Sterne Agee Increases NetApp Price Target to $35.00 (NTAP)
Equities researchers at Sterne Agee increased their price target on shares of NetApp (NASDAQ:NTAP) from $34.00 to $35.00 in a research report issued on Thursday. The firm currently has a “neutral” rating on the stock. Sterne Agee’s price objective suggests a potential downside of 10.94% from the stock’s previous close.
In other NetApp news, Director Daniel J. Warmenhoven unloaded 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was 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 Securities & Exchange Commission, which can be accessed through this link.
Shares of NetApp (NASDAQ:NTAP) traded up 3.78% during mid-day trading on Thursday, hitting $40.785. The stock had a trading volume of 4,834,675 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 $13.194 billion and a P/E ratio of 21.48. NetApp also was the target of a significant 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 trading volume of 3,428,833 shares, the short-interest ratio is presently 2.3 days. Currently, 2.5% of the company’s shares are short sold.
NetApp (NASDAQ:NTAP) last released its 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. 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%.
A number of other analysts have also recently weighed in on NTAP. Analysts at Cantor Fitzgerald raised their price target on shares of NetApp from $45.00 to $47.00 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, 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. Finally, 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. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target 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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