JPMorgan Chase & Co. Reiterates “Hold” Rating for NetApp Inc. (NTAP)
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating reiterated by JPMorgan Chase & Co. in a report released on Thursday. They presently have a $38.00 target price on the data storage provider’s stock. JPMorgan Chase & Co.’s target price indicates a potential upside of 2.70% from the stock’s current price.
A number of other research firms have also recently commented on NTAP. Deutsche Bank AG cut NetApp from a “hold” rating to a “sell” rating and decreased their price objective for the company from $35.66 to $25.00 in a report on Monday, September 26th. They noted that the move was a valuation call. Cross Research upgraded NetApp from a “hold” rating to a “buy” rating in a research note on Monday, September 26th. William Blair restated an “underperform” rating on shares of NetApp in a research note on Wednesday, September 28th. Robert W. Baird restated a “neutral” rating and set a $37.00 price target (up from $32.00) on shares of NetApp in a research note on Wednesday, September 28th. Finally, Needham & Company LLC restated a “hold” rating on shares of NetApp in a research note on Wednesday, September 28th. Eleven equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $32.54.
NetApp (NASDAQ:NTAP) opened at 37.00 on Thursday. NetApp has a one year low of $20.66 and a one year high of $39.00. The stock has a market capitalization of $10.31 billion, a P/E ratio of 33.30 and a beta of 1.49. The stock has a 50 day moving average price of $33.93 and a 200-day moving average price of $29.46.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.06. NetApp had a return on equity of 15.66% and a net margin of 5.89%. The business had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the previous year, the firm posted $0.61 EPS. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. Analysts anticipate that NetApp will post $2.53 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 6th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $0.76 annualized dividend and a dividend yield of 2.05%. NetApp’s payout ratio is 69.09%.
In related news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction on Friday, September 30th. The shares were sold at an average price of $35.16, for a total transaction of $140,640.00. Following the transaction, the chief executive officer now owns 40,570 shares in the company, valued at approximately $1,426,441.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction on Tuesday, September 27th. The shares were 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 in the company, 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.
Institutional investors have recently bought and sold shares of the stock. LPL Financial LLC acquired a new position in NetApp during the third quarter valued at $609,000. Cornerstone Capital Management Holdings LLC. raised its position in NetApp by 1,008.7% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 694,606 shares of the data storage provider’s stock valued at $24,879,000 after buying an additional 631,953 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in NetApp by 8.8% in the third quarter. Ameritas Investment Partners Inc. now owns 11,735 shares of the data storage provider’s stock valued at $420,000 after buying an additional 948 shares during the last quarter. Verition Fund Management LLC raised its position in NetApp by 34.1% in the third quarter. Verition Fund Management LLC now owns 12,104 shares of the data storage provider’s stock valued at $434,000 after buying an additional 3,076 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. raised its position in NetApp by 387.3% in the third quarter. Candriam Luxembourg S.C.A. now owns 51,466 shares of the data storage provider’s stock valued at $1,844,000 after buying an additional 40,904 shares during the last quarter. Institutional investors and hedge funds own 90.41% 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.
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.