NetApp Inc. (NASDAQ:NTAP) was down 11.7% on Thursday after ValuEngine downgraded the stock from a buy rating to a hold rating. The company traded as low as $67.27 and last traded at $68.88. Approximately 12,083,651 shares were traded during mid-day trading, an increase of 314% from the average daily volume of 2,916,803 shares. The stock had previously closed at $78.03.

A number of other brokerages also recently weighed in on NTAP. Susquehanna Bancshares downgraded NetApp from a “positive” rating to a “neutral” rating in a report on Tuesday, October 23rd. Morgan Stanley raised their target price on NetApp from $70.00 to $72.00 and gave the company a “weight” rating in a report on Thursday. DA Davidson set a $100.00 price target on NetApp and gave the company a “buy” rating in a research note on Thursday. BMO Capital Markets increased their price target on NetApp from $75.00 to $90.00 and gave the company an “in-line” rating in a research note on Thursday, August 16th. Finally, BidaskClub cut NetApp from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $81.21.

In related news, EVP Henri P. Richard sold 2,525 shares of the firm’s stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $76.99, for a total transaction of $194,399.75. Following the completion of the transaction, the executive vice president now directly owns 65,907 shares of the company’s stock, valued at approximately $5,074,179.93. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 36,646 shares of the firm’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $81.69, for a total value of $2,993,611.74. Following the transaction, the chief executive officer now directly owns 64,147 shares of the company’s stock, valued at $5,240,168.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 124,926 shares of company stock valued at $10,378,444. 0.19% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised its position in NetApp by 189.3% during the 3rd quarter. AQR Capital Management LLC now owns 1,663,376 shares of the data storage provider’s stock worth $142,867,000 after purchasing an additional 1,088,458 shares during the last quarter. Mackenzie Financial Corp raised its position in NetApp by 244.8% during the 3rd quarter. Mackenzie Financial Corp now owns 144,668 shares of the data storage provider’s stock worth $12,426,000 after purchasing an additional 102,707 shares during the last quarter. Advisors Asset Management Inc. raised its position in NetApp by 6.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 18,708 shares of the data storage provider’s stock worth $1,607,000 after purchasing an additional 1,152 shares during the last quarter. Worldquant Millennium Quantitative Strategies LLC raised its position in NetApp by 3.9% during the 3rd quarter. Worldquant Millennium Quantitative Strategies LLC now owns 330,734 shares of the data storage provider’s stock worth $28,407,000 after purchasing an additional 12,538 shares during the last quarter. Finally, Kiwi Wealth Investments Limited Partnership raised its position in NetApp by 11.9% during the 3rd quarter. Kiwi Wealth Investments Limited Partnership now owns 46,144 shares of the data storage provider’s stock worth $3,963,000 after purchasing an additional 4,903 shares during the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

The stock has a market capitalization of $20.45 billion, a PE ratio of 23.04, a price-to-earnings-growth ratio of 1.42 and a beta of 1.38. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.06 and a quick ratio of 2.03.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.07. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period last year, the company posted $0.81 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Equities analysts predict that NetApp Inc. will post 3.92 EPS for the current year.

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NetApp Company Profile (NASDAQ:NTAP)

NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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