NetApp Inc. (NTAP) Given New $40.00 Price Target at Royal Bank Of Canada
NetApp Inc. (NASDAQ:NTAP) had its price target upped by Royal Bank Of Canada from $36.00 to $40.00 in a research note released on Thursday morning. Royal Bank Of Canada currently has a sector perform rating on the data storage provider’s stock.
Other research analysts have also recently issued reports about the company. Brean Capital reiterated a hold rating on shares of NetApp in a research note on Thursday, August 18th. Jefferies Group reaffirmed a hold rating and set a $34.00 price target (up from $29.00) on shares of NetApp in a research note on Wednesday, September 28th. Barclays PLC reaffirmed an underweight rating on shares of NetApp in a research note on Tuesday, November 8th. Morgan Stanley lifted their price target on shares of NetApp from $21.00 to $24.00 and gave the stock an underweight rating in a research note on Thursday, August 18th. Finally, FBN Securities set a $35.00 price target on shares of NetApp and gave the stock a hold rating in a research note on Friday, August 19th. Eleven equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and six have assigned a buy rating to the stock. NetApp currently has a consensus rating of Hold and a consensus target price of $32.54.
NetApp (NASDAQ:NTAP) traded up 0.49% during midday trading on Thursday, hitting $37.08. The stock had a trading volume of 2,166,212 shares. NetApp has a 52 week low of $20.66 and a 52 week high of $39.00. The stock has a 50-day moving average of $33.95 and a 200-day moving average of $29.41. The firm has a market cap of $10.33 billion, a P/E ratio of 33.38 and a beta of 1.49.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.06. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.36 billion. NetApp had a return on equity of 15.48% and a net margin of 5.89%. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.61 earnings per share. Analysts forecast that NetApp will post $2.37 EPS for the current fiscal year.
The company 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 is Wednesday, January 4th. This represents a $0.76 annualized dividend and a dividend yield of 2.06%. NetApp’s dividend payout ratio (DPR) is presently 69.09%.
In other news, Director Jeffry R. Allen sold 10,980 shares of the company’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 sale, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $528,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffry R. Allen sold 14,020 shares of the stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $35.24, for a total transaction of $494,064.80. Following the sale, the director now directly owns 15,000 shares in the company, valued at $528,600. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. National Pension Service increased its stake in shares of NetApp by 4.4% in the first quarter. National Pension Service now owns 225,705 shares of the data storage provider’s stock worth $6,159,000 after buying an additional 9,591 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of NetApp by 4.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 429,700 shares of the data storage provider’s stock worth $11,727,000 after buying an additional 16,900 shares during the period. Legal & General Group Plc increased its stake in shares of NetApp by 0.6% in the first quarter. Legal & General Group Plc now owns 1,320,761 shares of the data storage provider’s stock worth $36,042,000 after buying an additional 8,301 shares during the period. A.R.T. Advisors LLC purchased a new stake in shares of NetApp during the first quarter worth about $525,000. Finally, Jones Financial Companies Lllp increased its stake in shares of NetApp by 59.8% in the first quarter. Jones Financial Companies Lllp now owns 12,436 shares of the data storage provider’s stock worth $339,000 after buying an additional 4,655 shares during the period. 89.59% of the stock is currently owned by hedge funds and other institutional investors.
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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