NetApp (NTAP) Price Target Raised to $69.00

NetApp (NASDAQ:NTAP) had its target price upped by stock analysts at Maxim Group to $69.00 in a research report issued on Tuesday, The Fly reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Maxim Group’s target price would indicate a potential upside of 19.52% from the company’s current price.

NTAP has been the subject of several other research reports. Barclays reaffirmed an “overweight” rating and set a $56.00 target price (up previously from $52.00) on shares of NetApp in a report on Thursday, November 16th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $60.00 target price on shares of NetApp in a report on Thursday, November 16th. Morgan Stanley raised shares of NetApp from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $41.00 to $64.00 in a report on Tuesday, January 23rd. Bank of America raised shares of NetApp from a “neutral” rating to a “buy” rating in a report on Tuesday. Finally, Pivotal Research began coverage on shares of NetApp in a report on Thursday, November 16th. They set a “hold” rating and a $54.00 target price for the company. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have given a buy rating to the company’s stock. NetApp presently has an average rating of “Hold” and an average target price of $53.11.

NetApp (NASDAQ:NTAP) opened at $57.73 on Tuesday. NetApp has a 12-month low of $37.43 and a 12-month high of $64.06. The company has a market cap of $14,985.70, a PE ratio of 24.78, a PEG ratio of 1.79 and a beta of 1.32. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a net margin of 11.49% and a return on equity of 26.77%. NetApp’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 EPS. sell-side analysts expect that NetApp will post 2.76 earnings per share for the current year.

In other NetApp news, CEO George Kurian sold 75,000 shares of the business’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $52.50, for a total value of $3,937,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Joel D. Reich sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $55.80, for a total transaction of $362,700.00. Following the completion of the transaction, the vice president now owns 3,950 shares of the company’s stock, valued at $220,410. The disclosure for this sale can be found here. Insiders sold a total of 176,629 shares of company stock valued at $9,568,956 in the last three months. Insiders own 0.47% of the company’s stock.

Several large investors have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. raised its position in shares of NetApp by 4,178.6% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 59,900 shares of the data storage provider’s stock valued at $3,314,000 after buying an additional 58,500 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of NetApp in the 4th quarter valued at approximately $901,000. Eaton Vance Management raised its position in shares of NetApp by 5.4% in the 4th quarter. Eaton Vance Management now owns 589,805 shares of the data storage provider’s stock valued at $32,628,000 after buying an additional 30,000 shares in the last quarter. State of Tennessee Treasury Department raised its position in shares of NetApp by 52.3% in the 4th quarter. State of Tennessee Treasury Department now owns 112,293 shares of the data storage provider’s stock valued at $6,212,000 after buying an additional 38,566 shares in the last quarter. Finally, First Republic Investment Management Inc. raised its position in shares of NetApp by 12.6% in the 4th quarter. First Republic Investment Management Inc. now owns 76,958 shares of the data storage provider’s stock valued at $4,257,000 after buying an additional 8,604 shares in the last quarter. Institutional investors own 96.67% 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.

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