NetApp Inc. (NTAP) Stock Rating Reaffirmed by Credit Suisse Group AG
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating reaffirmed by research analysts at Credit Suisse Group AG in a report released on Thursday. They presently have a $30.00 price target on the data storage provider’s stock. Credit Suisse Group AG’s target price would indicate a potential downside of 18.92% from the company’s current price.
A number of other equities research analysts have also issued reports on the stock. Maxim Group boosted their price target on shares of NetApp from $39.00 to $40.00 and gave the company a “buy” rating in a report on Monday, August 15th. OTR Global upgraded shares of NetApp from a “negative” rating to a “mixed” rating in a report on Thursday, August 11th. Zacks Investment Research lowered shares of NetApp from a “hold” rating to a “sell” rating in a report on Tuesday, July 26th. Susquehanna boosted their price target on shares of NetApp from $36.00 to $42.00 and gave the company a “positive” rating in a report on Wednesday, September 21st. Finally, Deutsche Bank AG lowered shares of NetApp from a “hold” rating to a “sell” rating and cut their price target 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. Eleven 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. NetApp has a consensus rating of “Hold” and a consensus target price of $32.54.
NetApp (NASDAQ:NTAP) opened at 37.00 on Thursday. The firm has a market cap of $10.31 billion, a price-to-earnings ratio of 33.30 and a beta of 1.49. NetApp has a 12-month low of $20.66 and a 12-month high of $39.00. The company’s 50 day moving average is $33.93 and its 200 day moving average is $29.46.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.06. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the firm earned $0.61 EPS. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities analysts anticipate that NetApp will post $2.53 earnings per share for the current 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. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $0.76 annualized dividend and a yield of 2.05%. NetApp’s dividend payout ratio (DPR) is currently 69.09%.
In other news, Director Jeffry R. Allen sold 14,020 shares of NetApp stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $35.24, for a total value of $494,064.80. Following the sale, the director now directly owns 15,000 shares in the company, valued at $528,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the chief executive officer now 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.
Several hedge funds have recently bought and sold shares of the stock. Sirios Capital Management L P acquired a new stake in NetApp during the second quarter worth about $61,213,000. Morgan Stanley increased its position in shares of NetApp by 212.4% in the third quarter. Morgan Stanley now owns 2,315,447 shares of the data storage provider’s stock worth $82,941,000 after buying an additional 1,574,330 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of NetApp by 14.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,225,320 shares of the data storage provider’s stock worth $226,851,000 after buying an additional 1,189,529 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of NetApp by 2,289.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 974,669 shares of the data storage provider’s stock worth $23,967,000 after buying an additional 933,879 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of NetApp by 169.9% in the second quarter. BlackRock Inc. now owns 1,397,104 shares of the data storage provider’s stock worth $34,354,000 after buying an additional 879,433 shares during the last quarter. Institutional investors 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.
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