NetApp Inc. (NASDAQ:NTAP) had its target price hoisted by RBC Capital Markets from $32.00 to $36.00 in a note issued to investors on Tuesday. The brokerage presently has a “sector perform” rating on the data storage provider’s stock. RBC Capital Markets’ price target would indicate a potential upside of 2.42% from the stock’s current price.
Several other brokerages have also recently issued reports on NTAP. Deutsche Bank AG cut shares of NetApp from a “hold” rating to a “sell” rating and cut their target price for the stock from $35.66 to $25.00 in a report on Monday. They noted that the move was a valuation call. Cross Research upgraded shares of NetApp from a “hold” rating to a “buy” rating in a report on Monday. Credit Suisse Group AG restated a “hold” rating and issued a $28.00 target price on shares of NetApp in a report on Tuesday, August 30th. Robert W. Baird reaffirmed a “hold” rating on shares of NetApp in a research note on Friday, September 9th. Finally, Goldman Sachs Group Inc. raised NetApp from a “sell” rating to a “neutral” rating and raised their price target for the stock from $26.00 to $32.00 in a research note on Wednesday, August 24th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $29.64.
Shares of NetApp (NASDAQ:NTAP) opened at 35.15 on Tuesday. The firm’s 50-day moving average is $33.89 and its 200-day moving average is $27.36. The company has a market cap of $9.80 billion, a price-to-earnings ratio of 31.64 and a beta of 1.56. NetApp has a 52 week low of $20.66 and a 52 week high of $36.10.
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 consensus estimate of $0.36 by $0.10. NetApp had a net margin of 5.87% and a return on equity of 15.82%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the business earned $0.29 earnings per share. The business’s revenue was down 3.1% on a year-over-year basis. Equities research analysts predict that NetApp will post $2.36 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.16%. The ex-dividend date is Wednesday, October 5th. NetApp’s dividend payout ratio (DPR) is presently 68.47%.
In other NetApp news, CEO George Kurian sold 48,176 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $34.87, for a total value of $1,679,897.12. Following the transaction, the chief executive officer now owns 92,746 shares of the company’s stock, valued at approximately $3,234,053.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffry R. Allen sold 15,000 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $34.82, for a total value of $522,300.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $522,300. The disclosure for this sale can be found here. 0.49% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Global X Management Co. LLC increased its position in NetApp by 109.8% in the second quarter. Global X Management Co. LLC now owns 4,485 shares of the data storage provider’s stock worth $110,000 after buying an additional 2,347 shares during the last quarter. FTB Advisors Inc. increased its position in NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock worth $126,000 after buying an additional 646 shares during the last quarter. Thrivent Financial for Lutherans increased its position in NetApp by 3.2% in the second quarter. Thrivent Financial for Lutherans now owns 8,840 shares of the data storage provider’s stock worth $217,000 after buying an additional 270 shares during the last quarter. First Allied Advisory Services Inc. increased its position in NetApp by 6.7% in the second quarter. First Allied Advisory Services Inc. now owns 10,481 shares of the data storage provider’s stock worth $249,000 after buying an additional 655 shares during the last quarter. Finally, Creative Planning increased its position in NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock worth $258,000 after buying an additional 7,484 shares during the last quarter. 89.54% of the stock is currently owned by institutional investors and hedge funds.
NetApp Company Profile
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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