Robert W. Baird Reiterates Neutral Rating for NetApp Inc. (NTAP)
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “neutral” rating reiterated by equities research analysts at Robert W. Baird in a research note issued to investors on Wednesday. They currently have a $37.00 price target on the data storage provider’s stock. Robert W. Baird’s target price suggests a potential upside of 1.34% from the company’s previous close.
Several other equities research analysts have also recently commented on the company. Maxim Group boosted 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. OTR Global upgraded NetApp from a “negative” rating to a “mixed” rating in a research note on Thursday, August 11th. Susquehanna boosted their target price on NetApp from $36.00 to $42.00 and gave the company a “positive” rating in a research note on Wednesday, September 21st. Deutsche Bank AG cut NetApp from a “hold” rating to a “sell” rating and cut their target price for the company from $35.66 to $25.00 in a research note on Monday, September 26th. They noted that the move was a valuation call. Finally, William Blair restated an “underperform” rating on shares of NetApp in a research note on Wednesday, September 28th. Eleven research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.43.
Shares of NetApp (NASDAQ:NTAP) opened at 36.51 on Wednesday. The stock has a 50 day moving average of $34.21 and a 200 day moving average of $30.14. NetApp has a 52 week low of $20.66 and a 52 week high of $39.00. The firm has a market cap of $10.15 billion, a P/E ratio of 33.13 and a beta of 1.49.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.06. The firm 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%. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.61 EPS. Equities analysts forecast that NetApp will post $2.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Stockholders of record on Friday, January 6th will be issued 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 2.08%. NetApp’s dividend payout ratio is presently 69.09%.
In related news, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $35.45, for a total transaction of $813,364.80. Following the sale, the director now directly owns 36,048 shares in the company, valued at $1,277,901.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction on Friday, September 30th. The stock was sold at an average price of $35.16, for a total value of $140,640.00. Following the sale, the chief executive officer now owns 40,570 shares in the company, valued at $1,426,441.20. The disclosure for this sale can be found here. 0.49% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the company. Dodge & Cox raised its stake in shares of NetApp by 0.7% in the second quarter. Dodge & Cox now owns 36,281,441 shares of the data storage provider’s stock worth $892,161,000 after buying an additional 246,450 shares during the period. Vanguard Group Inc. raised its stake in shares of NetApp by 1.6% in the second quarter. Vanguard Group Inc. now owns 25,692,849 shares of the data storage provider’s stock worth $631,787,000 after buying an additional 401,590 shares during the period. State Street Corp raised its stake in shares of NetApp by 0.7% in the second quarter. State Street Corp now owns 12,594,917 shares of the data storage provider’s stock worth $309,710,000 after buying an additional 83,169 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake 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 period. Finally, Bank of New York Mellon Corp raised its stake in shares of NetApp by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 5,996,983 shares of the data storage provider’s stock worth $147,467,000 after buying an additional 219,124 shares during the period. Institutional investors and hedge funds own 89.05% of the company’s stock.
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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