NetApp, Inc. (NTAP) Sees Significant Growth in Short Interest

NetApp, Inc. (NASDAQ:NTAP) was the recipient of a significant growth in short interest in November. As of November 30th, there was short interest totalling 15,384,635 shares, a growth of 9.0% from the November 15th total of 14,117,083 shares. Currently, 5.8% of the shares of the stock are short sold. Based on an average trading volume of 4,315,296 shares, the days-to-cover ratio is presently 3.6 days.

Shares of NetApp (NASDAQ:NTAP) opened at $57.78 on Thursday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67. The company has a market capitalization of $15,628.67, a price-to-earnings ratio of 22.02, a P/E/G ratio of 1.90 and a beta of 1.28. NetApp has a 52 week low of $35.08 and a 52 week high of $58.99.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.60 earnings per share. research analysts expect that NetApp will post 2.72 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Thursday, January 4th. NetApp’s payout ratio is 34.33%.

NTAP has been the subject of several research analyst reports. Maxim Group increased their price objective on NetApp from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, November 16th. Morgan Stanley reissued an “underweight” rating on shares of NetApp in a report on Saturday, September 23rd. Piper Jaffray Companies set a $52.00 target price on NetApp and gave the company a “buy” rating in a report on Tuesday, November 14th. Barclays raised NetApp from an “underweight” rating to an “overweight” rating and upped their target price for the company from $38.00 to $52.00 in a report on Thursday, November 9th. Finally, DA Davidson reissued a “buy” rating and issued a $51.00 target price on shares of NetApp in a report on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. NetApp presently has an average rating of “Hold” and a consensus target price of $49.39.

In other NetApp news, VP Joel D. Reich sold 3,371 shares of the stock in a transaction on Friday, November 17th. The stock was sold at an average price of $53.17, for a total value of $179,236.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total value of $83,011.76. Following the completion of the transaction, the executive vice president now owns 17,812 shares of the company’s stock, valued at approximately $748,282.12. The disclosure for this sale can be found here. Insiders sold 202,036 shares of company stock valued at $10,171,008 in the last quarter. 0.47% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the business. Neuberger Berman Group LLC boosted its stake in NetApp by 0.7% in the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock worth $328,000 after buying an additional 58 shares during the last quarter. HPM Partners LLC boosted its stake in NetApp by 1.1% in the 2nd quarter. HPM Partners LLC now owns 9,955 shares of the data storage provider’s stock worth $399,000 after buying an additional 107 shares during the last quarter. Calamos Advisors LLC boosted its stake in NetApp by 2.4% in the 2nd quarter. Calamos Advisors LLC now owns 6,895 shares of the data storage provider’s stock worth $276,000 after buying an additional 160 shares during the last quarter. 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, Arizona State Retirement System boosted its stake in NetApp by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 67,237 shares of the data storage provider’s stock worth $2,693,000 after buying an additional 200 shares during the last quarter. 94.97% of the stock is currently owned by hedge funds and other institutional investors.

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NetApp Company Profile

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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