NetApp Inc. (NTAP) Receives Hold Rating from Stifel Nicolaus
NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating restated by investment analysts at Stifel Nicolaus in a report issued on Friday. They currently have a $37.00 price objective on the data storage provider’s stock. Stifel Nicolaus’ target price indicates a potential downside of 8.05% from the company’s previous close.
NTAP has been the subject of several other research reports. Goldman Sachs Group Inc upgraded NetApp from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a report on Monday, January 30th. Wells Fargo & Co restated a “market perform” rating and issued a $40.00 price target on shares of NetApp in a report on Thursday, March 16th. Piper Jaffray Companies upgraded NetApp from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $37.00 to $46.00 in a report on Tuesday, February 14th. Zacks Investment Research upgraded NetApp from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Tuesday, February 14th. Finally, Barclays PLC restated a “sell” rating and issued a $38.00 price target on shares of NetApp in a report on Friday, February 17th. Five investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the stock. NetApp presently has an average rating of “Hold” and a consensus price target of $40.65.
NetApp (NASDAQ:NTAP) traded down 1.76% during trading on Friday, reaching $40.24. 3,637,559 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $40.09 and a 200 day moving average price of $38.69. NetApp has a 52 week low of $22.89 and a 52 week high of $43.14. The firm has a market capitalization of $10.86 billion, a price-to-earnings ratio of 22.23 and a beta of 1.50. NetApp also was the target of unusually large options trading on Wednesday. Stock traders purchased 13,364 call options on the stock. This is an increase of approximately 735% compared to the typical volume of 1,600 call options.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, May 24th. The data storage provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.04. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.44 billion. NetApp had a return on equity of 15.66% and a net margin of 5.89%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 EPS. Equities research analysts forecast that NetApp will post $3.04 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th will be issued a $0.20 dividend. This is a positive change from NetApp’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, July 5th. This represents a $0.80 annualized dividend and a dividend yield of 1.99%. NetApp’s dividend payout ratio is 69.09%.
In other news, Director Alan L. Earhart sold 27,422 shares of the company’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $42.46, for a total value of $1,164,338.12. Following the completion of the sale, the director now owns 21,611 shares in the company, valued at $917,603.06. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $41.53, for a total value of $166,120.00. Following the completion of the sale, the chief executive officer now owns 24,396 shares of the company’s stock, valued at approximately $1,013,165.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,422 shares of company stock valued at $1,490,498. Insiders own 0.49% of the company’s stock.
Several hedge funds have recently made changes to their positions in NTAP. Northcoast Asset Management raised its stake in shares of NetApp by 5.5% in the third quarter. Northcoast Asset Management now owns 113,886 shares of the data storage provider’s stock valued at $3,371,000 after buying an additional 5,898 shares during the period. Nordea Investment Management AB raised its stake in shares of NetApp by 61.1% in the fourth quarter. Nordea Investment Management AB now owns 89,815 shares of the data storage provider’s stock valued at $2,383,000 after buying an additional 34,052 shares during the period. Nisa Investment Advisors raised its stake in shares of NetApp by 6.0% in the fourth quarter. Nisa Investment Advisors now owns 78,977 shares of the data storage provider’s stock valued at $2,095,000 after buying an additional 4,500 shares during the period. BTIM Corp. raised its stake in shares of NetApp by 202.0% in the fourth quarter. BTIM Corp. now owns 135,084 shares of the data storage provider’s stock valued at $3,584,000 after buying an additional 90,359 shares during the period. Finally, Fort Pitt Capital Group LLC purchased a new stake in shares of NetApp during the fourth quarter valued at $2,166,000. Institutional investors and hedge funds 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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