NetApp Inc. (NTAP) Upgraded to Buy by Drexel Hamilton
Drexel Hamilton upgraded shares of NetApp Inc. (NASDAQ:NTAP) from a hold rating to a buy rating in a research note released on Thursday morning. The brokerage currently has $52.00 price target on the data storage provider’s stock, up from their previous price target of $34.73.
Several other equities research analysts have also recently commented on NTAP. RBC Capital Markets lifted their target price on NetApp to $32.00 in a research note on Thursday, August 18th. DA Davidson reissued a buy rating and issued a $35.00 target price on shares of NetApp in a research note on Monday, August 15th. Maxim Group lifted their target price on NetApp from $39.00 to $40.00 and gave the company a buy rating in a research note on Monday, August 15th. Cross Research raised NetApp from a hold rating to a buy rating in a research note on Monday, September 26th. Finally, Susquehanna set a $42.00 target price on NetApp and gave the company a buy rating in a research note on Wednesday, September 28th. Eleven analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $32.54.
NetApp (NASDAQ:NTAP) traded up 0.49% on Thursday, hitting $37.08. The stock had a trading volume of 2,166,112 shares. NetApp has a 1-year low of $20.66 and a 1-year high of $39.00. The firm’s 50-day moving average price is $33.95 and its 200-day moving average price is $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 posted its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.06. The business earned $1.34 billion during the quarter, compared to the consensus estimate of $1.36 billion. NetApp had a return on equity of 15.48% and a net margin of 5.89%. NetApp’s revenue was down 7.3% on a year-over-year basis. During the same quarter last year, the company earned $0.61 EPS. On average, equities research analysts predict that NetApp will post $2.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Stockholders 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 payout ratio is currently 69.09%.
In related news, Director George T. Shaheen sold 30,000 shares of NetApp 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 completion of the transaction, the director now directly owns 20,000 shares in the company, valued at approximately $700,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO George Kurian sold 48,176 shares of NetApp 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 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. Insiders own 0.49% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc raised its position in NetApp by 0.3% in the second quarter. CIBC Asset Management Inc now owns 42,618 shares of the data storage provider’s stock worth $1,048,000 after buying an additional 120 shares in the last quarter. Creative Planning raised its position in NetApp by 1.6% in the third quarter. Creative Planning now owns 10,661 shares of the data storage provider’s stock worth $382,000 after buying an additional 166 shares in the last quarter. Mackenzie Financial Corp raised its position in NetApp by 1.6% in the third quarter. Mackenzie Financial Corp now owns 11,151 shares of the data storage provider’s stock worth $399,000 after buying an additional 173 shares in the last quarter. World Asset Management Inc raised its position in NetApp by 0.6% in the second quarter. World Asset Management Inc now owns 29,471 shares of the data storage provider’s stock worth $725,000 after buying an additional 185 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in NetApp by 3.2% in the second quarter. Thrivent Financial for Lutherans now owns 8,840 shares of the data storage provider’s stock worth $217,000 after buying an additional 270 shares in the last quarter. Institutional investors and hedge funds 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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