NetApp Inc. (NASDAQ:NTAP) was the recipient of unusually large options trading activity on Wednesday. Traders acquired 8,993 call options on the company. This is an increase of approximately 1,294% compared to the average volume of 645 call options.

NTAP has been the topic of a number of research reports. Bank of America reaffirmed a “buy” rating and set a $90.00 target price on shares of NetApp in a research note on Monday, February 11th. BidaskClub cut shares of NetApp from a “buy” rating to a “hold” rating in a research note on Tuesday, February 12th. Cross Research raised shares of NetApp from a “hold” rating to a “buy” rating in a research note on Thursday, February 14th. Lake Street Capital reduced their price objective on shares of NetApp to $69.00 and set a “buy” rating on the stock in a research note on Thursday, February 14th. Finally, William Blair cut shares of NetApp from an “outperform” rating to a “market perform” rating and set a $61.95 price objective on the stock. in a research note on Thursday, February 14th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $77.04.

Hedge funds have recently added to or reduced their stakes in the stock. Machina Capital S.A.S. acquired a new position in NetApp in the fourth quarter valued at $409,000. California State Teachers Retirement System raised its holdings in shares of NetApp by 2.6% during the fourth quarter. California State Teachers Retirement System now owns 437,774 shares of the data storage provider’s stock valued at $26,122,000 after purchasing an additional 10,911 shares during the period. First Trust Advisors LP raised its holdings in shares of NetApp by 34.9% during the fourth quarter. First Trust Advisors LP now owns 2,975,676 shares of the data storage provider’s stock valued at $177,559,000 after purchasing an additional 769,122 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of NetApp by 11.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,596 shares of the data storage provider’s stock valued at $752,000 after purchasing an additional 1,298 shares during the period. Finally, Teacher Retirement System of Texas raised its holdings in shares of NetApp by 6,974.9% during the first quarter. Teacher Retirement System of Texas now owns 251,511 shares of the data storage provider’s stock valued at $17,440,000 after purchasing an additional 247,956 shares during the period. Institutional investors and hedge funds own 91.87% of the company’s stock.

NTAP stock opened at $67.10 on Thursday. The firm has a market capitalization of $17.29 billion, a P/E ratio of 22.44, a PEG ratio of 1.01 and a beta of 1.40. The company has a current ratio of 1.56, a quick ratio of 1.53 and a debt-to-equity ratio of 0.93. NetApp has a 12-month low of $54.50 and a 12-month high of $88.08.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, May 22nd. The data storage provider reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.04). The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.64 billion. NetApp had a net margin of 16.85% and a return on equity of 60.32%. NetApp’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 EPS. Equities analysts anticipate that NetApp will post 4.04 earnings per share for the current fiscal year.

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NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data 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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