Barclays Capital Downgrades NetApp to Equal Weight (NTAP)
NetApp (NASDAQ:NTAP) was downgraded by stock analysts at Barclays Capital from an “overweight” rating to an “equal weight” rating in a report issued on Tuesday, Analyst Ratings.Net reports. They currently have a $46.00 target price on the stock. Barclays Capital’s target price indicates a potential upside of 6.33% from the stock’s previous close.
Shares of NetApp (NASDAQ:NTAP) opened at 43.26 on Tuesday. NetApp has a 52 week low of $26.26 and a 52 week high of $44.65. The stock has a 50-day moving average of $42.43 and a 200-day moving average of $38.24. The company has a market cap of $14.712 billion and a P/E ratio of 30.17.
NetApp (NASDAQ:NTAP) last released its earnings data on Wednesday, August 14th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts predict that NetApp will post $2.75 earnings per share for the current fiscal year.
NTAP has been the subject of a number of other recent research reports. Analysts at William Blair downgraded shares of NetApp (NASDAQ:NTAP) from a “market perform” rating to an “underperform” rating in a research note to investors on Friday. Separately, analysts at Cantor Fitzgerald initiated coverage on shares of NetApp (NASDAQ:NTAP) in a research note to investors on Thursday, September 19th. They set a “buy” rating and a $53.00 price target on the stock. Finally, analysts at TheStreet reiterated a “positive” rating on shares of NetApp (NASDAQ:NTAP) in a research note to investors on Monday, September 16th.
Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating and seventeen have issued a buy rating to the stock. NetApp currently has a consensus rating of “Hold” and a consensus target price of $43.66.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 25th. Investors of record on Monday, October 21st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, October 17th.
In other NetApp news, VP Robert Salmon sold 31,250 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $44.01, for a total transaction of $1,375,312.50. Following the completion of the sale, the vice president now directly owns 22,714 shares of the company’s stock, valued at approximately $999,643. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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