Robert W. Baird Reiterates “Neutral” Rating for NetApp Inc. (NTAP)
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “neutral” rating reissued by stock analysts at Robert W. Baird in a note issued to investors on Wednesday. They currently have a $37.00 price target on the data storage provider’s stock, up from their prior price target of $32.00. Robert W. Baird’s price objective would indicate a potential upside of 6.54% from the stock’s previous close.
Other equities analysts also recently issued research reports about the stock. RBC Capital Markets boosted their price objective on shares of NetApp to $32.00 in a research note on Thursday, August 18th. DA Davidson reaffirmed a “buy” rating and set a $35.00 price target on shares of NetApp in a research report on Monday, August 15th. Maxim Group upped their price target on NetApp from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, August 15th. Cross Research raised NetApp from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Zacks Investment Research raised NetApp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 1st. Ten research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and six have given a buy rating to the company’s stock. NetApp has an average rating of “Hold” and an average price target of $30.16.
NetApp (NASDAQ:NTAP) opened at 34.73 on Wednesday. The company has a 50-day moving average price of $34.09 and a 200-day moving average price of $27.42. NetApp has a one year low of $20.66 and a one year high of $36.10. The company has a market capitalization of $9.68 billion, a PE ratio of 31.26 and a beta of 1.56.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.10. The company earned $1.29 billion during 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%. NetApp’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Analysts expect that NetApp will post $2.36 earnings per share for the current fiscal year.
The business 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 dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Wednesday, October 5th. NetApp’s dividend payout ratio is currently 68.47%.
In other NetApp news, CEO George Kurian sold 48,176 shares of NetApp stock in a transaction dated 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 owns 92,746 shares in the company, valued at $3,234,053.02. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction dated Tuesday, September 27th. The stock was sold at an average price of $35.45, for a total transaction of $813,364.80. Following the transaction, the director now owns 36,048 shares of the company’s stock, valued at approximately $1,277,901.60. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. 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, 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.