NetApp, Inc. (NTAP) Given New $38.00 Price Target at Barclays PLC
NetApp, Inc. (NASDAQ:NTAP) had its price objective upped by analysts at Barclays PLC from $35.00 to $38.00 in a research report issued on Thursday. The firm currently has an “underweight” rating on the data storage provider’s stock. Barclays PLC’s target price suggests a potential downside of 3.94% from the company’s current price.
Several other equities analysts have also recently commented on the stock. Lake Street Capital raised their target price on shares of NetApp from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday. Stifel Nicolaus reissued a “hold” rating and set a $37.00 target price on shares of NetApp in a research note on Wednesday. Susquehanna Bancshares Inc reissued a “positive” rating and set a $50.00 target price (up previously from $48.00) on shares of NetApp in a research note on Wednesday. Longbow Research raised shares of NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday. Finally, Piper Jaffray Companies set a $50.00 price objective on shares of NetApp and gave the company a “buy” rating in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the stock. NetApp has an average rating of “Hold” and an average target price of $43.26.
NetApp (NASDAQ NTAP) traded down 6.72% during mid-day trading on Thursday, reaching $39.56. 11,785,306 shares of the company were exchanged. The company’s 50 day moving average price is $42.11 and its 200-day moving average price is $40.71. The stock has a market capitalization of $10.75 billion, a P/E ratio of 21.86 and a beta of 1.21. NetApp has a 12 month low of $30.36 and a 12 month high of $45.24.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 16th. The data storage provider reported $0.52 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.32 billion. NetApp had a net margin of 9.22% and a return on equity of 21.66%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 EPS. On average, equities analysts expect that NetApp will post $3.03 earnings per share for the current fiscal year.
In other news, EVP Henri P. Richard sold 1,976 shares of NetApp 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 transaction, the executive vice president now owns 19,788 shares of the company’s stock, valued at $858,997.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $43.67, for a total transaction of $174,680.00. Following the completion of the transaction, the chief executive officer now directly owns 27,598 shares in the company, valued at approximately $1,205,204.66. The disclosure for this sale can be found here. In the last three months, insiders sold 117,518 shares of company stock worth $4,726,762. Insiders own 0.47% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. National Pension Service raised its position in NetApp by 24,106.4% in the first quarter. National Pension Service now owns 278,131 shares of the data storage provider’s stock worth $11,654,000 after buying an additional 276,982 shares in the last quarter. Bank of Montreal Can raised its position 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 in the last quarter. DnB Asset Management AS raised its position in NetApp by 12.1% in the first quarter. DnB Asset Management AS now owns 31,497 shares of the data storage provider’s stock worth $1,318,000 after buying an additional 3,400 shares in the last quarter. Oakbrook Investments LLC raised its position in NetApp by 83.7% in the first quarter. Oakbrook Investments LLC now owns 23,050 shares of the data storage provider’s stock worth $965,000 after buying an additional 10,500 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in NetApp during the first quarter worth approximately $489,000. 90.10% of the stock is currently 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.
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