NetApp, Inc. (NTAP) Raised to Buy at Longbow Research
Longbow Research upgraded shares of NetApp, Inc. (NASDAQ:NTAP) from a neutral rating to a buy rating in a research note published on Tuesday morning, Marketbeat reports. The firm currently has $50.00 target price on the data storage provider’s stock.
A number of other brokerages have also weighed in on NTAP. Stifel Nicolaus reissued a hold rating and issued a $37.00 target price on shares of NetApp in a research report on Friday, May 26th. Drexel Hamilton reissued a buy rating and issued a $62.00 target price on shares of NetApp in a research report on Wednesday, May 24th. Zacks Investment Research raised NetApp from a sell rating to a hold rating in a research report on Monday, May 8th. Credit Suisse Group raised NetApp from an underperform rating to a neutral rating and boosted their target price for the stock from $35.00 to $37.00 in a research report on Thursday, May 25th. Finally, Royal Bank Of Canada reissued a hold rating and issued a $45.00 target price on shares of NetApp in a research report on Friday, June 9th. Four research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $43.26.
NetApp (NASDAQ:NTAP) traded up 0.13% on Tuesday, reaching $39.61. 1,129,011 shares of the company’s stock traded hands. The company has a market cap of $10.69 billion, a PE ratio of 19.13 and a beta of 1.21. The firm’s 50 day moving average price is $42.11 and its 200 day moving average price is $40.71. NetApp has a 12 month low of $30.36 and a 12 month high of $45.24.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.16% and a net margin of 10.47%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm earned $0.46 EPS. NetApp’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, equities analysts expect that NetApp will post $3.03 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.02%. NetApp’s dividend payout ratio (DPR) is presently 38.65%.
In related news, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $40.12, for a total transaction of $160,480.00. Following the completion of the transaction, the chief executive officer now directly owns 65,123 shares in the company, valued at approximately $2,612,734.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Matthew K. Fawcett sold 6,792 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $39.58, for a total value of $268,827.36. Following the transaction, the senior vice president now owns 2,117 shares of the company’s stock, valued at $83,790.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,518 shares of company stock valued at $4,726,762. 0.47% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Gulf International Bank UK Ltd increased its position 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 worth $3,951,000 after buying an additional 1,000 shares during the period. National Pension Service increased its position in shares of NetApp by 24,106.4% in the first quarter. National Pension Service now owns 278,131 shares of the data storage provider’s stock worth $11,654,000 after buying an additional 276,982 shares during the period. Bank of Montreal Can increased its position in shares of NetApp by 22.3% in the first quarter. Bank of Montreal Can now owns 178,969 shares of the data storage provider’s stock worth $7,491,000 after buying an additional 32,658 shares during the period. Affinity Wealth Management bought a new position in shares of NetApp during the first quarter worth about $318,000. Finally, DnB Asset Management AS increased its position in shares of NetApp by 12.1% in the first quarter. DnB Asset Management AS now owns 31,497 shares of the data storage provider’s stock worth $1,318,000 after buying an additional 3,400 shares during the period. Institutional investors own 90.10% 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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