NetApp Inc. (NTAP) Given “Sector Perform” Rating at Royal Bank of Canada
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “sector perform” rating reiterated by research analysts at Royal Bank of Canada in a research note issued to investors on Friday.
Several other equities research analysts have also recently weighed in on NTAP. Drexel Hamilton reissued a “buy” rating and issued a $52.00 price target on shares of NetApp in a research note on Tuesday, February 14th. Robert W. Baird reaffirmed a “hold” rating on shares of NetApp in a research note on Thursday, April 6th. Barclays PLC reaffirmed an “underweight” rating and set a $27.00 target price (up previously from $25.00) on shares of NetApp in a research note on Thursday, December 29th. Piper Jaffray Companies set a $50.00 target price on NetApp and gave the stock a “buy” rating in a research note on Thursday, April 6th. Finally, Zacks Investment Research cut NetApp from a “buy” rating to a “hold” rating in a research note on Monday, April 3rd. Seven investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and nine have given a buy rating to the company’s stock. NetApp presently has an average rating of “Hold” and an average target price of $40.16.
NetApp (NASDAQ:NTAP) traded down 1.76% during midday trading on Friday, reaching $39.60. 1,335,183 shares of the company’s stock traded hands. The stock has a market capitalization of $10.73 billion, a price-to-earnings ratio of 36.16 and a beta of 1.50. The company’s 50-day moving average price is $41.30 and its 200 day moving average price is $37.49. NetApp has a 52 week low of $22.50 and a 52 week high of $43.14.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.08. The company earned $1.40 billion during the quarter, compared to analysts’ expectations of $1.39 billion. NetApp had a return on equity of 15.66% and a net margin of 5.89%. During the same quarter in the prior year, the firm posted $0.70 earnings per share. On average, equities research analysts expect that NetApp will post $2.70 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Friday, April 7th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.89%. The ex-dividend date is Wednesday, April 5th. NetApp’s payout ratio is 69.09%.
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In other NetApp news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction dated 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 sale, the chief executive officer now owns 32,396 shares of the company’s stock, valued at $1,247,246. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Alan L. Earhart sold 27,422 shares of NetApp stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $42.46, for a total value of $1,164,338.12. Following the sale, the director now directly owns 21,611 shares of the company’s stock, valued at approximately $917,603.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,422 shares of company stock valued at $1,484,458. 0.49% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of NTAP. Creative Planning raised its stake in shares of NetApp by 1.6% in the third quarter. Creative Planning now owns 10,661 shares of the data storage provider’s stock valued at $382,000 after buying an additional 166 shares during the period. Cadence Capital Management LLC raised its stake in shares of NetApp by 5.1% in the fourth quarter. Cadence Capital Management LLC now owns 9,708 shares of the data storage provider’s stock valued at $342,000 after buying an additional 475 shares during the period. State of Alaska Department of Revenue raised its stake in shares of NetApp by 6.1% in the third quarter. State of Alaska Department of Revenue now owns 13,285 shares of the data storage provider’s stock valued at $475,000 after buying an additional 766 shares during the period. Gulf International Bank UK Ltd raised its stake in shares of NetApp by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 94,431 shares of the data storage provider’s stock valued at $3,951,000 after buying an additional 1,000 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of NetApp by 2.3% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,717 shares of the data storage provider’s stock valued at $1,602,000 after buying an additional 1,026 shares during the period. 92.52% of the stock is owned by hedge funds and other institutional investors.
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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