NetApp Price Target Raised to $46.50 at DA Davidson (NTAP)
DA Davidson raised their price target on shares of NetApp (NASDAQ:NTAP) from $45.00 to $46.50 in a research note issued on Thursday. The firm currently has a “buy” rating on the stock. DA Davidson’s price target would indicate a potential upside of 18.32% 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 shares were sold at an average price of $38.44, for a total value of $768,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of NetApp (NASDAQ:NTAP) traded up 3.77% on Thursday, hitting $40.78. 5,646,898 shares of the company’s stock traded hands. NetApp has a 1-year low of $33.34 and a 1-year 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 $13.192 billion and a price-to-earnings ratio of 21.48. NetApp also was the recipient of a large 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. Based on an average daily trading volume, of 3,428,833 shares, the days-to-cover ratio is currently 2.3 days. Currently, 2.5% of the shares of the company are sold short.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 13th. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters 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. Investors 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 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. Separately, 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. Finally, 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. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently 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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