NetApp Inc. (NTAP) Given New $42.00 Price Target at Susquehanna
NetApp Inc. (NASDAQ:NTAP) had its target price increased by research analysts at Susquehanna to $42.00 in a research report issued to clients and investors on Wednesday. Susquehanna’s target price would suggest a potential upside of 20.07% from the stock’s previous close.
Other research analysts have also issued research reports about the company. Robert W. Baird reissued a “hold” rating on shares of NetApp in a report on Friday, September 9th. Credit Suisse Group AG reissued a “hold” rating and set a $28.00 price objective on shares of NetApp in a report on Tuesday, August 30th. Goldman Sachs Group Inc. raised NetApp from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $26.00 to $32.00 in a report on Wednesday, August 24th. They noted that the move was a valuation call. BMO Capital Markets reissued a “hold” rating and set a $31.00 price objective on shares of NetApp in a report on Sunday, August 21st. Finally, Zacks Investment Research raised NetApp from a “sell” rating to a “hold” rating and set a $40.00 price objective for the company in a report on Friday, August 19th. Ten equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $28.95.
NetApp (NASDAQ:NTAP) opened at 34.98 on Wednesday. The firm’s 50-day moving average is $32.40 and its 200 day moving average is $26.98. The company has a market cap of $9.75 billion, a price-to-earnings ratio of 31.49 and a beta of 1.56. NetApp has a 12-month low of $20.66 and a 12-month high of $36.09.
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NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.10. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the business posted $0.29 earnings per share. The company’s revenue was down 3.1% on a year-over-year basis. On average, equities analysts expect that NetApp will post $2.36 earnings per share for the current fiscal 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 dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.17%. The ex-dividend date is Wednesday, October 5th. NetApp’s dividend payout ratio (DPR) is presently 68.47%.
In related news, VP Joel D. Reich sold 2,241 shares of NetApp stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $24.35, for a total transaction of $54,568.35. Following the sale, the vice president now owns 489 shares of the company’s stock, valued at approximately $11,907.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joel D. Reich sold 5,000 shares of NetApp stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $25.96, for a total value of $129,800.00. Following the completion of the sale, the vice president now directly owns 2,730 shares in the company, valued at approximately $70,870.80. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Global X Management Co. LLC increased its stake in NetApp by 109.8% in the second quarter. Global X Management Co. LLC now owns 4,485 shares of the data storage provider’s stock worth $110,000 after buying an additional 2,347 shares during the last quarter. FTB Advisors Inc. increased its stake in NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock worth $126,000 after buying an additional 646 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in NetApp by 3.2% in the second quarter. Thrivent Financial for Lutherans now owns 8,840 shares of the data storage provider’s stock worth $217,000 after buying an additional 270 shares during the last quarter. First Allied Advisory Services Inc. increased its stake in NetApp by 6.7% in the second quarter. First Allied Advisory Services Inc. now owns 10,481 shares of the data storage provider’s stock worth $249,000 after buying an additional 655 shares during the last quarter. Finally, Creative Planning increased its stake in NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock worth $258,000 after buying an additional 7,484 shares during the last quarter. 89.54% of the stock is currently owned by institutional investors and hedge funds.
NetApp Company Profile
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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