UBS AG upgraded shares of NetApp, Inc. (NASDAQ:NTAP) from a neutral rating to a buy rating in a research report report published on Tuesday, 99wallstreet.com reports. The firm currently has $45.00 price target on the data storage provider’s stock, up from their prior price target of $42.00.
NTAP has been the topic of a number of other reports. Credit Suisse Group boosted their price target on shares of NetApp from $37.00 to $40.00 and gave the stock a neutral rating in a research note on Wednesday, August 9th. Longbow Research upgraded shares of NetApp from a neutral rating to a buy rating and set a $50.00 price target on the stock in a research note on Tuesday, August 15th. Barclays PLC boosted their price target on shares of NetApp from $35.00 to $38.00 and gave the stock an underweight rating in a research note on Thursday, August 17th. BidaskClub lowered shares of NetApp from a buy rating to a hold rating in a research note on Saturday, August 12th. Finally, Robert W. Baird reiterated a hold rating and set a $44.00 price target (down from $47.00) on shares of NetApp in a research note on Thursday, May 25th. Three research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and fourteen have given a buy rating to the company. The company has an average rating of Hold and an average price target of $43.89.
NetApp (NASDAQ NTAP) opened at 42.55 on Tuesday. The company has a market capitalization of $11.48 billion, a PE ratio of 20.55 and a beta of 1.22. The firm’s 50-day moving average is $40.34 and its 200 day moving average is $40.60. NetApp has a one year low of $30.36 and a one year high of $45.24.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.07. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.32 billion. NetApp had a net margin of 10.47% and a return on equity of 24.13%. NetApp’s revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 EPS. On average, equities analysts expect that NetApp will post $3.13 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Thursday, October 5th. NetApp’s dividend payout ratio is presently 38.65%.
In other NetApp news, CEO George Kurian sold 59,697 shares of the stock in a transaction on Friday, June 30th. The stock was sold at an average price of $39.93, for a total value of $2,383,701.21. Following the completion of the transaction, the chief executive officer now owns 87,295 shares in the company, valued at $3,485,689.35. The transaction was disclosed in a document filed 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, August 1st. The stock was sold at an average price of $43.41, for a total value of $85,778.16. Following the completion of the transaction, the executive vice president now owns 19,788 shares of the company’s stock, valued at approximately $858,997.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 85,202 shares of company stock valued at $3,427,038. Corporate insiders own 0.47% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in NTAP. BlackRock Inc. raised its position in NetApp by 1,529.1% in the first quarter. BlackRock Inc. now owns 20,130,070 shares of the data storage provider’s stock worth $842,443,000 after acquiring an additional 18,894,401 shares in the last quarter. Renaissance Technologies LLC raised its position in NetApp by 781.1% in the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock worth $133,750,000 after acquiring an additional 2,960,542 shares in the last quarter. Janus Henderson Group PLC raised its position in NetApp by 6,495.7% in the second quarter. Janus Henderson Group PLC now owns 2,312,525 shares of the data storage provider’s stock worth $92,617,000 after acquiring an additional 2,277,464 shares in the last quarter. FMR LLC raised its position in NetApp by 89.2% in the second quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock worth $121,924,000 after acquiring an additional 1,435,588 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in NetApp by 550.9% in the second quarter. Lord Abbett & CO. LLC now owns 1,584,303 shares of the data storage provider’s stock worth $63,451,000 after acquiring an additional 1,340,903 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.
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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