Pivotal Research assumed coverage on shares of NetApp, Inc. (NASDAQ:NTAP) in a report issued on Thursday. The brokerage set a “hold” rating and a $54.00 price target on the data storage provider’s stock. Pivotal Research’s target price would indicate a potential upside of 1.98% from the company’s current price.
Other analysts have also recently issued research reports about the stock. Royal Bank Of Canada upped their target price on shares of NetApp from $45.00 to $50.00 and gave the company a “sector perform” rating in a research report on Monday, November 13th. Piper Jaffray Companies set a $52.00 target price on shares of NetApp and gave the company a “buy” rating in a research report on Tuesday. DA Davidson upped their target price on shares of NetApp from $53.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday. Wells Fargo & Company reiterated a “market perform” rating and set a $50.00 target price on shares of NetApp in a research report on Tuesday. Finally, Barclays PLC upgraded shares of NetApp from an “underweight” rating to an “overweight” rating and upped their target price for the company from $38.00 to $52.00 in a research report on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $48.68.
NetApp (NTAP) opened at $52.95 on Thursday. NetApp has a 1-year low of $34.72 and a 1-year high of $54.72. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $14,330.00, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 1.60 and a beta of 1.16.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.12. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the business earned $0.60 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. equities analysts expect that NetApp will post 2.49 earnings per share for the current year.
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In other NetApp news, CEO George Kurian sold 4,570 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total value of $173,568.60. Following the transaction, the chief executive officer now directly owns 23,028 shares of the company’s stock, valued at approximately $874,603.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $42.01, for a total transaction of $83,011.76. Following the completion of the transaction, the executive vice president now directly owns 17,812 shares in the company, valued at $748,282.12. The disclosure for this sale can be found here. Insiders sold a total of 74,343 shares of company stock valued at $3,302,273 over the last quarter. 0.47% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. CAPROCK Group Inc. raised its holdings in NetApp by 0.8% in the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock valued at $211,000 after acquiring an additional 44 shares during the period. Contravisory Investment Management Inc. raised its holdings in NetApp by 0.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock valued at $283,000 after acquiring an additional 45 shares during the period. Neuberger Berman Group LLC raised its holdings in NetApp by 0.7% in the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock valued at $328,000 after acquiring an additional 58 shares during the period. Breton Hill Capital Ltd. raised its holdings in NetApp by 0.3% in the 2nd quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock valued at $692,000 after acquiring an additional 59 shares during the period. Finally, Louisiana State Employees Retirement System raised its holdings in NetApp by 0.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock valued at $673,000 after acquiring an additional 100 shares during the period. 93.91% of the stock is currently owned by hedge funds and other institutional investors.
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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