NetApp Sees Large Decrease in Short Interest (NTAP)
NetApp (NASDAQ:NTAP) was the recipient of a significant drop in short interest during the month of May. As of May 15th, there was short interest totalling 8,005,980 shares, a drop of 16.0% from the April 30th total of 9,535,124 shares, Analyst Ratings Net reports. Based on an average daily volume of 4,101,161 shares, the short-interest ratio is currently 2.0 days. Approximately 2.4% of the company’s shares are short sold.
Several analysts have recently commented on the stock. Analysts at TheStreet downgraded shares of NetApp from a “buy” rating to a “hold” rating in a research note on Monday, May 26th. Separately, analysts at Robert W. Baird cut their price target on shares of NetApp from $42.00 to $40.00 in a research note on Thursday, May 22nd. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of NetApp in a research note on Thursday, May 22nd. They now have a $39.00 price target on the stock, down previously from $43.00. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $39.36.
NetApp (NASDAQ:NTAP) opened at 37.51 on Tuesday. NetApp has a 52-week low of $33.34 and a 52-week high of $45.96. The stock has a 50-day moving average of $35.44 and a 200-day moving average of $38.99. The company has a market cap of $12.386 billion and a P/E ratio of 20.22.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.05. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the previous year, the company posted $0.69 earnings per share. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, analysts predict that NetApp will post $2.97 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 22nd. Stockholders of record on Thursday, July 10th will be paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Tuesday, July 8th. This is a boost from NetApp’s previous quarterly dividend of $0.15.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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