NetApp Inc. (NTAP) Price Target Increased to $32.00 by Analysts at Lake Street Capital
NetApp Inc. (NASDAQ:NTAP) had its price target hoisted by Lake Street Capital from $31.00 to $32.00 in a research report released on Thursday. Lake Street Capital currently has a hold rating on the data storage provider’s stock.
A number of other equities research analysts also recently weighed in on the company. Piper Jaffray Cos. raised their target price on NetApp from $26.00 to $31.00 and gave the company a neutral rating in a report on Thursday, August 18th. RBC Capital Markets raised their target price on NetApp to $32.00 in a research note on Thursday, August 18th. Summit Redstone raised their target price on NetApp from $20.00 to $30.00 and gave the company a sell rating in a research note on Thursday, August 18th. Drexel Hamilton upgraded NetApp from a hold rating to a buy rating and lifted their price target for the company from $34.73 to $52.00 in a research note on Thursday. Finally, Zacks Investment Research upgraded NetApp from a sell rating to a hold rating and set a $40.00 price target for the company in a research note on Friday, August 19th. Eleven equities research 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. NetApp presently has an average rating of Hold and a consensus price target of $32.54.
NetApp (NASDAQ:NTAP) traded up 0.49% during mid-day trading on Thursday, reaching $37.08. 2,166,112 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $33.95 and its 200-day moving average price is $29.41. NetApp has a 52 week low of $20.66 and a 52 week high of $39.00. The company has a market capitalization of $10.33 billion, a P/E ratio of 33.38 and a beta of 1.49.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.06. NetApp had a return on equity of 15.48% and a net margin of 5.89%. The firm earned $1.34 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the previous year, the firm earned $0.61 earnings per share. The company’s revenue was down 7.3% on a year-over-year basis. On average, equities research analysts expect that NetApp will post $2.37 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Friday, January 6th will be paid a $0.19 dividend. The ex-dividend date is Wednesday, January 4th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.06%. NetApp’s payout ratio is currently 69.09%.
In related news, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction dated Tuesday, September 27th. The shares were 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 of the company’s stock, valued at approximately $1,277,901.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO George Kurian sold 48,176 shares of NetApp stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $34.87, for a total transaction of $1,679,897.12. Following the transaction, the chief executive officer now directly owns 92,746 shares of the company’s stock, valued at $3,234,053.02. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. New York Life Trust Co. purchased a new position in NetApp during the third quarter worth approximately $104,000. Global X Management Co. LLC boosted its position in 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 in the last quarter. FTB Advisors Inc. boosted its position in 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 in the last quarter. Victory Capital Management Inc. boosted its position in 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 in the last quarter. Finally, Orinda Asset Management LLC purchased a new position in NetApp during the third quarter worth approximately $202,000. 89.59% of the stock is owned by hedge funds and other institutional investors.
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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