NetApp (NASDAQ:NTAP) Cut to “Hold” at Summit Insights

NetApp (NASDAQ:NTAP) was downgraded by equities research analysts at Summit Insights from a “buy” rating to a “hold” rating in a research note issued on Wednesday, The Fly reports.

A number of other brokerages have also commented on NTAP. Bank of America lowered NetApp from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. Piper Jaffray Companies lowered NetApp from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $75.00 to $48.00 in a report on Friday, August 2nd. Lake Street Capital lowered NetApp from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $69.00 to $65.00 in a report on Thursday, May 23rd. Morgan Stanley reissued a “sell” rating and set a $41.00 price objective on shares of NetApp in a report on Sunday. Finally, Loop Capital decreased their price objective on NetApp to $60.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Six investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $65.00.

NetApp stock traded down $1.98 during midday trading on Wednesday, reaching $45.01. The stock had a trading volume of 2,442,249 shares, compared to its average volume of 2,731,839. NetApp has a 12 month low of $44.55 and a 12 month high of $88.08. The company has a market cap of $10.76 billion, a P/E ratio of 11.20, a P/E/G ratio of 0.90 and a beta of 1.48. The business has a fifty day moving average price of $56.69. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.45 and a quick ratio of 1.42.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 14th. The data storage provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.14. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.23 billion. NetApp had a return on equity of 71.66% and a net margin of 19.02%. The company’s revenue for the quarter was down 16.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 EPS. On average, equities analysts expect that NetApp will post 3.53 EPS for the current year.

In other news, VP Joel D. Reich sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total value of $1,817,700.00. Following the completion of the transaction, the vice president now directly owns 55,361 shares of the company’s stock, valued at $3,354,322.99. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Matthew K. Fawcett sold 38,195 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $61.55, for a total value of $2,350,902.25. Following the completion of the transaction, the senior vice president now directly owns 38,527 shares of the company’s stock, valued at $2,371,336.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,092 shares of company stock valued at $9,676,120. 0.33% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC lifted its position in shares of NetApp by 3,166.3% during the second quarter. Cubist Systematic Strategies LLC now owns 119,481 shares of the data storage provider’s stock worth $7,372,000 after acquiring an additional 115,823 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of NetApp during the second quarter worth $2,348,000. Marshall Wace LLP lifted its position in shares of NetApp by 3,765.7% during the second quarter. Marshall Wace LLP now owns 471,698 shares of the data storage provider’s stock worth $29,103,000 after acquiring an additional 459,496 shares in the last quarter. Capital International Ltd. CA lifted its position in shares of NetApp by 296.4% during the second quarter. Capital International Ltd. CA now owns 46,604 shares of the data storage provider’s stock worth $2,875,000 after acquiring an additional 34,847 shares in the last quarter. Finally, Capital International Sarl lifted its position in shares of NetApp by 1,369.7% during the second quarter. Capital International Sarl now owns 49,970 shares of the data storage provider’s stock worth $3,083,000 after acquiring an additional 46,570 shares in the last quarter. 96.66% of the stock is owned by institutional investors.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

Further Reading: Cost of Goods Sold (COGS)

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