NetApp Inc. (NTAP) Stock Rating Reaffirmed by Jefferies Group
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating reissued by investment analysts at Jefferies Group in a research report issued on Wednesday. They presently have a $34.00 price target on the data storage provider’s stock, up from their prior price target of $29.00. Jefferies Group’s price objective suggests a potential downside of 3.27% from the company’s previous close.
A number of other brokerages have also weighed in on NTAP. Brean Capital restated a “hold” rating on shares of NetApp in a report on Thursday, August 18th. Morgan Stanley boosted their price objective on shares of NetApp from $21.00 to $24.00 and gave the stock an “underweight” rating in a report on Thursday, August 18th. Robert W. Baird restated a “neutral” rating and issued a $26.00 price objective on shares of NetApp in a report on Monday, June 27th. FBN Securities set a $35.00 price objective on shares of NetApp and gave the stock a “hold” rating in a report on Friday, August 19th. Finally, Credit Suisse Group AG restated a “hold” rating and issued a $28.00 price objective on shares of NetApp in a report on Tuesday, August 30th. Eleven equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $29.64.
Shares of NetApp (NASDAQ:NTAP) traded down 0.54% on Wednesday, reaching $35.15. 2,855,658 shares of the company traded hands. NetApp has a one year low of $20.66 and a one year high of $36.10. The stock has a market capitalization of $9.80 billion, a P/E ratio of 31.64 and a beta of 1.56. The stock’s 50 day moving average price is $33.68 and its 200-day moving average price is $27.31.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.10. NetApp had a net margin of 5.87% and a return on equity of 15.82%. 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 business posted $0.29 earnings per share. NetApp’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts forecast that NetApp will post $2.36 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be given a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.76 dividend on an annualized basis and a yield of 2.16%. NetApp’s dividend payout ratio is presently 68.47%.
In other NetApp news, Director George T. Shaheen sold 30,000 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $35.01, for a total value of $1,050,300.00. Following the sale, the director now owns 20,000 shares in the company, valued at $700,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO George Kurian sold 48,176 shares of the stock in a transaction on Friday, August 26th. The stock was sold at an average price of $34.87, for a total value of $1,679,897.12. Following the completion of the sale, the chief executive officer now owns 92,746 shares in the company, valued at approximately $3,234,053.02. The disclosure for this sale can be found here. 0.49% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in NTAP. Meeder Asset Management Inc. raised its stake in NetApp by 354.0% in the first quarter. Meeder Asset Management Inc. now owns 24,769 shares of the data storage provider’s stock worth $676,000 after buying an additional 19,313 shares during the last quarter. Zebra Capital Management LLC acquired a new stake in NetApp during the first quarter worth $995,000. Canada Pension Plan Investment Board raised its stake in NetApp by 113.6% in the first quarter. Canada Pension Plan Investment Board now owns 973,910 shares of the data storage provider’s stock worth $26,578,000 after buying an additional 517,900 shares during the last quarter. Credit Agricole S A raised its stake in NetApp by 8.4% in the first quarter. Credit Agricole S A now owns 314,636 shares of the data storage provider’s stock worth $8,586,000 after buying an additional 24,312 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in NetApp during the first quarter worth $12,009,000. Institutional investors and hedge funds own 89.54% of the company’s stock.
NetApp Company Profile
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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