NetApp Inc. (NTAP) Receives $33.84 Average Price Target from Brokerages
Shares of NetApp Inc. (NASDAQ:NTAP) have received a consensus recommendation of “Hold” from the forty-one research firms that are presently covering the stock. Eleven equities research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and six have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $33.72.
A number of brokerages have commented on NTAP. Robert W. Baird reissued a “neutral” rating and issued a $37.00 price objective on shares of NetApp in a research report on Wednesday. TheStreet raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Wednesday, November 16th. Pacific Crest reissued a “hold” rating on shares of NetApp in a research report on Thursday, November 17th. Credit Suisse Group AG reissued a “hold” rating and issued a $30.00 price objective on shares of NetApp in a research report on Thursday, November 17th. Finally, JPMorgan Chase & Co. reissued a “hold” rating and issued a $38.00 price objective on shares of NetApp in a research report on Thursday, November 17th.
In other NetApp news, Director Robert T. Wall sold 22,944 shares of the business’s 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 completion of the sale, the director now owns 36,048 shares in the company, valued at $1,277,901.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 4,000 shares of the business’s 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 sale, the chief executive officer now owns 40,570 shares of the company’s stock, valued at approximately $1,426,441.20. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Efficient Market Advisors LLC acquired a new stake in NetApp during the third quarter valued at $251,000. LPL Financial LLC acquired a new stake in NetApp during the third quarter valued at $609,000. Cornerstone Capital Management Holdings LLC. raised its stake 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 stake 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. Finally, Verition Fund Management LLC raised its stake 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. Hedge funds and other institutional investors own 89.05% of the company’s stock.
NetApp (NASDAQ:NTAP) opened at 36.56 on Monday. NetApp has a 52-week low of $20.66 and a 52-week high of $39.00. The firm has a market capitalization of $10.16 billion, a P/E ratio of 33.18 and a beta of 1.49. The company’s 50-day moving average is $34.21 and its 200-day moving average is $30.14.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.06. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the prior year, the firm earned $0.61 EPS. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, analysts predict that NetApp will post $2.56 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 6th will be paid 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 (DPR) is presently 69.09%.
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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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