NetApp (NASDAQ:NTAP) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Friday.

A number of other analysts have also weighed in on the stock. BMO Capital Markets upgraded shares of NetApp from a “market perform” rating to an “outperform” rating in a report on Sunday, November 26th. UBS reiterated a “buy” rating and set a $62.00 target price (up from $52.00) on shares of NetApp in a report on Wednesday, November 22nd. Argus increased their target price on shares of NetApp from $46.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 17th. Robert W. Baird reiterated a “hold” rating on shares of NetApp in a report on Thursday, November 16th. Finally, Oppenheimer reiterated a “hold” rating on shares of NetApp in a report on Thursday, November 16th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $49.04.

NetApp (NASDAQ:NTAP) traded down $0.10 during trading on Friday, hitting $56.41. 4,081,015 shares of the stock were exchanged, compared to its average volume of 3,275,549. The company has a current ratio of 1.67, a quick ratio of 1.64 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $15,076.40, a price-to-earnings ratio of 21.24, a P/E/G ratio of 1.83 and a beta of 1.27. NetApp has a one year low of $34.72 and a one year high of $57.75.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.12. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. NetApp had a net margin of 11.49% and a return on equity of 26.77%. NetApp’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 earnings per share. sell-side analysts anticipate that NetApp will post 2.72 earnings per share for the current year.

In other news, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $43.89, for a total transaction of $86,726.64. Following the completion of the transaction, the executive vice president now directly 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 is available through the SEC website. Also, Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the transaction, the director now owns 24,132 shares of the company’s stock, valued at $1,050,465.96. The disclosure for this sale can be found here. Insiders sold 185,060 shares of company stock valued at $9,205,680 over the last 90 days. 0.47% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of NetApp by 1.8% during the second quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock valued at $1,089,939,000 after purchasing an additional 481,365 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of NetApp by 7.5% during the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock valued at $867,006,000 after purchasing an additional 1,517,967 shares during the last quarter. Boston Partners purchased a new position in shares of NetApp during the third quarter valued at approximately $315,629,000. Bank of New York Mellon Corp lifted its holdings in shares of NetApp by 25.2% during the third quarter. Bank of New York Mellon Corp now owns 4,061,906 shares of the data storage provider’s stock valued at $177,748,000 after purchasing an additional 817,147 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of NetApp by 781.1% during the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after purchasing an additional 2,960,542 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

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About NetApp

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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