NetApp, Inc. (NTAP) Receives Average Rating of “Hold” from Brokerages
NetApp, Inc. (NASDAQ:NTAP) has earned an average rating of “Hold” from the thirty-six ratings firms that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, twenty-one have assigned a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $45.77.
A number of equities analysts recently issued reports on NTAP shares. Longbow Research raised NetApp from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, August 15th. Piper Jaffray Companies set a $50.00 price target on NetApp and gave the company a “buy” rating in a report on Monday, August 14th. Maxim Group raised NetApp from a “hold” rating to a “buy” rating and upped their price target for the company from $46.00 to $56.00 in a report on Monday, August 14th. Lake Street Capital upped their price target on NetApp from $43.00 to $49.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Finally, BidaskClub raised NetApp from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th.
In other NetApp news, Director Richard P. Wallace sold 34,000 shares of the firm’s stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $43.53, for a total value of $1,480,020.00. Following the sale, the director now directly owns 24,132 shares of the company’s stock, valued at approximately $1,050,465.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Henri P. Richard sold 1,976 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 15,836 shares in the company, valued at $695,042.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,498 shares of company stock worth $2,083,785. Corporate insiders own 0.47% of the company’s stock.
A number of large investors have recently modified their holdings of NTAP. Exane Derivatives boosted its stake in NetApp by 59,850.0% in the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock worth $105,000 after buying an additional 2,394 shares during the last quarter. American Beacon Advisors Inc. acquired a new stake in NetApp in the 1st quarter worth about $110,000. Krilogy Financial LLC acquired a new stake in NetApp in the 2nd quarter worth about $122,000. Cambridge Investment Research Advisors Inc. boosted its stake in NetApp by 3.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock worth $208,000 after buying an additional 185 shares during the last quarter. Finally, Eagle Global Advisors LLC acquired a new stake in NetApp in the 2nd quarter worth about $210,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.
NetApp (NASDAQ:NTAP) traded up 0.68% during mid-day trading on Friday, hitting $44.56. 2,559,733 shares of the stock were exchanged. The firm has a market cap of $12.02 billion, a P/E ratio of 14.90 and a beta of 1.26. NetApp has a 12-month low of $30.36 and a 12-month high of $45.24. The company has a 50 day moving average of $42.36 and a 200 day moving average of $40.94.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.07. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.32 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 earnings per share. On average, equities analysts anticipate that NetApp will post $3.12 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Thursday, October 5th. NetApp’s payout ratio is currently 38.65%.
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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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