NetApp, Inc. (NTAP) Sees Large Growth in Short Interest
NetApp, Inc. (NASDAQ:NTAP) was the recipient of a significant growth in short interest during the month of September. As of September 29th, there was short interest totalling 10,395,624 shares, a growth of 15.5% from the September 15th total of 8,999,351 shares. Currently, 3.9% of the company’s stock are short sold. Based on an average daily volume of 2,807,479 shares, the days-to-cover ratio is currently 3.7 days.
Several research analysts have recently weighed in on NTAP shares. Longbow Research upgraded NetApp from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, August 15th. Piper Jaffray Companies set a $50.00 price target on NetApp and gave the stock a “buy” rating in a research note on Monday, August 14th. Maxim Group upgraded NetApp from a “hold” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $56.00 in a research note on Monday, August 14th. BidaskClub upgraded NetApp from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Goldman Sachs Group, Inc. (The) upgraded NetApp from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $47.00 in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and thirteen have assigned a buy rating to the stock. NetApp has a consensus rating of “Hold” and an average price target of $45.12.
NetApp (NASDAQ NTAP) opened at 43.51 on Thursday. The company has a market capitalization of $11.74 billion, a price-to-earnings ratio of 21.01 and a beta of 1.26. NetApp has a 52 week low of $30.36 and a 52 week high of $45.24. The company’s 50-day moving average price is $41.24 and its 200-day moving average price is $40.81.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the business earned $0.46 EPS. NetApp’s quarterly revenue was up 2.4% on a year-over-year basis. Equities analysts forecast that NetApp will post $3.12 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.80 annualized dividend and a yield of 1.84%. NetApp’s dividend payout ratio (DPR) is currently 38.65%.
In other news, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $43.89, for a total value of $86,726.64. Following the completion of the transaction, the executive vice president now owns 15,836 shares in the company, valued at $695,042.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $43.67, for a total value of $174,680.00. Following the completion of the transaction, the chief executive officer now owns 27,598 shares of the company’s stock, valued at approximately $1,205,204.66. The disclosure for this sale can be found here. Insiders sold 52,450 shares of company stock valued at $2,250,560 in the last 90 days. Company insiders own 0.47% of the company’s stock.
A number of large investors have recently bought and sold shares of NTAP. Blair William & Co. IL purchased a new stake in NetApp during the 1st quarter worth approximately $216,000. Neuberger Berman Group LLC increased its stake in NetApp by 10.5% during the 1st quarter. Neuberger Berman Group LLC now owns 8,143 shares of the data storage provider’s stock worth $341,000 after buying an additional 773 shares in the last quarter. Principal Financial Group Inc. increased its stake in NetApp by 20.4% during the 1st quarter. Principal Financial Group Inc. now owns 519,987 shares of the data storage provider’s stock worth $21,761,000 after buying an additional 88,130 shares in the last quarter. Wellington Management Group LLP increased its stake in NetApp by 3,256.4% during the 1st quarter. Wellington Management Group LLP now owns 819,339 shares of the data storage provider’s stock worth $34,289,000 after buying an additional 794,928 shares in the last quarter. Finally, FMR LLC increased its stake in NetApp by 397.8% during the 1st quarter. FMR LLC now owns 1,608,714 shares of the data storage provider’s stock worth $67,325,000 after buying an additional 1,285,545 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.
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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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