NetApp (NTAP) Price Target Increased to $73.00 by Analysts at BMO Capital Markets

NetApp (NASDAQ:NTAP) had its target price lifted by BMO Capital Markets from $63.00 to $73.00 in a report released on Friday morning. They currently have an outperform rating on the data storage provider’s stock.

A number of other research firms have also recently commented on NTAP. Zacks Investment Research upgraded shares of NetApp from a hold rating to a buy rating and set a $64.00 target price for the company in a research note on Tuesday, February 6th. Pivotal Research set a $62.00 target price on shares of NetApp and gave the stock a hold rating in a research note on Wednesday, February 28th. DA Davidson cut shares of NetApp from a buy rating to a neutral rating and lifted their target price for the stock from $56.00 to $64.00 in a research note on Tuesday, January 23rd. Loop Capital upgraded shares of NetApp from a hold rating to a buy rating and set a $50.00 target price for the company in a research note on Tuesday, February 13th. Finally, Cross Research cut shares of NetApp from a buy rating to a hold rating in a research note on Monday, April 2nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $57.96.

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Shares of NetApp stock traded up $0.21 on Friday, reaching $63.11. The stock had a trading volume of 4,636,764 shares, compared to its average volume of 2,735,523. The company has a quick ratio of 1.88, a current ratio of 1.91 and a debt-to-equity ratio of 0.71. NetApp has a 1 year low of $37.43 and a 1 year high of $65.58. The company has a market cap of $16,852.34, a P/E ratio of 30.05, a PEG ratio of 2.00 and a beta of 1.27.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.08. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm earned $0.82 EPS. equities research analysts forecast that NetApp will post 2.91 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, April 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Thursday, April 5th. NetApp’s dividend payout ratio (DPR) is 38.10%.

In other news, CEO George Kurian sold 3,826 shares of NetApp stock in a transaction that occurred on Monday, January 22nd. The shares were 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 directly owns 20,637 shares of the company’s stock, valued at approximately $1,300,337.37. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Joel D. Reich sold 11,641 shares of the business’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $60.02, for a total transaction of $698,692.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,507 shares of company stock valued at $1,785,398. Insiders own 0.47% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of NTAP. IFP Advisors Inc increased its holdings in NetApp by 45.3% in the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock worth $142,000 after acquiring an additional 801 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in NetApp by 227.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock worth $182,000 after acquiring an additional 2,282 shares in the last quarter. Visionary Asset Management Inc. purchased a new stake in NetApp in the 3rd quarter worth $200,000. Summit Securities Group LLC purchased a new stake in NetApp in the 4th quarter worth $210,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its holdings in NetApp by 559.8% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,025 shares of the data storage provider’s stock worth $223,000 after acquiring an additional 3,415 shares in the last quarter. 94.99% of the stock is owned by institutional investors.

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About NetApp

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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