Deutsche Bank Reiterates “Hold” Rating for NetApp (NTAP)
NetApp (NASDAQ:NTAP)‘s stock had its “hold” rating reaffirmed by equities researchers at Deutsche Bank in a research report issued on Thursday. They currently have a $40.00 price objective on the stock, up from their previous price objective of $35.00. Deutsche Bank’s price objective would suggest a potential upside of 1.78% from the stock’s previous close.
NetApp (NASDAQ:NTAP) traded up 5.22% during mid-day trading on Thursday, hitting $41.35. 11,062,671 shares of the company’s stock traded hands. 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 $37.6 and a 200-day moving average of $37.56. The company has a market cap of $13.377 billion and a price-to-earnings ratio of 21.48. NetApp also was the recipient of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 7,973,104 shares, a growth of 36.1% from the July 15th total of 5,858,719 shares. Approximately 2.5% of the shares of the company are short sold. Based on an average daily trading volume, of 3,428,833 shares, the days-to-cover ratio is presently 2.3 days.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 13th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.47 billion. On average, analysts predict that NetApp will post $2.96 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 22nd. Stockholders of record on Friday, October 10th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Wednesday, October 8th.
In other NetApp news, Director Daniel J. Warmenhoven sold 20,000 shares of the company’s stock on the open market in a transaction dated Friday, August 1st. The stock was sold at an average price of $38.44, for a total value of $768,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
NTAP has been the subject of a number of other recent research reports. Analysts at Barclays reiterated an “equal weight” rating on shares of NetApp in a research note on Thursday. They now have a $42.00 price target on the stock, up previously from $40.00. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of NetApp in a research note on Thursday. They now have a $41.00 price target on the stock, up previously from $39.00. Finally, analysts at Brean Capital raised their price target on shares of NetApp from $42.00 to $45.00 in a research note on Thursday. They now have a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $41.15.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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