Robert W. Baird Reiterates Hold Rating for NetApp Inc. (NTAP)
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating restated by equities research analysts at Robert W. Baird in a report issued on Thursday.
Several other research analysts have also recently issued reports on NTAP. Drexel Hamilton restated a “buy” rating and issued a $52.00 target price on shares of NetApp in a report on Tuesday, February 14th. Barclays PLC restated an “underweight” rating and issued a $27.00 target price (up previously from $25.00) on shares of NetApp in a report on Thursday, December 29th. Piper Jaffray Companies set a $50.00 target price on shares of NetApp and gave the stock a “buy” rating in a report on Thursday, April 6th. Citigroup Inc restated a “neutral” rating and issued a $39.00 target price (up previously from $33.00) on shares of NetApp in a report on Thursday, December 29th. Finally, JMP Securities reiterated an “underperform” rating and issued a $29.00 price target (up previously from $24.00) on shares of NetApp in a report on Thursday, December 29th. Seven equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $40.16.
Shares of NetApp (NASDAQ:NTAP) traded down 2.03% during midday trading on Thursday, hitting $39.49. 1,859,418 shares of the company traded hands. NetApp has a 52 week low of $22.50 and a 52 week high of $43.14. The stock has a market capitalization of $10.70 billion, a PE ratio of 36.06 and a beta of 1.50. The stock has a 50 day moving average of $41.30 and a 200-day moving average of $37.49.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.08. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter last year, the business earned $0.70 earnings per share. Equities analysts forecast that NetApp will post $2.70 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Friday, April 7th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.92%. NetApp’s dividend payout ratio (DPR) is presently 69.09%.
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In related news, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, January 30th. The stock was sold at an average price of $38.50, for a total transaction of $154,000.00. Following the completion of the transaction, the chief executive officer now directly owns 32,396 shares in the company, valued at approximately $1,247,246. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Alan L. Earhart sold 27,422 shares of the business’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $42.46, for a total value of $1,164,338.12. Following the transaction, the director now owns 21,611 shares of the company’s stock, valued at $917,603.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,422 shares of company stock valued at $1,484,458. 0.49% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of NTAP. Seven Eight Capital LP acquired a new position in NetApp during the fourth quarter valued at $118,000. Carroll Financial Associates Inc. purchased a new stake in shares of NetApp during the first quarter valued at about $123,000. Victory Capital Management Inc. boosted its stake 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 period. Orinda Asset Management LLC purchased a new stake in shares of NetApp during the third quarter valued at about $202,000. Finally, Integral Derivatives LLC purchased a new stake in shares of NetApp during the fourth quarter valued at about $215,000. Institutional investors and hedge funds own 92.52% 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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