaction of $187,410.27. Following the sale, the vice president now directly owns 12,249 shares of the company’s stock, valued at approximately $579,255.21. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gerald Held sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $47.23, for a total value of $330,610.00. Following the sale, the director now directly owns 14,391 shares in the company, valued at $679,686.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,963 shares of company stock valued at $987,420. Company insiders own 0.33% of the company’s stock.
Several hedge funds have recently bought and sold shares of NTAP. Amundi Pioneer Asset Management Inc. raised its position in shares of NetApp by 87.8% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 3,221,610 shares of the data storage provider’s stock valued at $878,488,000 after acquiring an additional 1,505,804 shares in the last quarter. Invesco Ltd. raised its position in shares of NetApp by 18.3% during the 2nd quarter. Invesco Ltd. now owns 6,050,117 shares of the data storage provider’s stock valued at $373,291,000 after acquiring an additional 937,586 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of NetApp by 357.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 992,896 shares of the data storage provider’s stock valued at $61,261,000 after acquiring an additional 775,940 shares in the last quarter. Marshall Wace LLP raised its position in shares of NetApp by 3,765.7% during the 2nd quarter. Marshall Wace LLP now owns 471,698 shares of the data storage provider’s stock valued at $29,103,000 after acquiring an additional 459,496 shares in the last quarter. Finally, Hamlin Capital Management LLC acquired a new stake in shares of NetApp during the 3rd quarter valued at approximately $22,247,000. 96.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:NTAP traded up $0.44 during trading on Thursday, reaching $53.66. 708,694 shares of the stock were exchanged, compared to its average volume of 2,378,776. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.39 and a current ratio of 1.42. NetApp has a 12-month low of $44.55 and a 12-month high of $83.95. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 1.26 and a beta of 1.55. The firm’s 50-day moving average price is $52.28 and its 200 day moving average price is $59.88.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.19. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the business earned $1.04 EPS. The company’s revenue for the quarter was down 16.1% on a year-over-year basis. As a group, equities research analysts forecast that NetApp will post 3.48 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s dividend payout ratio (DPR) is currently 47.76%.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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