Wells Fargo & Company Reiterates “Market Perform” Rating for NetApp, Inc. (NTAP)
NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “market perform” rating reaffirmed by equities researchers at Wells Fargo & Company in a research note issued to investors on Sunday. They presently have a $40.00 target price on the data storage provider’s stock, up from their prior target price of $39.00. Wells Fargo & Company’s price target would indicate a potential upside of 1.65% from the company’s previous close.
Several other equities analysts have also recently commented on the stock. Zacks Investment Research cut shares of NetApp from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. BidaskClub cut shares of NetApp from a “hold” rating to a “sell” rating in a research report on Saturday, June 17th. Royal Bank Of Canada reissued a “hold” rating on shares of NetApp in a research report on Friday, April 28th. OTR Global raised shares of NetApp to a “positive” rating in a research report on Monday, May 15th. Finally, Drexel Hamilton reissued a “buy” rating and set a $62.00 target price on shares of NetApp in a research report on Wednesday, May 24th. Three investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the stock. NetApp presently has an average rating of “Hold” and a consensus price target of $43.69.
Shares of NetApp (NTAP) opened at 39.35 on Friday. NetApp has a 1-year low of $30.36 and a 1-year high of $45.24. The firm has a 50-day moving average price of $42.09 and a 200 day moving average price of $40.72. The company has a market cap of $10.62 billion, a price-to-earnings ratio of 19.00 and a beta of 1.21.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the firm earned $0.46 EPS. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, analysts predict that NetApp will post $3.13 EPS for the current fiscal year.
In related news, SVP Matthew K. Fawcett sold 8,070 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $39.38, for a total value of $317,796.60. Following the completion of the transaction, the senior vice president now directly owns 8,367 shares in the company, valued at $329,492.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction 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 owns 65,123 shares of the company’s stock, valued at $2,612,734.76. The disclosure for this sale can be found here. Insiders sold 117,518 shares of company stock valued at $4,726,762 over the last quarter. 0.47% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of NetApp by 1,529.1% in the first quarter. BlackRock Inc. now owns 20,130,070 shares of the data storage provider’s stock valued at $842,443,000 after buying an additional 18,894,401 shares during the period. Renaissance Technologies LLC raised its position in shares of NetApp by 781.1% in the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after buying an additional 2,960,542 shares during the period. Janus Henderson Group PLC raised its position in shares of NetApp by 6,495.7% in the second quarter. Janus Henderson Group PLC now owns 2,312,525 shares of the data storage provider’s stock valued at $92,617,000 after buying an additional 2,277,464 shares during the period. Wells Fargo & Company MN raised its position in shares of NetApp by 569.8% in the first quarter. Wells Fargo & Company MN now owns 2,056,581 shares of the data storage provider’s stock valued at $86,067,000 after buying an additional 1,749,553 shares during the period. Finally, FMR LLC raised its position in shares of NetApp by 89.2% in the second quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock valued at $121,924,000 after buying an additional 1,435,588 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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