NetApp Inc. (NTAP) Given New $42.00 Price Target at Susquehanna
NetApp Inc. (NASDAQ:NTAP) had its price target increased by equities researchers at Susquehanna from $36.00 to $42.00 in a note issued to investors on Wednesday. The firm presently has a “positive” rating on the data storage provider’s stock. Susquehanna’s target price would indicate a potential upside of 20.07% from the company’s previous close.
NTAP has been the subject of several other reports. Wells Fargo & Co. restated a “market perform” rating on shares of NetApp in a research note on Friday, August 19th. Goldman Sachs Group Inc. upgraded NetApp from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $26.00 to $32.00 in a research note on Wednesday, August 24th. They noted that the move was a valuation call. Credit Suisse Group AG reiterated a “hold” rating and issued a $28.00 price target on shares of NetApp in a research note on Tuesday, August 30th. Robert W. Baird reiterated a “hold” rating on shares of NetApp in a research note on Friday, September 9th. Finally, Maxim Group lifted their price target on NetApp from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, August 15th. Ten investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have given a buy rating to the company’s stock. NetApp presently has an average rating of “Hold” and a consensus target price of $28.95.
NetApp (NASDAQ:NTAP) traded up 2.66% during mid-day trading on Wednesday, reaching $35.91. The company’s stock had a trading volume of 543,102 shares. The firm has a market capitalization of $10.01 billion, a PE ratio of 32.32 and a beta of 1.56. NetApp has a 12 month low of $20.66 and a 12 month high of $36.09. The stock’s 50-day moving average is $32.40 and its 200-day moving average is $26.98.
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NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.10. The company earned $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. On average, equities analysts anticipate that NetApp will post $2.36 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be paid a $0.19 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.76 dividend on an annualized basis and a yield of 2.17%. NetApp’s payout ratio is currently 68.47%.
In related news, Director George T. Shaheen sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $35.01, for a total value of $1,050,300.00. Following the sale, the director now owns 20,000 shares of the company’s stock, valued at $700,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Joel D. Reich sold 2,241 shares of the company’s stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $24.35, for a total transaction of $54,568.35. Following the completion of the sale, the vice president now directly owns 489 shares in the company, valued at approximately $11,907.15. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in NetApp during the fourth quarter worth $98,107,000. Chevy Chase Trust Holdings Inc. raised its position in NetApp by 3.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 244,195 shares of the data storage provider’s stock worth $6,664,000 after buying an additional 7,743 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in NetApp by 12.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,798 shares of the data storage provider’s stock worth $1,850,000 after buying an additional 7,390 shares during the period. Exxonmobil Investment Management Inc. TX raised its position in NetApp by 7.4% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 70,385 shares of the data storage provider’s stock worth $1,921,000 after buying an additional 4,858 shares during the period. Finally, Aperio Group LLC raised its position in NetApp by 36.0% in the first quarter. Aperio Group LLC now owns 82,609 shares of the data storage provider’s stock worth $2,254,000 after buying an additional 21,863 shares during the period. 89.54% of the stock is currently owned by institutional investors and hedge funds.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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