NetApp Inc. (NTAP) PT Raised to $40.00
NetApp Inc. (NASDAQ:NTAP) had its price target increased by equities researchers at RBC Capital Markets from $36.00 to $40.00 in a research report issued on Thursday. The firm presently has a “sector perform” rating on the data storage provider’s stock. RBC Capital Markets’ target price would suggest a potential upside of 8.11% from the stock’s previous close.
A number of other research firms have also recently issued reports on NTAP. Brean Capital restated a “hold” rating on shares of NetApp in a research report on Thursday, August 18th. Jefferies Group reiterated a “hold” rating and issued a $34.00 price target (up from $29.00) on shares of NetApp in a research report on Wednesday, September 28th. Barclays PLC reiterated an “underweight” rating on shares of NetApp in a research report on Tuesday, November 8th. Morgan Stanley upped their price target on NetApp from $21.00 to $24.00 and gave the company an “underweight” rating in a research report on Thursday, August 18th. Finally, FBN Securities set a $35.00 price target on NetApp and gave the company a “hold” rating in a research report on Friday, August 19th. Eleven investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.54.
Shares of NetApp (NASDAQ:NTAP) opened at 37.00 on Thursday. The company’s 50 day moving average is $33.93 and its 200-day moving average is $29.46. NetApp has a 52 week low of $20.66 and a 52 week high of $39.00. The company has a market capitalization of $10.31 billion, a PE ratio of 33.30 and a beta of 1.49.
NetApp (NASDAQ:NTAP) last released its quarterly earnings data 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. The business had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.36 billion. NetApp had a return on equity of 15.66% and a net margin of 5.89%. NetApp’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.61 earnings per share. On average, analysts expect that NetApp will post $2.53 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Friday, January 6th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Wednesday, January 4th. NetApp’s payout ratio is presently 69.09%.
In other NetApp news, Director George T. Shaheen sold 30,000 shares of NetApp stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $35.01, for a total transaction of $1,050,300.00. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $700,200. The sale 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 dated 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 directly owns 92,746 shares in the company, valued at $3,234,053.02. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in NTAP. New York Life Trust Co. bought a new position in shares of NetApp during the third quarter valued at approximately $104,000. Global X Management Co. LLC increased 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 valued at $110,000 after buying an additional 2,347 shares during the last quarter. FTB Advisors Inc. increased 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 valued at $126,000 after buying an additional 646 shares during the last quarter. Victory Capital Management Inc. increased 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 valued at $191,000 after buying an additional 1,631 shares during the last quarter. Finally, Orinda Asset Management LLC bought a new position in shares of NetApp during the third quarter valued at approximately $202,000. 90.41% of the stock is currently 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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