NetApp Inc. (NTAP) PT Raised to $36.00
NetApp Inc. (NASDAQ:NTAP) had its target price hoisted by investment analysts at RBC Capital Markets from $32.00 to $36.00 in a research note issued to investors on Tuesday. The brokerage presently has a “sector perform” rating on the data storage provider’s stock. RBC Capital Markets’ price objective points to a potential upside of 2.42% from the stock’s current price.
Several other brokerages have also recently commented on NTAP. Brean Capital reissued a “hold” rating on shares of NetApp in a report on Thursday, August 18th. Morgan Stanley boosted their target price on 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 target on shares of NetApp in a research report on Monday, June 27th. FBN Securities set a $35.00 price target on shares of NetApp and gave the stock a “hold” rating in a research report on Friday, August 19th. Finally, Credit Suisse Group AG restated a “hold” rating and issued a $28.00 price target on shares of NetApp in a research report on Tuesday, August 30th. Eleven research analysts have rated the stock with a sell rating, twenty-three have given a hold rating and five have issued a buy rating to the company. NetApp currently has an average rating of “Hold” and a consensus price target of $29.64.
NetApp (NASDAQ:NTAP) opened at 35.15 on Tuesday. The stock 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 12 month low of $20.66 and a 12 month high of $36.10. The company has a 50 day moving average price of $33.89 and a 200 day moving average price of $27.36.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.10. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the company earned $0.29 earnings per share. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts predict that NetApp will post $2.36 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.76 annualized dividend and a yield of 2.16%. NetApp’s dividend payout ratio is currently 68.47%.
In related news, Director Jeffry R. Allen sold 10,980 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $35.24, for a total value of $386,935.20. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at $528,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 48,176 shares of the firm’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $34.87, for a total transaction of $1,679,897.12. Following the completion of the transaction, the chief executive officer now directly owns 92,746 shares of the company’s stock, valued at approximately $3,234,053.02. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. increased its position in NetApp by 221.7% in the second quarter. Macquarie Group Ltd. now owns 19,300 shares of the data storage provider’s stock worth $475,000 after buying an additional 13,300 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in NetApp during the second quarter worth $287,000. Kentucky Retirement Systems acquired a new position in NetApp during the second quarter worth $604,000. Mason Street Advisors LLC acquired a new position in NetApp during the second quarter worth $957,000. Finally, Public Employees Retirement System of Ohio increased its position in NetApp by 5.6% in the second quarter. Public Employees Retirement System of Ohio now owns 77,863 shares of the data storage provider’s stock worth $1,915,000 after buying an additional 4,159 shares during the period. 89.54% of the stock is owned by institutional investors and hedge funds.
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.