NetApp Price Target Raised to $46.00 at Piper Jaffray (NTAP)
Analysts at Piper Jaffray hoisted their price objective on shares of NetApp (NASDAQ:NTAP) from $42.00 to $46.00 in a research report issued to clients and investors on Thursday. The firm currently has an “overweight” rating on the stock. Piper Jaffray’s price objective indicates a potential upside of 17.05% from the company’s current price.
Several other analysts have also recently commented on the stock. 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. Separately, 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. Finally, 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. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $41.15.
Shares of NetApp (NASDAQ:NTAP) traded up 3.79% during mid-day trading on Thursday, hitting $40.79. The stock had a trading volume of 5,647,836 shares. 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 $13.196 billion and a P/E ratio of 21.48. NetApp also saw a large increase in short interest in 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 sold short.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data 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 announced a quarterly dividend, which is scheduled for Wednesday, October 22nd. Stockholders of record on Friday, October 10th will be paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.68%.
In other NetApp news, Director Daniel J. Warmenhoven sold 20,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $38.44, for a total transaction of $768,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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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