NetApp, Inc. (NTAP) Now Covered by Analysts at Pivotal Research
Pivotal Research started coverage on shares of NetApp, Inc. (NASDAQ:NTAP) in a research report sent to investors on Thursday morning, Marketbeat reports. The firm issued a hold rating and a $54.00 target price on the data storage provider’s stock.
NTAP has been the subject of several other reports. Credit Suisse Group upped their target price on shares of NetApp from $37.00 to $40.00 and gave the company a neutral rating in a research note on Wednesday, August 9th. Longbow Research upgraded shares of NetApp from a neutral rating to a buy rating and set a $50.00 target price for the company in a research note on Tuesday, August 15th. Barclays PLC increased their price objective on shares of NetApp from $35.00 to $38.00 and gave the company an underweight rating in a research note on Thursday, August 17th. BidaskClub cut shares of NetApp from a buy rating to a hold rating in a research note on Saturday, August 12th. Finally, Drexel Hamilton restated a buy rating and issued a $62.00 price objective (up previously from $60.00) on shares of NetApp in a research note on Friday, August 18th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $48.68.
NetApp (NASDAQ:NTAP) traded down $0.16 during trading hours on Thursday, reaching $52.95. 5,664,400 shares of the company traded hands, compared to its average volume of 2,981,630. The firm has a market cap of $14,283.67, a PE ratio of 19.91, a P/E/G ratio of 1.85 and a beta of 1.16. NetApp has a 1 year low of $34.72 and a 1 year high of $54.72. The company has a current ratio of 1.67, a quick ratio of 1.64 and a debt-to-equity ratio of 0.55.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.60 EPS. research analysts forecast that NetApp will post 2.53 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Investors of record on Friday, January 5th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.51%. NetApp’s dividend payout ratio is 34.33%.
In other NetApp news, CEO George Kurian sold 4,570 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the sale, the chief executive officer now directly owns 23,028 shares in the company, valued at approximately $874,603.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard P. Wallace sold 34,000 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the sale, the director now owns 24,132 shares in the company, valued at $1,050,465.96. The disclosure for this sale can be found here. Insiders sold a total of 74,343 shares of company stock worth $3,302,273 over the last quarter. 0.47% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank raised its holdings in NetApp by 25.4% during the 2nd quarter. Toronto Dominion Bank now owns 91,841 shares of the data storage provider’s stock worth $3,678,000 after buying an additional 18,613 shares during the period. Personal Capital Advisors Corp acquired a new stake in NetApp during the 3rd quarter worth approximately $269,000. BTIM Corp. raised its holdings in NetApp by 4.5% during the 2nd quarter. BTIM Corp. now owns 118,219 shares of the data storage provider’s stock worth $4,735,000 after buying an additional 5,099 shares during the period. Aberdeen Asset Management PLC UK raised its holdings in NetApp by 13.4% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 547,294 shares of the data storage provider’s stock worth $21,918,000 after buying an additional 64,722 shares during the period. Finally, Cantor Fitzgerald Investment Adviser L.P. acquired a new stake in NetApp during the 2nd quarter worth approximately $280,000. Hedge funds and other institutional investors own 97.27% of the company’s stock.
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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