NetApp (NTAP) Rating Increased to Buy at BidaskClub

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NetApp (NASDAQ:NTAP) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

A number of other research analysts also recently weighed in on NTAP. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Thursday, December 13th. ValuEngine downgraded shares of NetApp from a “buy” rating to a “hold” rating in a research report on Friday, November 16th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $79.54.

NetApp stock opened at $63.77 on Wednesday. The firm has a market capitalization of $15.77 billion, a P/E ratio of 21.33, a price-to-earnings-growth ratio of 1.10 and a beta of 1.33. NetApp has a 1-year low of $52.00 and a 1-year high of $88.08. The company has a quick ratio of 1.63, a current ratio of 1.65 and a debt-to-equity ratio of 0.75.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.51 billion. NetApp had a net margin of 4.70% and a return on equity of 51.50%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 earnings per share. On average, research analysts anticipate that NetApp will post 4.01 earnings per share for the current year.

In other news, EVP Henri P. Richard sold 2,525 shares of NetApp stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $69.55, for a total value of $175,613.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Kurian sold 10,000 shares of NetApp stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $66.66, for a total transaction of $666,600.00. Following the completion of the transaction, the chief executive officer now directly owns 10,244 shares of the company’s stock, valued at approximately $682,865.04. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Pensionfund DSM Netherlands acquired a new stake in shares of NetApp during the 4th quarter worth about $1,671,000. Federated Investors Inc. PA raised its stake in NetApp by 15.3% in the 3rd quarter. Federated Investors Inc. PA now owns 584,780 shares of the data storage provider’s stock worth $50,227,000 after purchasing an additional 77,411 shares in the last quarter. Aperio Group LLC raised its stake in NetApp by 17.0% in the 3rd quarter. Aperio Group LLC now owns 169,691 shares of the data storage provider’s stock worth $14,575,000 after purchasing an additional 24,601 shares in the last quarter. Xact Kapitalforvaltning AB raised its stake in NetApp by 1.5% in the 3rd quarter. Xact Kapitalforvaltning AB now owns 70,090 shares of the data storage provider’s stock worth $6,020,000 after purchasing an additional 1,012 shares in the last quarter. Finally, Great Lakes Advisors LLC raised its stake in NetApp by 1.1% in the 3rd quarter. Great Lakes Advisors LLC now owns 67,985 shares of the data storage provider’s stock worth $5,839,000 after purchasing an additional 723 shares in the last quarter. 93.71% of the stock is owned by institutional investors.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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