NetApp, Inc. (NTAP) Given New $49.00 Price Target at Lake Street Capital
NetApp, Inc. (NASDAQ:NTAP) had its price target boosted by Lake Street Capital from $43.00 to $49.00 in a research report released on Thursday morning, Marketbeat Ratings reports. Lake Street Capital currently has a buy rating on the data storage provider’s stock.
Several other equities analysts have also issued reports on the company. Zacks Investment Research lowered NetApp from a hold rating to a sell rating in a research report on Tuesday, May 2nd. BidaskClub lowered NetApp from a hold rating to a sell rating in a research report on Saturday, June 17th. Royal Bank Of Canada restated a hold rating on shares of NetApp in a research report on Friday, April 28th. OTR Global upgraded NetApp to a positive rating in a research report on Monday, May 15th. Finally, Drexel Hamilton restated a buy rating and set a $62.00 target price on shares of NetApp in a research report on Wednesday, May 24th. Three analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and twelve have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $43.69.
Shares of NetApp (NTAP) opened at 39.35 on Thursday. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 19.00 and a beta of 1.21. The firm’s 50-day moving average is $42.09 and its 200-day moving average is $40.72. NetApp has a 1-year low of $30.36 and a 1-year high of $45.24.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. On average, analysts predict that NetApp will post $3.13 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Thursday, October 5th. NetApp’s payout ratio is presently 38.65%.
In other NetApp news, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $43.67, for a total value of $174,680.00. Following the transaction, the chief executive officer now directly owns 27,598 shares of the company’s stock, valued at approximately $1,205,204.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jeffry R. Allen sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $40.46, for a total value of $809,200.00. Following the completion of the transaction, the director now directly owns 8,500 shares in the company, valued at $343,910. The disclosure for this sale can be found here. Insiders have sold a total of 117,518 shares of company stock worth $4,726,762 over the last three months. 0.47% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of NetApp by 1.8% in the second quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock worth $1,089,939,000 after buying an additional 481,365 shares in the last quarter. BlackRock Inc. raised its position in shares of NetApp by 7.5% in the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock worth $867,006,000 after buying an additional 1,517,967 shares in the last quarter. 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 worth $133,750,000 after buying an additional 2,960,542 shares in the last quarter. Schroder Investment Management Group raised its position in shares of NetApp by 10.7% in the first quarter. Schroder Investment Management Group now owns 3,149,828 shares of the data storage provider’s stock worth $131,978,000 after buying an additional 304,535 shares in the last quarter. 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 worth $121,924,000 after buying an additional 1,435,588 shares in the last quarter. 90.10% of the stock is currently 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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