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Analysts at Janney Montgomery Scott lifted their price target on shares of NetApp (NASDAQ:NTAP) from $36.00 to $38.00 in a research report issued to clients and investors on Thursday. The firm currently has a “neutral” rating on the stock. Janney Montgomery Scott’s price target suggests a potential downside of 3.31% from the company’s current price.

In other NetApp news, Director Daniel J. Warmenhoven sold 20,000 shares of the company’s stock 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 document filed with the SEC, which can be accessed through this link.

Shares of NetApp (NASDAQ:NTAP) traded up 3.79% on Thursday, hitting $40.79. The stock had a trading volume of 5,647,198 shares. NetApp has a 52-week low of $33.34 and a 52-week high of $45.96. The stock’s 50-day moving average is $37.6 and its 200-day moving average is $37.56. The company has a market cap of $13.196 billion and a P/E ratio of 21.48. NetApp also was the target of a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 7,973,104 shares, an increase of 36.1% from the July 15th total of 5,858,719 shares. Based on an average trading volume of 3,428,833 shares, the short-interest ratio is currently 2.3 days. Currently, 2.5% of the company’s stock are short sold.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 13th. The company reported $0.60 earnings per share for the quarter, beating the analysts’ 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%.

NTAP has been the subject of a number of other recent research reports. Analysts at Piper Jaffray raised their price target on shares of NetApp from $42.00 to $46.00 in a research note on Thursday. They now have an “overweight” rating on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of NetApp from $38.00 to $42.00 in a research note on Thursday. They now have a “market perform” rating on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of NetApp in a research note on Thursday. They now have a $40.00 price target on the stock, up previously from $35.00. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price 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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