Stifel Nicolaus Trims NetApp (NASDAQ:NTAP) Target Price to $66.00

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NetApp (NASDAQ:NTAP) had its price objective lowered by stock analysts at Stifel Nicolaus from $70.00 to $66.00 in a report issued on Thursday, The Fly reports. The firm currently has a “buy” rating on the data storage provider’s stock. Stifel Nicolaus’ target price points to a potential upside of 21.68% from the stock’s previous close.

Several other equities research analysts have also recently commented on NTAP. Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a research report on Wednesday. Credit Suisse Group reaffirmed a “buy” rating and set a $70.00 price objective on shares of NetApp in a research report on Wednesday, January 22nd. Morgan Stanley increased their price objective on NetApp from $47.00 to $49.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. William Blair reaffirmed a “market perform” rating on shares of NetApp in a research report on Thursday, November 14th. Finally, BidaskClub cut NetApp from a “hold” rating to a “sell” rating in a research report on Tuesday, February 4th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $63.26.

NASDAQ NTAP opened at $54.24 on Thursday. NetApp has a 12 month low of $44.55 and a 12 month high of $78.35. The stock has a market cap of $12.59 billion, a P/E ratio of 15.41, a P/E/G ratio of 1.25 and a beta of 1.58. The stock’s fifty day moving average price is $60.10 and its 200-day moving average price is $56.27. The company has a current ratio of 1.31, a quick ratio of 1.27 and a debt-to-equity ratio of 2.14.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, February 12th. The data storage provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.02). NetApp had a return on equity of 103.11% and a net margin of 18.19%. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the prior year, the company posted $1.20 earnings per share. The company’s revenue was down 10.2% on a year-over-year basis. As a group, analysts forecast that NetApp will post 3.72 earnings per share for the current fiscal year.

In other NetApp news, EVP Henri P. Richard sold 2,500 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $64.20, for a total value of $160,500.00. Following the transaction, the executive vice president now owns 143,855 shares of the company’s stock, valued at $9,235,491. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Scott R. Allen sold 2,781 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $62.23, for a total value of $173,061.63. The disclosure for this sale can be found here. In the last three months, insiders sold 5,284 shares of company stock worth $333,743. 0.33% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in NetApp by 9.6% in the fourth quarter. Bank of New York Mellon Corp now owns 5,416,736 shares of the data storage provider’s stock valued at $337,192,000 after acquiring an additional 473,061 shares during the period. Amundi Pioneer Asset Management Inc. lifted its holdings in NetApp by 16.7% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 3,175,468 shares of the data storage provider’s stock valued at $197,682,000 after acquiring an additional 454,210 shares during the period. First Trust Advisors LP lifted its holdings in NetApp by 29.5% in the third quarter. First Trust Advisors LP now owns 2,502,468 shares of the data storage provider’s stock valued at $131,405,000 after acquiring an additional 570,720 shares during the period. Stifel Financial Corp lifted its holdings in NetApp by 2.2% in the fourth quarter. Stifel Financial Corp now owns 1,762,101 shares of the data storage provider’s stock valued at $109,614,000 after acquiring an additional 38,081 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in NetApp by 7.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,583,309 shares of the data storage provider’s stock valued at $98,562,000 after acquiring an additional 109,178 shares during the period. 98.26% of the stock is currently 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.

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