NetApp’s (NTAP) “Hold” Rating Reaffirmed at Needham & Company LLC
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday.
NTAP has been the topic of a number of other reports. Wells Fargo & Co. reaffirmed a “market perform” rating on shares of NetApp in a research report on Friday, August 19th. Deutsche Bank AG lowered shares of NetApp from a “hold” rating to a “sell” rating and dropped their price objective for the company from $35.66 to $25.00 in a report on Monday. They noted that the move was a valuation call. Goldman Sachs Group Inc. raised shares of NetApp from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $26.00 to $32.00 in a report on Wednesday, August 24th. They noted that the move was a valuation call. Credit Suisse Group AG reissued a “hold” rating and set a $28.00 price objective on shares of NetApp in a report on Tuesday, August 30th. Finally, Robert W. Baird reissued a “hold” rating on shares of NetApp in a report on Friday, September 9th. Eleven analysts have rated the stock with a sell rating, twenty-two have given a hold rating and six have given a buy rating to the company’s stock. NetApp presently has a consensus rating of “Hold” and an average price target of $29.47.
Shares of NetApp (NASDAQ:NTAP) traded up 0.68% during mid-day trading on Wednesday, reaching $35.58. The company’s stock had a trading volume of 104,874 shares. The firm’s 50 day moving average is $33.68 and its 200 day moving average is $27.31. NetApp has a one year low of $20.66 and a one year high of $36.10. The firm has a market cap of $9.91 billion, a PE ratio of 32.03 and a beta of 1.56.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.10. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 earnings per share. On average, equities analysts anticipate that NetApp will post $2.36 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Wednesday, October 5th. NetApp’s payout ratio is 68.47%.
In other NetApp news, VP Joel D. Reich sold 2,241 shares of NetApp stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $24.35, for a total transaction of $54,568.35. Following the completion of the transaction, the vice president now owns 489 shares in the company, valued at $11,907.15. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffry R. Allen sold 10,980 shares of NetApp stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $35.24, for a total transaction of $386,935.20. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $528,600. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in NTAP. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of NetApp by 12.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,798 shares of the data storage provider’s stock worth $1,850,000 after buying an additional 7,390 shares during the last quarter. Aperio Group LLC boosted its position in shares of NetApp by 36.0% in the first quarter. Aperio Group LLC now owns 82,609 shares of the data storage provider’s stock worth $2,254,000 after buying an additional 21,863 shares during the last quarter. Pacad Investment Ltd. boosted its position in shares of NetApp by 1.2% in the first quarter. Pacad Investment Ltd. now owns 84,849 shares of the data storage provider’s stock worth $2,316,000 after buying an additional 987 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of NetApp during the first quarter worth about $1,113,000. Finally, Ngam Advisors L.P. boosted its position in shares of NetApp by 28.3% in the first quarter. Ngam Advisors L.P. now owns 90,909 shares of the data storage provider’s stock worth $2,481,000 after buying an additional 20,077 shares during the last quarter. Institutional investors 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.
Receive News & Stock Ratings for NetApp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp Inc. and related stocks with our FREE daily email newsletter.