NetApp’s (NTAP) Buy Rating Reaffirmed at Lake Street Capital
Lake Street Capital reaffirmed their buy rating on shares of NetApp, Inc. (NASDAQ:NTAP) in a report published on Thursday. They currently have a $54.00 price target on the data storage provider’s stock, up from their previous price target of $49.00.
NTAP has been the subject of a number of other research reports. Morgan Stanley reaffirmed an underweight rating on shares of NetApp in a report on Saturday, September 23rd. DA Davidson reiterated a buy rating and issued a $51.00 price target on shares of NetApp in a research report on Monday, October 2nd. Credit Suisse Group upped their price target on NetApp from $37.00 to $40.00 and gave the company a neutral rating in a research report on Wednesday, August 9th. Zacks Investment Research upgraded NetApp from a hold rating to a buy rating and set a $49.00 price target on the stock in a research report on Wednesday, October 4th. Finally, Piper Jaffray Companies set a $52.00 price target on NetApp and gave the company a buy rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and fourteen have issued a buy rating to the company’s stock. NetApp has an average rating of Hold and a consensus price target of $48.31.
NetApp (NTAP) traded down $0.16 during trading on Thursday, hitting $52.95. The stock had a trading volume of 5,664,483 shares, compared to its average volume of 2,981,599. NetApp has a 12 month low of $34.72 and a 12 month high of $54.72. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.47 and a quick ratio of 1.44. The firm has a market cap of $14,330.00, a PE ratio of 19.17, a P/E/G ratio of 1.60 and a beta of 1.16.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. research analysts anticipate that NetApp will post 2.49 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, January 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.51%. NetApp’s payout ratio is 38.46%.
In other news, SVP Matthew K. Fawcett sold 29,845 shares of NetApp stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $46.60, for a total value of $1,390,777.00. Following the transaction, the senior vice president now owns 31,962 shares in the company, valued at $1,489,429.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $43.53, for a total value of $1,480,020.00. Following the completion of the transaction, the director now owns 24,132 shares in the company, valued at approximately $1,050,465.96. The disclosure for this sale can be found here. Insiders have sold 74,343 shares of company stock worth $3,302,273 in the last 90 days. Company insiders own 0.47% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings 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 during the period. BlackRock Inc. increased its holdings 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 during the period. Boston Partners purchased a new position in shares of NetApp in the third quarter worth about $315,629,000. Bank of New York Mellon Corp increased its holdings in shares of NetApp by 25.2% in the third quarter. Bank of New York Mellon Corp now owns 4,061,906 shares of the data storage provider’s stock worth $177,748,000 after buying an additional 817,147 shares during the period. Finally, Renaissance Technologies LLC increased its holdings 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 during the period. Hedge funds and other institutional investors own 93.91% of the company’s stock.
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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