NetApp Inc. (NTAP) Downgraded to “Hold” at Maxim Group
Maxim Group downgraded shares of NetApp Inc. (NASDAQ:NTAP) from a buy rating to a hold rating in a report issued on Thursday. Maxim Group currently has $43.00 price target on the data storage provider’s stock, up from their previous price target of $40.00. The analysts noted that the move was a valuation call.
Several other research analysts have also recently weighed in on NTAP. Zacks Investment Research cut shares of NetApp from a hold rating to a sell rating in a research report on Tuesday, July 26th. OTR Global raised shares of NetApp from a negative rating to a mixed rating in a research report on Thursday, August 11th. DA Davidson reissued a buy rating and set a $35.00 price target on shares of NetApp in a research report on Monday, August 15th. RBC Capital Markets reissued a sector perform rating and set a $29.00 price target (up previously from $26.00) on shares of NetApp in a research report on Tuesday, August 16th. Finally, Drexel Hamilton reissued a hold rating on shares of NetApp in a research report on Wednesday, August 17th. Eleven analysts have rated the stock with a sell rating, twenty-five have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $32.54.
NetApp (NASDAQ:NTAP) traded up 0.49% on Thursday, reaching $37.08. 2,166,112 shares of the company traded hands. The stock has a 50 day moving average of $33.95 and a 200-day moving average of $29.41. The stock has a market capitalization of $10.33 billion, a price-to-earnings ratio of 33.38 and a beta of 1.49. NetApp has a 1-year low of $20.66 and a 1-year high of $39.00.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.06. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.36 billion. NetApp had a net margin of 5.89% and a return on equity of 15.48%. The company’s revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 EPS. On average, equities analysts anticipate that NetApp will post $2.37 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 6th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $0.76 dividend on an annualized basis and a yield of 2.06%. NetApp’s payout ratio is currently 69.09%.
In related news, Director Robert T. Wall sold 22,944 shares of the company’s stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $35.45, for a total transaction of $813,364.80. Following the completion of the transaction, the director now directly owns 36,048 shares in the company, valued at approximately $1,277,901.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO George Kurian sold 48,176 shares of the company’s 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 transaction, the chief executive officer now owns 92,746 shares of the company’s stock, valued at $3,234,053.02. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of NTAP. New York Life Trust Co. acquired a new position in shares of NetApp during the third quarter worth about $104,000. Global X Management Co. LLC raised its position in shares of NetApp by 109.8% in the second quarter. Global X Management Co. LLC now owns 4,485 shares of the data storage provider’s stock worth $110,000 after buying an additional 2,347 shares during the period. FTB Advisors Inc. raised its position in shares of NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock worth $126,000 after buying an additional 646 shares during the period. Victory Capital Management Inc. raised its position in shares of NetApp by 44.2% in the third quarter. Victory Capital Management Inc. now owns 5,321 shares of the data storage provider’s stock worth $191,000 after buying an additional 1,631 shares during the period. Finally, Orinda Asset Management LLC acquired a new position in shares of NetApp during the third quarter worth about $202,000. Hedge funds and other institutional investors own 89.59% 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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