NetApp Receives “Neutral” Rating from Citigroup Inc. (NTAP)
NetApp (NASDAQ:NTAP)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Citigroup Inc. in a research note issued to investors on Thursday. They currently have a $41.00 target price on the stock, up from their previous target price of $39.00. Citigroup Inc.’s target price would indicate a potential upside of 4.33% from the company’s current price.
In other NetApp news, Director Daniel J. Warmenhoven sold 20,000 shares of the company’s stock on the open market 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 sale was disclosed in a filing with the SEC, which is available at this link.
A number of other firms have also recently commented on NTAP. Analysts at Brean Capital raised their price target on shares of NetApp from $42.00 to $45.00 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Needham & Company LLC upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research note on Thursday. They now have a $49.00 price target on the stock. Finally, analysts at RBC Capital raised their price target on shares of NetApp from $38.00 to $41.00 in a research note on Friday, August 8th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have issued a buy rating to the company’s stock. NetApp has a consensus rating of “Hold” and an average target price of $40.66.
NetApp (NASDAQ:NTAP) traded up 2.38% on Thursday, hitting $40.235. The stock had a trading volume of 3,574,073 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 $13.016 billion and a price-to-earnings ratio of 21.48. NetApp also was the target of a significant growth in short interest in 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. Approximately 2.5% of the company’s shares are sold short. Based on an average trading volume of 3,428,833 shares, the days-to-cover ratio is presently 2.3 days.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data 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 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, October 22nd. Investors 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%.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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