Oppenheimer Reaffirms “Hold” Rating for NetApp (NTAP)

Oppenheimer reiterated their hold rating on shares of NetApp (NASDAQ:NTAP) in a research report report published on Thursday.

A number of other research firms have also commented on NTAP. DA Davidson lowered shares of NetApp from a buy rating to a neutral rating and boosted their price target for the company from $56.00 to $64.00 in a research report on Tuesday, January 23rd. Morgan Stanley upgraded shares of NetApp from an underweight rating to an equal weight rating and boosted their price target for the company from $41.00 to $64.00 in a research report on Tuesday, January 23rd. UBS boosted their price target on shares of NetApp from $62.00 to $71.00 and gave the company a buy rating in a research report on Friday, January 26th. BMO Capital Markets boosted their price target on shares of NetApp from $63.00 to $73.00 and gave the company an outperform rating in a research report on Friday. Finally, ValuEngine raised shares of NetApp from a hold rating to a buy rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. NetApp currently has an average rating of Hold and a consensus target price of $57.96.

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NASDAQ NTAP traded up $1.61 during trading hours on Thursday, hitting $64.51. The company’s stock had a trading volume of 2,358,607 shares, compared to its average volume of 3,242,585. NetApp has a 52 week low of $37.43 and a 52 week high of $65.58. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.88 and a current ratio of 1.91. The stock has a market cap of $16,640.68, a price-to-earnings ratio of 29.95, a PEG ratio of 1.98 and a beta of 1.27.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, February 14th. The data storage provider reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.08. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.49 billion. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. During the same quarter last year, the firm earned $0.82 EPS. sell-side analysts predict that NetApp will post 2.91 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, April 6th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date is Thursday, April 5th. NetApp’s dividend payout ratio (DPR) is presently 38.10%.

In other NetApp news, VP Joel D. Reich sold 11,641 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $60.02, for a total value of $698,692.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO George Kurian sold 3,826 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $63.01, for a total transaction of $241,076.26. Following the completion of the transaction, the chief executive officer now owns 20,637 shares in the company, valued at $1,300,337.37. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,507 shares of company stock worth $1,785,398. Corporate insiders own 0.47% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NTAP. Tuttle Tactical Management LLC purchased a new stake in shares of NetApp in the fourth quarter worth $1,411,000. MetLife Investment Advisors LLC purchased a new stake in shares of NetApp in the fourth quarter worth $4,617,000. Vident Investment Advisory LLC increased its stake in shares of NetApp by 6.6% in the fourth quarter. Vident Investment Advisory LLC now owns 65,025 shares of the data storage provider’s stock worth $3,597,000 after purchasing an additional 4,047 shares in the last quarter. Millennium Management LLC increased its stake in shares of NetApp by 39.6% in the fourth quarter. Millennium Management LLC now owns 1,233,888 shares of the data storage provider’s stock worth $68,259,000 after purchasing an additional 350,081 shares in the last quarter. Finally, Sciencast Management LP purchased a new stake in shares of NetApp in the fourth quarter worth $793,000. Institutional investors and hedge funds own 94.99% of the company’s stock.

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NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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