Robert W. Baird Increases NetApp Inc. (NTAP) Price Target to $47.00

NetApp Inc. (NASDAQ:NTAP) had its price target upped by Robert W. Baird from $43.00 to $47.00 in a research report report published on Tuesday. They currently have a neutral rating on the data storage provider’s stock.

Several other research firms have also commented on NTAP. Drexel Hamilton reaffirmed a buy rating and set a $52.00 target price on shares of NetApp in a report on Tuesday, February 14th. Needham & Company LLC reaffirmed a hold rating on shares of NetApp in a report on Tuesday, December 6th. Barclays PLC reaffirmed an underweight rating and set a $27.00 target price (up from $25.00) on shares of NetApp in a report on Thursday, December 29th. Zacks Investment Research lowered NetApp from a buy rating to a hold rating in a report on Monday, April 3rd. Finally, JMP Securities reaffirmed an underperform rating and set a $29.00 target price (up from $24.00) on shares of NetApp in a report on Thursday, December 29th. Seven research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and nine have issued a buy rating to the stock. NetApp currently has a consensus rating of Hold and an average price target of $40.16.

NetApp (NASDAQ:NTAP) traded down 0.84% during trading on Tuesday, reaching $39.97. The company’s stock had a trading volume of 543,080 shares. The stock has a market capitalization of $10.83 billion, a PE ratio of 36.50 and a beta of 1.50. The stock has a 50 day moving average price of $41.30 and a 200 day moving average price of $37.49. NetApp has a 1-year low of $22.50 and a 1-year high of $43.14.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. Analysts anticipate that NetApp will post $2.70 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Friday, April 7th will be given a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $0.76 annualized dividend and a yield of 1.89%. NetApp’s dividend payout ratio is currently 69.09%.

In related news, Director Alan L. Earhart sold 27,422 shares of the business’s stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $42.46, for a total value of $1,164,338.12. Following the sale, the director now directly owns 21,611 shares of the company’s stock, valued at approximately $917,603.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction on Monday, January 30th. The shares were sold at an average price of $38.50, for a total transaction of $154,000.00. Following the completion of the sale, the chief executive officer now directly owns 32,396 shares in the company, valued at $1,247,246. The disclosure for this sale can be found here. Insiders sold a total of 35,422 shares of company stock worth $1,484,458 over the last ninety days. 0.49% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dodge & Cox acquired a new position in shares of NetApp during the fourth quarter worth about $812,244,000. Norges Bank bought a new position in shares of NetApp during the fourth quarter valued at approximately $116,685,000. Numeric Investors LLC increased its position in shares of NetApp by 600.0% in the fourth quarter. Numeric Investors LLC now owns 2,259,515 shares of the data storage provider’s stock valued at $79,693,000 after buying an additional 1,936,715 shares during the last quarter. Morgan Stanley increased its position in shares of NetApp by 212.4% in the third quarter. Morgan Stanley now owns 2,315,447 shares of the data storage provider’s stock valued at $82,941,000 after buying an additional 1,574,330 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in NetApp by 254.2% in the fourth quarter. AQR Capital Management LLC now owns 1,885,984 shares of the data storage provider’s stock valued at $66,519,000 after buying an additional 1,353,499 shares during the last quarter. Hedge funds and other institutional investors own 92.52% of the company’s stock.

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.

5 Day Chart for NASDAQ:NTAP

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