Wells Fargo & Co reiterated their positive rating on shares of NetApp (NASDAQ:NTAP) in a research note released on Wednesday. They currently have a $80.00 price objective on the data storage provider’s stock.
Other analysts have also issued research reports about the stock. TheStreet upgraded shares of NetApp from a c+ rating to a b rating in a research note on Wednesday, May 23rd. UBS Group boosted their price target on shares of NetApp from $70.00 to $71.00 and gave the company a buy rating in a research note on Wednesday, March 28th. Pivotal Research upgraded shares of NetApp from a hold rating to a buy rating and boosted their price target for the company from $62.00 to $72.00 in a research note on Wednesday, April 4th. DA Davidson set a $79.00 price target on shares of NetApp and gave the company a buy rating in a research note on Friday, April 6th. Finally, Argus upped their target price on shares of NetApp to $76.00 and gave the stock a buy rating in a research note on Thursday, April 12th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. NetApp presently has an average rating of Buy and a consensus target price of $67.15.
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Shares of NTAP stock opened at $76.96 on Wednesday. The firm has a market cap of $20.49 billion, a price-to-earnings ratio of 25.83, a price-to-earnings-growth ratio of 1.83 and a beta of 1.25. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.89 and a quick ratio of 1.86. NetApp has a 12 month low of $37.55 and a 12 month high of $79.15.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.04. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.60 billion. NetApp had a net margin of 1.29% and a return on equity of 33.87%. NetApp’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.86 EPS. analysts forecast that NetApp will post 3.54 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 25th. Investors of record on Friday, July 6th will be issued a $0.40 dividend. This is an increase from NetApp’s previous quarterly dividend of $0.20. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Thursday, July 5th. NetApp’s payout ratio is 26.76%.
In other NetApp news, CEO George Kurian sold 7,020 shares of the company’s stock in a transaction dated Thursday, April 5th. The shares were sold at an average price of $61.95, for a total transaction of $434,889.00. Following the sale, the chief executive officer now directly owns 27,657 shares of the company’s stock, valued at $1,713,351.15. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kathryn Hill sold 26,997 shares of the company’s stock in a transaction dated Wednesday, June 13th. The shares were sold at an average price of $76.02, for a total transaction of $2,052,311.94. Following the sale, the director now directly owns 26,997 shares in the company, valued at $2,052,311.94. The disclosure for this sale can be found here. Insiders sold a total of 187,652 shares of company stock worth $13,495,439 over the last three months. 0.47% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NTAP. Moneta Group Investment Advisors LLC lifted its holdings in NetApp by 441.0% during the first quarter. Moneta Group Investment Advisors LLC now owns 1,650 shares of the data storage provider’s stock valued at $102,000 after purchasing an additional 1,345 shares during the last quarter. Fortis Advisors LLC purchased a new stake in NetApp during the first quarter valued at about $127,000. Tower Research Capital LLC TRC lifted its holdings in NetApp by 227.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock valued at $182,000 after purchasing an additional 2,282 shares during the last quarter. Wetherby Asset Management Inc. purchased a new stake in NetApp during the fourth quarter valued at about $224,000. Finally, Ffcm LLC lifted its holdings in NetApp by 1,100.3% during the first quarter. Ffcm LLC now owns 4,369 shares of the data storage provider’s stock valued at $269,000 after purchasing an additional 4,005 shares during the last quarter. 90.87% of the stock is currently owned by institutional investors and hedge funds.
About NetApp
NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.
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