NetApp Inc. (NTAP) Earns “Hold” Rating from Maxim Group
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating restated by equities research analysts at Maxim Group in a report issued on Thursday. They currently have a $46.00 price target on the data storage provider’s stock. Maxim Group’s target price would indicate a potential upside of 16.28% from the company’s current price.
The analysts wrote, “Very impressive April quarter results, including evidence that product GM is now on the upswing. July quarter guidance weak as we had previewed due to tough year ago y/y growth compare.””
Several other equities research analysts also recently issued reports on NTAP. Goldman Sachs Group Inc raised shares of NetApp from a “neutral” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Monday, January 30th. Credit Suisse Group AG reaffirmed a “sell” rating and set a $29.00 price target on shares of NetApp in a research note on Friday, February 10th. BTIG Research reaffirmed a “neutral” rating on shares of NetApp in a research note on Tuesday, February 14th. Piper Jaffray Companies raised shares of NetApp from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $46.00 in a research note on Tuesday, February 14th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating on shares of NetApp in a research note on Tuesday, February 14th. Five investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have issued a buy rating to the company. NetApp presently has a consensus rating of “Hold” and an average target price of $41.00.
Shares of NetApp (NASDAQ:NTAP) opened at 39.56 on Thursday. The stock has a market capitalization of $10.72 billion, a price-to-earnings ratio of 36.13 and a beta of 1.50. The company has a 50-day moving average price of $40.11 and a 200-day moving average price of $38.62. NetApp has a 52-week low of $22.89 and a 52-week high of $43.14. NetApp also was the target of some unusual options trading activity on Wednesday. Stock investors bought 13,364 call options on the company. This is an increase of approximately 735% compared to the average volume of 1,600 call options.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, May 24th. The data storage provider reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.04. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the firm posted $0.55 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities analysts anticipate that NetApp will post $2.70 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from NetApp’s previous quarterly dividend of $0.19. NetApp’s payout ratio is 69.09%.
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In other NetApp news, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction dated Thursday, March 30th. The shares were sold at an average price of $41.53, for a total transaction of $166,120.00. Following the sale, the chief executive officer now directly owns 24,396 shares in the company, valued at approximately $1,013,165.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alan L. Earhart sold 27,422 shares of the business’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $42.46, for a total transaction of $1,164,338.12. Following the sale, the director now owns 21,611 shares in the company, valued at $917,603.06. The disclosure for this sale can be found here. Insiders have sold a total of 35,422 shares of company stock worth $1,490,498 over the last 90 days. 0.49% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in NTAP. Nordea Investment Management AB increased its stake in NetApp by 61.1% in the fourth quarter. Nordea Investment Management AB now owns 89,815 shares of the data storage provider’s stock worth $2,383,000 after buying an additional 34,052 shares during the last quarter. Capstone Asset Management Company increased its stake in NetApp by 0.4% in the fourth quarter. Capstone Asset Management Company now owns 22,916 shares of the data storage provider’s stock worth $608,000 after buying an additional 93 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in NetApp during the fourth quarter worth approximately $4,880,000. Loge Solutions acquired a new stake in NetApp during the third quarter worth approximately $426,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in NetApp by 360.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,643 shares of the data storage provider’s stock worth $4,554,000 after buying an additional 134,328 shares during the last quarter. Institutional investors own 92.52% of the company’s stock.
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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