TheStreet Reiterates Buy Rating for NetApp (NTAP)
NetApp (NASDAQ:NTAP)‘s stock had its “buy” rating reaffirmed by equities researchers at TheStreet in a research report issued on Sunday, Analyst Ratings Network.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 compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, 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 sold 30,000 shares of NetApp stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $41.04, for a total transaction of $1,231,200.00. Following the sale, the chairman now directly owns 65,059 shares of the company’s stock, valued at approximately $2,670,021. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of other analysts have also recently weighed in on NTAP. Analysts at Morgan Stanley downgraded shares of NetApp from an “overweight” rating to an “equal weight” rating in a research note to investors on Tuesday, December 3rd. Separately, analysts at BMO Capital Markets reiterated a “hold” rating on shares of NetApp in a research note to investors on Sunday, November 17th. They now have a $47.00 price target on the stock. Finally, analysts at Wedbush cut their price target on shares of NetApp from $40.00 to $39.00 in a research note to investors on Thursday, November 14th. They now have a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and twelve have assigned a buy rating to the stock. NetApp currently has an average rating of “Hold” and a consensus target price of $44.29.
Shares of NetApp (NASDAQ:NTAP) opened at 40.33 on Friday. NetApp has a 1-year low of $31.74 and a 1-year high of $44.65. The stock has a 50-day moving average of $40.65 and a 200-day moving average of $40.89. The company has a market cap of $13.745 billion and a price-to-earnings ratio of 25.18.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, November 13th. The company reported $0.66 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.63 by $0.03. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. Analysts expect that NetApp will post $2.70 EPS 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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