A number of other equities research analysts have also recently commented on NTAP. Summit Research started coverage on shares of NetApp in a research report on Wednesday, June 22nd. They issued a sell rating for the company. Robert W. Baird restated a neutral rating and set a $26.00 price objective on shares of NetApp in a research report on Monday, June 27th. Summit Redstone restated a sell rating on shares of NetApp in a research report on Tuesday, June 21st. BMO Capital Markets restated a neutral rating and set a $26.00 price objective on shares of NetApp in a research report on Wednesday, June 29th. Finally, Zacks Investment Research cut shares of NetApp from a hold rating to a sell rating in a research report on Tuesday, July 26th. Ten equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have given a buy rating to the company. NetApp presently has an average rating of Hold and an average target price of $30.16.
Shares of NetApp (NASDAQ:NTAP) opened at 34.85 on Friday. The stock has a 50 day moving average of $34.68 and a 200 day moving average of $27.62. NetApp has a 12 month low of $20.66 and a 12 month high of $36.10. The stock has a market cap of $9.71 billion, a PE ratio of 31.37 and a beta of 1.58.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.10. The business earned $1.29 billion during the quarter, compared to analysts’ expectations of $1.26 billion. NetApp had a net margin of 5.87% and a return on equity of 15.82%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 earnings per share. On average, equities analysts anticipate that NetApp will post $2.36 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be given a $0.19 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.76 annualized dividend and a dividend yield of 2.18%. NetApp’s dividend payout ratio is presently 68.47%.
In other NetApp news, CEO George Kurian sold 48,176 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were 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 directly owns 92,746 shares in the company, valued at approximately $3,234,053.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jeffry R. Allen sold 14,020 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $35.24, for a total transaction of $494,064.80. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $528,600. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global X Management Co. LLC raised 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 period. FTB Advisors Inc. raised 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 period. Thrivent Financial for Lutherans raised 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 period. First Allied Advisory Services Inc. raised 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 period. Finally, Creative Planning raised 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 period. Institutional investors own 89.54% of the company’s stock.
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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