NetApp Inc. (NASDAQ:NTAP) Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $35.45, for a total value of $813,364.80. Following the completion of the sale, the director now owns 36,048 shares in the company, valued at approximately $1,277,901.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
NetApp Inc. (NASDAQ:NTAP) opened at 35.36 on Tuesday. The company’s 50-day moving average price is $34.51 and its 200 day moving average price is $27.57. The firm has a market capitalization of $9.85 billion, a PE ratio of 31.83 and a beta of 1.58. NetApp Inc. has a 1-year low of $20.66 and a 1-year high of $36.10.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.10. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. NetApp’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. On average, equities analysts anticipate that NetApp Inc. will post $2.36 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend is Wednesday, October 5th. NetApp’s dividend payout ratio (DPR) is presently 68.47%.
Large investors have recently made changes to their positions in the stock. CIBC Asset Management Inc boosted its stake in NetApp by 0.3% in the second quarter. CIBC Asset Management Inc now owns 42,618 shares of the data storage provider’s stock valued at $1,048,000 after buying an additional 120 shares during the period. World Asset Management Inc boosted its stake in NetApp by 0.6% in the second quarter. World Asset Management Inc now owns 29,471 shares of the data storage provider’s stock valued at $725,000 after buying an additional 185 shares during the period. Thrivent Financial for Lutherans boosted its stake 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 valued at $217,000 after buying an additional 270 shares during the period. Advantus Capital Management Inc boosted its stake in NetApp by 1.2% in the second quarter. Advantus Capital Management Inc now owns 28,040 shares of the data storage provider’s stock valued at $690,000 after buying an additional 329 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its stake in NetApp by 2.0% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 22,560 shares of the data storage provider’s stock valued at $554,000 after buying an additional 450 shares during the period. Hedge funds and other institutional investors own 89.54% of the company’s stock.
A number of equities research analysts have commented on NTAP shares. Maxim Group lifted their target price on NetApp from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, August 15th. OTR Global upgraded NetApp from a “negative” rating to a “mixed” rating in a research report on Thursday, August 11th. Zacks Investment Research downgraded NetApp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. Deutsche Bank AG downgraded NetApp from a “hold” rating to a “sell” rating and reduced their target price for the company from $35.66 to $25.00 in a research report on Monday, September 26th. They noted that the move was a valuation call. Finally, Susquehanna lifted their target price on NetApp from $36.00 to $42.00 and gave the company a “positive” rating in a research report on Wednesday, September 21st. Ten equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $30.16.
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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