NetApp Rating Reiterated by TheStreet (NTAP)
NetApp (NASDAQ:NTAP)‘s stock had its “buy” rating restated by equities research analysts at TheStreet in a research note issued to investors on Friday, StockRatingsNetwork.com reports.
The analysts wrote, “NetApp (NTAP) has been reiterated by TheStreet Ratings as a buy with a ratings score of B. The company’s strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, increase in net income, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.”
In other NetApp news, Chairman Daniel Warmenhoven unloaded 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $41.69, for a total transaction of $416,900.00. Following the completion of the sale, the chairman now directly owns 64,748 shares of the company’s stock, valued at approximately $2,699,344. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Pacific Crest cut their price target on shares of NetApp from $48.00 to $46.00 in a research note to investors on Wednesday. They now have an “outperform” rating on the stock. Separately, analysts at Barclays downgraded shares of NetApp from an “overweight” rating to an “equal weight” rating in a research note to investors on Tuesday, September 24th. They now have a $46.00 price target on the stock. Finally, analysts at William Blair downgraded shares of NetApp from a “market perform” rating to an “underperform” rating in a research note to investors on Friday, September 20th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seventeen have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $44.43.
Shares of NetApp (NASDAQ:NTAP) traded up 1.13% on Friday, hitting $41.10. The stock had a trading volume of 1,282,792 shares. 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 $42.45 and a 200-day moving average of $39.17. The company has a market cap of $13.978 billion and a price-to-earnings ratio of 28.34. NetApp also was the target of unusually large options trading on Tuesday. Stock traders acquired 11,375 put options on the stock. This is an increase of 169% compared to the typical volume of 4,233 put options.
NetApp (NASDAQ:NTAP) last announced its earnings results 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.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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