NetApp Inc. (NASDAQ:NTAP) had its target price raised by Credit Suisse Group AG from $32.00 to $35.00 in a research report released on Friday morning. The brokerage currently has an underperform rating on the data storage provider’s stock.
Several other equities research analysts have also issued reports on NTAP. Drexel Hamilton reaffirmed a buy rating and set a $52.00 price target on shares of NetApp in a research note on Tuesday, February 14th. Robert W. Baird reaffirmed a hold rating on shares of NetApp in a research note on Thursday, April 6th. Barclays PLC reaffirmed an underweight rating and set a $27.00 price target (up previously from $25.00) on shares of NetApp in a research note on Thursday, December 29th. Piper Jaffray Companies set a $50.00 price target on NetApp and gave the stock a buy rating in a research note on Thursday, April 6th. Finally, Citigroup Inc reaffirmed a neutral rating and set a $39.00 price target (up previously from $33.00) on shares of NetApp in a research note on Thursday, December 29th. Seven research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $40.16.
Shares of NetApp (NASDAQ:NTAP) traded down 2.03% on Friday, reaching $39.49. The company’s stock had a trading volume of 1,859,418 shares. NetApp has a 52-week low of $22.50 and a 52-week high of $43.14. The stock has a market cap of $10.70 billion, a P/E ratio of 36.06 and a beta of 1.50. The firm’s 50 day moving average is $41.30 and its 200-day moving average is $37.49.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, February 15th. The data storage provider reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.08. NetApp had a return on equity of 15.66% and a net margin of 5.89%. The business earned $1.40 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the previous year, the business earned $0.70 earnings per share. On average, equities research analysts forecast that NetApp will post $2.70 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 26th. Shareholders of record on Friday, April 7th will be paid a $0.19 dividend. The ex-dividend date is Wednesday, April 5th. This represents a $0.76 dividend on an annualized basis and a yield of 1.92%. NetApp’s payout ratio is presently 69.09%.
In other NetApp news, Director Alan L. Earhart sold 27,422 shares of the stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $42.46, for a total value of $1,164,338.12. Following the completion of the sale, the director now owns 21,611 shares in the company, valued at approximately $917,603.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 4,000 shares of the stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $41.53, for a total value of $166,120.00. Following the completion of the sale, the chief executive officer now owns 24,396 shares of the company’s stock, valued at approximately $1,013,165.88. The disclosure for this sale can be found here. Insiders sold a total of 35,422 shares of company stock valued at $1,484,458 in the last quarter. 0.49% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of NTAP. Dodge & Cox acquired a new stake in shares of NetApp during the fourth quarter worth about $812,244,000. State Street Corp raised its position in shares of NetApp by 2.3% in the fourth quarter. State Street Corp now owns 12,938,754 shares of the data storage provider’s stock worth $456,344,000 after buying an additional 289,680 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of NetApp by 2.9% in the third quarter. BlackRock Fund Advisors now owns 5,001,396 shares of the data storage provider’s stock worth $179,150,000 after buying an additional 142,765 shares during the last quarter. Norges Bank purchased a new position in shares of NetApp during the fourth quarter worth $116,685,000. Finally, Thompson Siegel & Walmsley LLC raised its position in shares of NetApp by 18.3% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 2,604,222 shares of the data storage provider’s stock worth $91,851,000 after buying an additional 403,752 shares during the last quarter. Institutional investors and hedge funds own 92.52% 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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