Deutsche Bank AG lowered shares of NetApp Inc. (NASDAQ:NTAP) from a hold rating to a sell rating in a research report sent to investors on Monday. They currently have $25.00 price target on the data storage provider’s stock, down from their prior price target of $35.66. The analysts noted that the move was a valuation call.
A number of other equities analysts have also issued reports on NTAP. Oppenheimer Holdings Inc. restated a hold rating on shares of NetApp in a research note on Sunday, May 29th. Zacks Investment Research upgraded NetApp from a strong sell rating to a hold rating in a research note on Wednesday, June 1st. Summit Research began coverage on NetApp in a research note on Wednesday, June 22nd. They set a sell rating for the company. Robert W. Baird reiterated a neutral rating and set a $26.00 price objective on shares of NetApp in a research note on Monday, June 27th. Finally, Summit Redstone reiterated a sell rating on shares of NetApp in a research note on Tuesday, June 21st. Eleven analysts have rated the stock with a sell rating, twenty-three have given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $29.09.
Shares of NetApp (NASDAQ:NTAP) opened at 35.45 on Monday. The company has a 50 day moving average price of $33.45 and a 200-day moving average price of $27.25. NetApp has a 52-week low of $20.66 and a 52-week high of $36.10. The stock has a market capitalization of $9.88 billion, a P/E ratio of 31.91 and a beta of 1.56.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.10. The company earned $1.29 billion during the quarter, compared to analyst estimates of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business posted $0.29 EPS. On average, analysts predict that NetApp will post $2.36 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Wednesday, October 5th. NetApp’s dividend payout ratio is presently 68.47%.
In other NetApp news, VP Joel D. Reich sold 2,241 shares of the firm’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $24.35, for a total transaction of $54,568.35. Following the transaction, the vice president now owns 489 shares of the company’s stock, valued at $11,907.15. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jeffry R. Allen sold 10,980 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $35.24, for a total value of $386,935.20. Following the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $528,600. The disclosure for this sale can be found here. 0.49% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of NTAP. Chevy Chase Trust Holdings Inc. raised its position in shares of NetApp by 3.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 244,195 shares of the data storage provider’s stock valued at $6,664,000 after buying an additional 7,743 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of NetApp by 12.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,798 shares of the data storage provider’s stock valued at $1,850,000 after buying an additional 7,390 shares during the last quarter. Exxonmobil Investment Management Inc. TX raised its position in shares of NetApp by 7.4% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 70,385 shares of the data storage provider’s stock valued at $1,921,000 after buying an additional 4,858 shares during the last quarter. Aperio Group LLC raised its position in shares of NetApp by 36.0% in the first quarter. Aperio Group LLC now owns 82,609 shares of the data storage provider’s stock valued at $2,254,000 after buying an additional 21,863 shares during the last quarter. Finally, Pacad Investment Ltd. raised its position in shares of NetApp by 1.2% in the first quarter. Pacad Investment Ltd. now owns 84,849 shares of the data storage provider’s stock valued at $2,316,000 after buying an additional 987 shares during the last quarter. 89.54% of the stock is currently 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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