Jefferies Group LLC Analysts Give NetApp, Inc. (NTAP) a $45.00 Price Target
NetApp, Inc. (NASDAQ:NTAP) has been assigned a $45.00 price objective by research analysts at Jefferies Group LLC in a report issued on Wednesday. The firm presently has a “hold” rating on the data storage provider’s stock. Jefferies Group LLC’s target price points to a potential upside of 16.34% from the company’s current price. Jefferies Group also issued estimates for NetApp’s Q2 2018 earnings at $0.55 EPS, Q2 2019 earnings at $0.69 EPS, Q3 2019 earnings at $0.79 EPS and Q4 2019 earnings at $0.94 EPS.
NTAP has been the topic of a number of other reports. Credit Suisse Group increased their price objective on shares of NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of NetApp from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Royal Bank Of Canada reiterated a “hold” rating on shares of NetApp in a research note on Friday, April 28th. Longbow Research upgraded shares of NetApp from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, August 15th. Finally, Barclays PLC increased their price objective on shares of NetApp from $35.00 to $38.00 and gave the stock an “underweight” rating in a research note on Thursday, August 17th. Three analysts have rated the stock with a sell rating, twenty-one have given a hold rating and thirteen have assigned a buy rating to the company. NetApp presently has an average rating of “Hold” and an average price target of $43.81.
Shares of NetApp (NTAP) opened at 38.67 on Wednesday. The company’s 50-day moving average is $41.94 and its 200 day moving average is $40.74. The firm has a market cap of $10.44 billion, a price-to-earnings ratio of 18.67 and a beta of 1.21. NetApp has a 1-year low of $30.36 and a 1-year high of $45.24.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, beating 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 business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the company posted $0.46 earnings per share. NetApp’s revenue was up 2.4% compared to the same quarter last year. On average, equities research analysts expect that NetApp will post $3.13 EPS for the current fiscal year.
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In related news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $40.12, for a total value of $160,480.00. Following the completion of the sale, the chief executive officer now owns 65,123 shares of the company’s stock, valued at approximately $2,612,734.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Matthew K. Fawcett sold 6,792 shares of NetApp stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $39.58, for a total transaction of $268,827.36. Following the completion of the sale, the senior vice president now directly owns 2,117 shares of the company’s stock, valued at approximately $83,790.86. The disclosure for this sale can be found here. In the last three months, insiders sold 117,518 shares of company stock valued at $4,726,762. 0.47% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of NTAP. DUPONT CAPITAL MANAGEMENT Corp increased its position in NetApp by 0.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 111,444 shares of the data storage provider’s stock worth $4,664,000 after buying an additional 1,039 shares in the last quarter. Pegasus Partners Ltd. purchased a new position in NetApp during the first quarter worth about $884,000. NJ State Employees Deferred Compensation Plan purchased a new position in NetApp during the first quarter worth about $209,000. Old Mutual Global Investors UK Ltd. increased its position in NetApp by 23.4% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 2,929,250 shares of the data storage provider’s stock worth $122,589,000 after buying an additional 556,016 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in NetApp by 23.9% in the first quarter. Janney Montgomery Scott LLC now owns 20,428 shares of the data storage provider’s stock worth $855,000 after buying an additional 3,943 shares in the last quarter. 90.10% of the stock is currently owned by hedge funds and other institutional investors.
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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