NetApp Inc. (NTAP) Given Hold Rating at Brean Capital
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating restated by Brean Capital in a report issued on Wednesday.
Other analysts have also issued reports about the company. RBC Capital Markets boosted their target price on NetApp to $32.00 in a research report on Thursday, August 18th. DA Davidson reiterated a “buy” rating and set a $35.00 price target on shares of NetApp in a research note on Monday, August 15th. Maxim Group lifted their price target on NetApp from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, August 15th. Cross Research upgraded NetApp from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Susquehanna set a $42.00 price target on NetApp and gave the company a “buy” rating in a research note on Wednesday. Eleven analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $29.64.
Shares of NetApp (NASDAQ:NTAP) traded down 0.54% during trading on Wednesday, hitting $35.15. The stock had a trading volume of 2,855,658 shares. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of 31.64 and a beta of 1.56. NetApp has a 52 week low of $20.66 and a 52 week high of $36.10. The company’s 50 day moving average price is $33.68 and its 200 day moving average price is $27.31.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.10. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The business earned $1.29 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the company posted $0.29 EPS. The firm’s revenue was down 3.1% compared to the same quarter last year. Analysts predict that NetApp will post $2.36 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Wednesday, October 5th. NetApp’s payout ratio is 68.47%.
In other news, VP Joel D. Reich sold 2,241 shares of the stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $24.35, for a total transaction of $54,568.35. Following the sale, the vice president now owns 489 shares in the company, valued at $11,907.15. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director George T. Shaheen sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $35.01, for a total transaction of $1,050,300.00. Following the sale, the director now owns 20,000 shares in the company, valued at approximately $700,200. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. boosted its stake in NetApp by 58.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,192,099 shares of the data storage provider’s stock worth $32,532,000 after buying an additional 441,417 shares during the last quarter. Legal & General Group Plc boosted its stake in NetApp by 0.6% in the first quarter. Legal & General Group Plc now owns 1,320,761 shares of the data storage provider’s stock worth $36,042,000 after buying an additional 8,301 shares during the last quarter. Geode Capital Management LLC boosted its stake in NetApp by 1.6% in the first quarter. Geode Capital Management LLC now owns 2,781,488 shares of the data storage provider’s stock worth $75,775,000 after buying an additional 43,931 shares during the last quarter. Creative Planning boosted its stake in NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock worth $258,000 after buying an additional 7,484 shares during the last quarter. Finally, National Pension Service boosted its stake in NetApp by 4.4% in the first quarter. National Pension Service now owns 225,705 shares of the data storage provider’s stock worth $6,159,000 after buying an additional 9,591 shares during the last quarter. Hedge funds and other institutional investors own 89.54% of the company’s stock.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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