NetApp Inc. (NASDAQ:NTAP) had its target price increased by Credit Suisse Group AG from $32.00 to $35.00 in a research report released on Friday, April 7th. The brokerage currently has an underperform rating on the data storage provider’s stock.
Several other equities analysts have also recently weighed in on the stock. Susquehanna Bancshares Inc reaffirmed a positive rating and issued a $46.00 price target on shares of NetApp in a research report on Tuesday, January 10th. Drexel Hamilton reaffirmed a buy rating on shares of NetApp in a research report on Monday, April 3rd. Zacks Investment Research cut shares of NetApp from a strong-buy rating to a hold rating in a research report on Tuesday, January 24th. William Blair raised shares of NetApp from an underperform rating to a market perform rating and set a $43.00 target price on the stock in a research report on Thursday, February 16th. Finally, Wells Fargo & Co reissued a market perform rating on shares of NetApp in a research report on Thursday, February 16th. Eight investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $40.16.
Shares of NetApp (NASDAQ:NTAP) opened at 39.77 on Friday. NetApp has a 52 week low of $22.50 and a 52 week high of $43.14. The company has a 50-day moving average price of $40.61 and a 200 day moving average price of $37.88. The stock has a market capitalization of $10.78 billion, a P/E ratio of 36.32 and a beta of 1.50.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.08. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter last year, the firm earned $0.70 EPS. Analysts forecast that NetApp will post $2.70 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Investors of record on Friday, April 7th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, April 5th. This represents a $0.76 annualized dividend and a yield of 1.91%. NetApp’s payout ratio is 69.09%.
In other NetApp news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction on Monday, May 1st. The shares were sold at an average price of $40.01, for a total value of $160,040.00. Following the completion of the transaction, the chief executive officer now directly owns 20,396 shares of the company’s stock, valued at approximately $816,043.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alan L. Earhart sold 27,422 shares of NetApp stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $42.46, for a total transaction of $1,164,338.12. Following the completion of the transaction, the director now directly owns 21,611 shares of the company’s stock, valued at $917,603.06. The disclosure for this sale can be found here. Insiders have sold 35,422 shares of company stock valued at $1,490,498 over the last ninety days. 0.49% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of NTAP. Alethea Capital Management LLC acquired a new position in shares of NetApp during the first quarter worth approximately $336,000. Teza Capital Management LLC acquired a new position in shares of NetApp during the first quarter worth approximately $1,562,000. Meadow Creek Investment Management LLC boosted its position in shares of NetApp by 42.0% in the first quarter. Meadow Creek Investment Management LLC now owns 298,606 shares of the data storage provider’s stock worth $12,497,000 after buying an additional 88,308 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of NetApp by 4.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,072,654 shares of the data storage provider’s stock worth $44,891,000 after buying an additional 42,544 shares during the last quarter. Finally, World Asset Management Inc boosted its position in shares of NetApp by 8.0% in the first quarter. World Asset Management Inc now owns 29,236 shares of the data storage provider’s stock worth $1,224,000 after buying an additional 2,171 shares during the last quarter. 92.52% of the stock is owned by institutional investors and hedge funds.
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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