NetApp, Inc. (NASDAQ:NTAP) Receives Average Rating of “Hold” from Brokerages
Shares of NetApp, Inc. (NASDAQ:NTAP) have been given an average rating of “Hold” by the thirty-six ratings firms that are presently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell recommendation, twenty have given a hold recommendation and twelve have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $41.92.
Several equities analysts have recently weighed in on the stock. BidaskClub upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Goldman Sachs Group, Inc. (The) raised shares of NetApp from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $47.00 in a research note on Friday, July 14th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $45.00 price objective on shares of NetApp in a research note on Friday, June 9th. Stifel Nicolaus reaffirmed a “hold” rating and set a $37.00 price objective on shares of NetApp in a research note on Friday, May 26th. Finally, UBS AG raised shares of NetApp from a “sell” rating to a “neutral” rating and set a $40.00 price objective for the company in a research note on Friday, May 26th.
In other NetApp news, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $40.12, for a total value of $160,480.00. Following the completion of the transaction, the chief executive officer now directly owns 65,123 shares in the company, valued at approximately $2,612,734.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Matthew K. Fawcett sold 8,070 shares of the company’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $39.38, for a total transaction of $317,796.60. Following the completion of the transaction, the senior vice president now owns 8,367 shares of the company’s stock, valued at $329,492.46. The disclosure for this sale can be found here. Insiders sold a total of 117,518 shares of company stock valued at $4,726,762 over the last 90 days. Company insiders own 0.47% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of NetApp by 1,529.1% in the first quarter. BlackRock Inc. now owns 20,130,070 shares of the data storage provider’s stock valued at $842,443,000 after buying an additional 18,894,401 shares during the period. Wells Fargo & Company MN raised its position in shares of NetApp by 569.8% in the first quarter. Wells Fargo & Company MN now owns 2,056,581 shares of the data storage provider’s stock valued at $86,067,000 after buying an additional 1,749,553 shares during the period. FMR LLC raised its position in shares of NetApp by 397.8% in the first quarter. FMR LLC now owns 1,608,714 shares of the data storage provider’s stock valued at $67,325,000 after buying an additional 1,285,545 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of NetApp by 3,230.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 1,202,818 shares of the data storage provider’s stock valued at $50,338,000 after buying an additional 1,166,701 shares during the period. Finally, Argent Capital Management LLC bought a new position in shares of NetApp during the first quarter valued at approximately $35,709,000. Institutional investors and hedge funds own 91.25% of the company’s stock.
Shares of NetApp (NASDAQ NTAP) traded down 0.14% during mid-day trading on Tuesday, hitting $42.68. 2,016,150 shares of the stock were exchanged. The stock has a market capitalization of $11.60 billion, a price-to-earnings ratio of 23.58 and a beta of 1.21. The stock’s 50-day moving average is $41.03 and its 200-day moving average is $40.32. NetApp has a 52 week low of $26.47 and a 52 week high of $45.24.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.04. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.44 billion. NetApp had a net margin of 9.22% and a return on equity of 21.66%. The company’s revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company earned $0.55 earnings per share. Analysts forecast that NetApp will post $3.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were issued a $0.20 dividend. The ex-dividend date was Wednesday, July 5th. This is a positive change from NetApp’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.87%. NetApp’s dividend payout ratio is 44.20%.
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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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