Goldman Sachs Group, Inc. (The) upgraded shares of NetApp Inc. (NASDAQ:NTAP) from a neutral rating to a buy rating in a research note released on Friday morning, MarketBeat reports. The firm currently has $47.00 price objective on the data storage provider’s stock, up from their previous price objective of $46.00.
NTAP has been the topic of several other research reports. Wells Fargo & Company reaffirmed a market perform rating and set a $40.00 target price on shares of NetApp in a research note on Thursday, March 16th. Robert W. Baird lifted their target price on NetApp from $43.00 to $47.00 and gave the company a neutral rating in a research note on Tuesday, April 4th. Zacks Investment Research raised NetApp from a sell rating to a hold rating in a research note on Monday, May 8th. FBN Securities raised NetApp from a sector perform rating to an outperform rating and lifted their target price for the company from $45.00 to $50.00 in a research note on Thursday, May 25th. Finally, Royal Bank Of Canada reaffirmed a sector perform rating on shares of NetApp in a research note on Friday, April 7th. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $41.52.
NetApp (NASDAQ NTAP) traded down 0.05% during midday trading on Friday, hitting $43.62. The stock had a trading volume of 5,416,468 shares. The stock has a 50-day moving average price of $39.61 and a 200 day moving average price of $39.30. NetApp has a one year low of $24.94 and a one year high of $43.90. The firm has a market cap of $11.85 billion, a PE ratio of 24.10 and a beta of 1.19.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.04. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.44 billion. NetApp had a return on equity of 27.84% and a net margin of 12.83%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.55 EPS. On average, analysts predict that NetApp will post $3.03 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Investors of record on Friday, July 7th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Wednesday, July 5th. This is a boost from NetApp’s previous quarterly dividend of $0.19. NetApp’s payout ratio is currently 44.20%.
In related news, Director Jeffry R. Allen sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $40.46, for a total transaction of $809,200.00. Following the transaction, the director now directly owns 8,500 shares in the company, valued at $343,910. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $40.01, for a total value of $160,040.00. Following the transaction, the chief executive officer now owns 20,396 shares in the company, valued at $816,043.96. The disclosure for this sale can be found here. Insiders have sold 111,590 shares of company stock worth $4,459,569 over the last 90 days. Corporate insiders own 0.49% of the company’s stock.
A number of institutional investors have recently modified their holdings of NTAP. Affinity Wealth Management purchased a new position in shares of NetApp during the first quarter valued at about $318,000. Spirit of America Management Corp NY raised its position in shares of NetApp by 86.7% in the first quarter. Spirit of America Management Corp NY now owns 5,600 shares of the data storage provider’s stock valued at $234,000 after buying an additional 2,600 shares in the last quarter. Bank of Montreal Can raised its position in shares of NetApp by 22.3% in the first quarter. Bank of Montreal Can now owns 178,969 shares of the data storage provider’s stock valued at $7,491,000 after buying an additional 32,658 shares in the last quarter. Carroll Financial Associates Inc. purchased a new position in shares of NetApp during the first quarter valued at about $123,000. Finally, National Pension Service raised its position in shares of NetApp by 24,106.4% in the first quarter. National Pension Service now owns 278,131 shares of the data storage provider’s stock valued at $11,654,000 after buying an additional 276,982 shares in the last quarter. Hedge funds and other institutional investors own 91.24% of the company’s stock.
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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