NetApp, Inc. (NTAP) PT Raised to $61.00 at Maxim Group
NetApp, Inc. (NASDAQ:NTAP) had its target price hoisted by research analysts at Maxim Group from $56.00 to $61.00 in a report released on Thursday. The brokerage presently has a “buy” rating on the data storage provider’s stock. Maxim Group’s target price would suggest a potential upside of 15.20% from the company’s current price.
The analysts wrote, “Product revenue accelerates to 14% y/y growth and beats consensus by 5% as momentum from strategic solutions continue. Revenue guidance implies product revenue will be up 14% y/y again, 8% above consensus; data management fabric alignment with multi-year trend of hybrid cloud likely the driver. Raising estimates modestly and 12-month price target to $61, from $56.””
A number of other research firms also recently issued reports on NTAP. Royal Bank Of Canada lifted their price objective on shares of NetApp from $45.00 to $50.00 and gave the company a “sector perform” rating in a report on Monday, November 13th. Piper Jaffray Companies set a $52.00 price objective on shares of NetApp and gave the company a “buy” rating in a report on Tuesday. DA Davidson lifted their price objective on shares of NetApp from $53.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday. Wells Fargo & Company reiterated a “market perform” rating and issued a $50.00 price objective on shares of NetApp in a report on Tuesday. Finally, Pivotal Research assumed coverage on shares of NetApp in a report on Thursday. They issued a “hold” rating and a $54.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $48.68.
Shares of NetApp (NASDAQ:NTAP) opened at $52.95 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.27. NetApp has a fifty-two week low of $34.72 and a fifty-two week high of $54.72. The stock has a market cap of $14,330.00, a P/E ratio of 19.17, a PEG ratio of 1.60 and a beta of 1.16.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.12. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company earned $0.60 earnings per share. The firm’s revenue was up 6.1% compared to the same quarter last year. sell-side analysts predict that NetApp will post 2.49 EPS for the current fiscal year.
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In other NetApp news, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total transaction of $83,011.76. Following the completion of the transaction, the executive vice president now owns 17,812 shares of the company’s stock, valued at $748,282.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,570 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $37.98, for a total value of $173,568.60. Following the transaction, the chief executive officer now directly owns 23,028 shares of the company’s stock, valued at approximately $874,603.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,343 shares of company stock valued at $3,302,273. Insiders own 0.47% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in NTAP. Capstone Asset Management Co. increased its stake in shares of NetApp by 3.8% in the second quarter. Capstone Asset Management Co. now owns 20,741 shares of the data storage provider’s stock valued at $831,000 after buying an additional 753 shares during the period. Bank of Montreal Can increased its stake in shares of NetApp by 6.0% in the second quarter. Bank of Montreal Can now owns 189,736 shares of the data storage provider’s stock valued at $7,600,000 after buying an additional 10,767 shares during the period. State of Alaska Department of Revenue increased its stake in shares of NetApp by 19.7% in the second quarter. State of Alaska Department of Revenue now owns 14,000 shares of the data storage provider’s stock valued at $560,000 after buying an additional 2,300 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake in shares of NetApp by 504.7% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 44,945 shares of the data storage provider’s stock valued at $1,800,000 after buying an additional 37,513 shares during the period. Finally, James Investment Research Inc. acquired a new position in shares of NetApp in the second quarter valued at approximately $1,207,000. 93.91% of the stock is owned by 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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