NetApp, Inc. (NASDAQ:NTAP) Given Average Rating of “Moderate Buy” by Brokerages

NetApp, Inc. (NASDAQ:NTAPGet Rating) has received a consensus recommendation of “Hold” from the twenty-four research firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $92.95.

A number of brokerages have commented on NTAP. Wedbush reduced their price objective on NetApp from $85.00 to $80.00 and set a “neutral” rating for the company in a research report on Thursday, June 2nd. Bank of America cut NetApp from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $100.00 to $96.00 in a research report on Thursday, March 24th. Susquehanna lowered their price target on shares of NetApp from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, June 2nd. StockNews.com lowered shares of NetApp from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Northland Securities dropped their price target on shares of NetApp from $124.00 to $101.00 in a research report on Thursday, June 2nd.

Shares of NetApp stock opened at $65.36 on Friday. NetApp has a 1 year low of $62.78 and a 1 year high of $96.82. The company’s fifty day simple moving average is $70.16 and its 200-day simple moving average is $80.73. The company has a market cap of $14.46 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 1.71 and a beta of 1.24. The company has a current ratio of 1.50, a quick ratio of 1.45 and a debt-to-equity ratio of 2.85.

NetApp (NASDAQ:NTAPGet Rating) last posted its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period last year, the business posted $0.96 EPS. As a group, research analysts forecast that NetApp will post 4.44 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Investors of record on Friday, July 8th will be issued a $0.50 dividend. The ex-dividend date is Thursday, July 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.06%. NetApp’s dividend payout ratio is 48.78%.

In related news, CEO George Kurian sold 2,125 shares of the business’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $66.95, for a total value of $142,268.75. Following the completion of the transaction, the chief executive officer now owns 156,129 shares in the company, valued at approximately $10,452,836.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael J. Berry acquired 5,000 shares of the firm’s stock in a transaction on Friday, June 3rd. The stock was purchased at an average price of $72.04 per share, for a total transaction of $360,200.00. Following the completion of the transaction, the chief financial officer now directly owns 95,875 shares in the company, valued at approximately $6,906,835. The disclosure for this purchase can be found here. In the last three months, insiders have sold 28,625 shares of company stock worth $1,914,344. Insiders own 0.28% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in NTAP. Wellington Management Group LLP raised its position in shares of NetApp by 70.3% during the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock valued at $691,339,000 after acquiring an additional 3,439,053 shares during the last quarter. Norges Bank bought a new stake in NetApp in the fourth quarter valued at about $204,555,000. Acadian Asset Management LLC lifted its stake in NetApp by 187.4% in the fourth quarter. Acadian Asset Management LLC now owns 1,528,645 shares of the data storage provider’s stock valued at $140,587,000 after buying an additional 996,785 shares during the period. Millennium Management LLC boosted its holdings in NetApp by 3,085.7% during the fourth quarter. Millennium Management LLC now owns 678,082 shares of the data storage provider’s stock worth $62,377,000 after buying an additional 656,797 shares during the last quarter. Finally, Ardevora Asset Management LLP acquired a new position in shares of NetApp during the 1st quarter worth about $53,709,000. Institutional investors own 91.91% of the company’s stock.

About NetApp (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

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