NetApp Inc. (NTAP) Upgraded at Summit Redstone
NetApp Inc. (NASDAQ:NTAP) was upgraded by analysts at Summit Redstone to a “buy” rating in a research note issued to investors on Friday. The firm presently has a $45.00 price target on the data storage provider’s stock. Summit Redstone’s price target would indicate a potential upside of 29.57% from the stock’s previous close.
Several other research analysts also recently weighed in on the stock. Brean Capital reissued a “hold” rating on shares of NetApp in a research report on Wednesday. Susquehanna set a $42.00 target price on shares of NetApp and gave the stock a “buy” rating in a research report on Wednesday. Jefferies Group reissued a “hold” rating and issued a $34.00 target price (up from $29.00) on shares of NetApp in a research report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of NetApp in a research report on Wednesday. Finally, Robert W. Baird reissued a “neutral” rating and issued a $37.00 target price (up from $32.00) on shares of NetApp in a research report on Wednesday. Ten analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and six have issued a buy rating to the company’s stock. NetApp presently has an average rating of “Hold” and an average price target of $30.16.
NetApp (NASDAQ:NTAP) opened at 34.73 on Friday. The firm has a market cap of $9.68 billion, a P/E ratio of 31.26 and a beta of 1.56. The firm has a 50 day moving average of $34.09 and a 200 day moving average of $27.42. NetApp has a 1-year low of $20.66 and a 1-year high of $36.10.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, topping the consensus estimate 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 net margin of 5.87% and a return on equity of 15.82%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $0.29 earnings per share. On average, equities research analysts expect that NetApp will post $2.36 EPS for the current year.
The company 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 dividend yield of 2.19%. NetApp’s dividend payout ratio is 68.47%.
In related news, 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 value of $1,050,300.00. Following the sale, the director now directly owns 20,000 shares in the company, valued at approximately $700,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 48,176 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 92,746 shares in the company, valued at $3,234,053.02. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in NTAP. Macquarie Group Ltd. boosted its stake 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 last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in NetApp during the second quarter worth about $287,000. Kentucky Retirement Systems acquired a new stake in NetApp during the second quarter worth about $604,000. Mason Street Advisors LLC acquired a new stake in NetApp during the second quarter worth about $957,000. Finally, Public Employees Retirement System of Ohio boosted its stake 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 last quarter. Institutional investors and hedge funds 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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