NetApp, Inc. (NTAP) Upgraded at Goldman Sachs Group, Inc. (The)
NetApp, Inc. (NASDAQ:NTAP) was upgraded by research analysts at Goldman Sachs Group, Inc. (The) from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, Marketbeat.com reports. The firm currently has a $47.00 price target on the data storage provider’s stock, up from their prior price target of $46.00. Goldman Sachs Group, Inc. (The)’s price target points to a potential upside of 7.70% from the stock’s current price.
Several other equities research analysts also recently issued reports on NTAP. UBS AG set a $40.00 price objective on shares of NetApp and gave the stock a “sell” rating in a research note on Tuesday, April 4th. BidaskClub upgraded shares of NetApp from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of NetApp in a research note on Friday, April 7th. Zacks Investment Research downgraded shares of NetApp from a “buy” rating to a “hold” rating in a research note on Monday, April 3rd. Finally, Barclays PLC reiterated a “sell” rating and set a $35.00 price objective (down from $38.00) on shares of NetApp in a research note on Thursday, May 25th. Four equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $41.52.
NetApp (NASDAQ NTAP) traded up 5.46% during trading on Friday, hitting $43.64. 8,559,241 shares of the company were exchanged. The company has a 50-day moving average of $39.61 and a 200-day moving average of $39.30. NetApp has a 12 month low of $23.08 and a 12 month high of $43.90. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of 24.11 and a beta of 1.19.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, May 24th. The data storage provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.82 by $0.04. NetApp had a net margin of 9.22% and a return on equity of 21.66%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the business posted $0.55 earnings per share. NetApp’s revenue for the quarter was up 7.3% compared to the same quarter last year. Analysts forecast that NetApp will post $3.03 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Investors of record on Friday, July 7th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Wednesday, July 5th. This is a boost from NetApp’s previous quarterly dividend of $0.19. NetApp’s dividend payout ratio (DPR) is 44.20%.
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In related news, CEO George Kurian sold 59,697 shares of the stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $39.93, for a total value of $2,383,701.21. Following the sale, the chief executive officer now owns 87,295 shares of the company’s stock, valued at approximately $3,485,689.35. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Jeffry R. Allen sold 20,000 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $40.46, for a total transaction of $809,200.00. Following the completion of the sale, the director now directly owns 8,500 shares in the company, valued at approximately $343,910. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,590 shares of company stock worth $4,459,569. Corporate insiders own 0.49% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in NetApp by 22.3% in the first quarter. Bank of Montreal Can now owns 178,969 shares of the data storage provider’s stock worth $7,491,000 after buying an additional 32,658 shares during the period. First Quadrant L P CA boosted its stake in NetApp by 41.3% in the first quarter. First Quadrant L P CA now owns 393,084 shares of the data storage provider’s stock worth $16,451,000 after buying an additional 114,881 shares during the period. Dodge & Cox purchased a new stake in NetApp during the fourth quarter worth $812,244,000. Swiss National Bank boosted its stake in NetApp by 26.7% in the first quarter. Swiss National Bank now owns 987,238 shares of the data storage provider’s stock worth $41,316,000 after buying an additional 208,200 shares during the period. Finally, First Trust Advisors LP boosted its stake in NetApp by 12.7% in the first quarter. First Trust Advisors LP now owns 1,085,042 shares of the data storage provider’s stock worth $45,409,000 after buying an additional 122,097 shares during the period. 91.15% 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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