NetApp (NTAP) Upgraded to “Buy” at Bank of America
Bank of America upgraded shares of NetApp (NASDAQ:NTAP) from a neutral rating to a buy rating in a report published on Tuesday morning, Marketbeat reports.
A number of other analysts also recently issued reports on NTAP. Loop Capital upgraded shares of NetApp from a hold rating to a buy rating and set a $50.00 price target for the company in a report on Tuesday. Zacks Investment Research raised shares of NetApp from a hold rating to a buy rating and set a $64.00 price objective for the company in a research report on Tuesday, February 6th. Goldman Sachs Group started coverage on shares of NetApp in a research report on Wednesday, February 7th. They set a neutral rating and a $64.00 price objective for the company. BMO Capital Markets reaffirmed a hold rating and set a $43.00 price objective on shares of NetApp in a research report on Wednesday, November 15th. Finally, Robert W. Baird reaffirmed a hold rating on shares of NetApp in a research report on Thursday, November 16th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and sixteen have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $53.85.
Shares of NetApp (NASDAQ:NTAP) opened at $58.74 on Tuesday. The stock has a market cap of $15,670.00, a P/E ratio of 25.21, a PEG ratio of 1.79 and a beta of 1.33. 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 has a 1-year low of $37.43 and a 1-year high of $64.06.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, January 4th. This represents a $0.80 annualized dividend and a yield of 1.36%. NetApp’s dividend payout ratio is presently 34.33%.
In other NetApp news, CEO George Kurian sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $52.50, for a total value of $3,937,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Joel D. Reich sold 3,371 shares of the firm’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $53.17, for a total transaction of $179,236.07. The disclosure for this sale can be found here. Insiders sold a total of 176,629 shares of company stock valued at $9,568,956 in the last three months. 0.47% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of NTAP. Exane Derivatives lifted its position in shares of NetApp by 59,850.0% during the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock worth $105,000 after purchasing an additional 2,394 shares during the last quarter. First Personal Financial Services lifted its position in shares of NetApp by 27,540.0% during the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock worth $121,000 after purchasing an additional 2,754 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of NetApp during the 3rd quarter worth $131,000. IFP Advisors Inc lifted its position in shares of NetApp by 45.3% during the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock worth $142,000 after purchasing an additional 801 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of NetApp by 227.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock worth $182,000 after purchasing an additional 2,282 shares during the last quarter. 96.67% 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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