NetApp PT Raised to $47.00 (NTAP)
Analysts at Cantor Fitzgerald boosted their price objective on shares of NetApp (NASDAQ:NTAP) from $45.00 to $47.00 in a research report issued to clients and investors on Thursday. The firm currently has a “buy” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 19.59% from the stock’s previous close.
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 transaction of $768,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of other firms have also recently commented on NTAP. Analysts at Macquarie raised their price target on shares of NetApp from $38.00 to $41.00 in a research note on Thursday. They now have a “neutral” rating on the stock. Separately, 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. Finally, 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. Two 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 presently has an average rating of “Hold” and a consensus target price of $41.15.
NetApp (NASDAQ:NTAP) traded up 3.79% during mid-day trading on Thursday, hitting $40.79. The stock had a trading volume of 5,646,598 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 saw 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. Currently, 2.5% of the company’s stock are sold short. Based on an average daily 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 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. 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%.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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