BidaskClub Downgrades NetApp, Inc. (NASDAQ:NTAP) to Hold
NetApp, Inc. (NASDAQ:NTAP) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Saturday.
Other equities research analysts have also recently issued reports about the stock. Credit Suisse Group increased their price objective on shares of NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday. Zacks Investment Research raised shares of NetApp from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Royal Bank Of Canada reissued a “hold” rating on shares of NetApp in a research note on Friday, April 28th. UBS AG raised shares of NetApp from a “sell” rating to a “neutral” rating and set a $40.00 price objective on the stock in a research note on Friday, May 26th. Finally, Robert W. Baird reissued a “hold” rating and issued a $44.00 price objective (down from $47.00) on shares of NetApp in a research note on Thursday, May 25th. Four 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 stock. NetApp currently has an average rating of “Hold” and an average target price of $41.63.
NetApp (NASDAQ NTAP) traded up 0.51% during trading on Friday, reaching $41.49. 1,456,639 shares of the company’s stock traded hands. NetApp has a one year low of $28.32 and a one year high of $45.24. The stock has a market cap of $11.27 billion, a P/E ratio of 22.92 and a beta of 1.21. The firm’s 50 day moving average price is $41.95 and its 200-day moving average price is $40.60.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the company posted $0.55 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities analysts anticipate that NetApp will post $3.03 earnings per share for the current fiscal year.
In other NetApp news, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $43.41, for a total value of $85,778.16. Following the completion of the sale, the executive vice president now owns 19,788 shares of the company’s stock, valued at $858,997.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $40.12, for a total transaction of $160,480.00. Following the completion of the sale, the chief executive officer now directly owns 65,123 shares of the company’s stock, valued at approximately $2,612,734.76. The disclosure for this sale can be found here. Insiders sold 117,518 shares of company stock valued at $4,726,762 in the last ninety days. 0.47% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of NTAP. Chevy Chase Trust Holdings Inc. increased its stake in shares of NetApp by 1.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 233,576 shares of the data storage provider’s stock valued at $9,776,000 after buying an additional 3,470 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of NetApp by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 94,431 shares of the data storage provider’s stock valued at $3,951,000 after buying an additional 1,000 shares during the period. National Pension Service increased its stake in shares of NetApp by 24,106.4% in the first quarter. National Pension Service now owns 278,131 shares of the data storage provider’s stock valued at $11,654,000 after buying an additional 276,982 shares during the period. Carroll Financial Associates Inc. purchased a new stake in shares of NetApp during the first quarter valued at about $123,000. Finally, Bank of Montreal Can increased its stake in shares of NetApp by 22.3% in the first quarter. Bank of Montreal Can now owns 178,969 shares of the data storage provider’s stock valued at $7,491,000 after buying an additional 32,658 shares during the period. 91.25% of the stock is owned by institutional investors.
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.
Receive News & Ratings for NetApp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.