NetApp, Inc. (NTAP) Earns “Buy” Rating from DA Davidson
DA Davidson restated their buy rating on shares of NetApp, Inc. (NASDAQ:NTAP) in a research note released on Monday morning. They currently have a $51.00 target price on the data storage provider’s stock.
NTAP has been the topic of several other research reports. Credit Suisse Group increased their price target on shares of NetApp from $37.00 to $40.00 and gave the stock a neutral rating in a report on Wednesday, August 9th. Piper Jaffray Companies set a $50.00 price target on shares of NetApp and gave the stock a buy rating in a report on Monday, August 14th. BidaskClub downgraded shares of NetApp from a hold rating to a sell rating in a report on Saturday, June 17th. Longbow Research upgraded shares of NetApp from a neutral rating to a buy rating and set a $50.00 price target on the stock in a report on Tuesday, August 15th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of NetApp from a neutral rating to a buy rating and increased their price target for the stock from $46.00 to $47.00 in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $45.12.
Shares of NetApp (NASDAQ NTAP) opened at 44.55 on Monday. The company has a market capitalization of $12.02 billion, a price-to-earnings ratio of 21.51 and a beta of 1.26. The company’s 50-day moving average is $40.69 and its 200 day moving average is $40.73. NetApp has a 12 month low of $30.36 and a 12 month high of $45.24.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share 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 company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company earned $0.46 EPS. NetApp’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities research analysts anticipate that NetApp will post $3.13 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.80 annualized dividend and a dividend yield of 1.80%. NetApp’s dividend payout ratio is presently 38.65%.
In related news, EVP Henri P. Richard sold 1,976 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $43.89, for a total transaction of $86,726.64. Following the completion of the sale, the executive vice president now directly owns 15,836 shares of the company’s stock, valued at approximately $695,042.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 4,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $43.67, for a total value of $174,680.00. Following the sale, the chief executive officer now directly owns 27,598 shares of the company’s stock, valued at $1,205,204.66. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,450 shares of company stock worth $2,250,560. Insiders own 0.47% of the company’s stock.
Several large investors have recently modified their holdings of NTAP. UBS Asset Management Americas Inc. increased its position in shares of NetApp by 4.1% during the 1st quarter. UBS Asset Management Americas Inc. now owns 1,072,654 shares of the data storage provider’s stock worth $44,891,000 after purchasing an additional 42,544 shares during the last quarter. Mutual of America Capital Management LLC increased its position in shares of NetApp by 11.7% during the 1st quarter. Mutual of America Capital Management LLC now owns 35,157 shares of the data storage provider’s stock worth $1,471,000 after purchasing an additional 3,680 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of NetApp by 31.5% during the 1st quarter. Pacer Advisors Inc. now owns 6,588 shares of the data storage provider’s stock worth $276,000 after purchasing an additional 1,578 shares during the last quarter. M&T Bank Corp increased its position in shares of NetApp by 12.0% during the 1st quarter. M&T Bank Corp now owns 14,053 shares of the data storage provider’s stock worth $588,000 after purchasing an additional 1,504 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of NetApp by 0.9% during the 1st quarter. Prudential Financial Inc. now owns 392,308 shares of the data storage provider’s stock worth $16,418,000 after purchasing an additional 3,500 shares during the last quarter. 92.08% 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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