NetApp Price Target Raised to $41.00 at Macquarie (NTAP)
Equities research analysts at Macquarie hoisted their target price on shares of NetApp (NASDAQ:NTAP) from $38.00 to $41.00 in a research note issued to investors on Thursday. The firm currently has a “neutral” rating on the stock. Macquarie’s price objective would suggest a potential upside of 4.33% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at DA Davidson raised their price target on shares of NetApp from $45.00 to $46.50 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Janney Montgomery Scott raised their price target on shares of NetApp from $36.00 to $38.00 in a research note on Thursday. They now have a “neutral” rating on the stock. Finally, 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. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. NetApp currently has an average rating of “Hold” and an average price target of $41.15.
Shares of NetApp (NASDAQ:NTAP) traded up 3.79% on Thursday, hitting $40.79. The stock had a trading volume of 5,646,698 shares. NetApp has a 1-year low of $33.34 and a 1-year 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 $13.196 billion and a price-to-earnings ratio of 21.48. NetApp also was the recipient of a large increase in short interest in 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 presently 2.3 days. Approximately 2.5% of the company’s shares are sold short.
NetApp (NASDAQ:NTAP) last posted its quarterly 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. Analysts expect that NetApp will post $2.96 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 22nd. Shareholders 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%.
In other NetApp news, Director Daniel J. Warmenhoven sold 20,000 shares of the stock on the open market in a transaction that occurred on 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 is available at this link.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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