UBS AG Upgrades NetApp, Inc. (NTAP) to Buy

NetApp, Inc. (NASDAQ:NTAP) was upgraded by investment analysts at UBS AG from a “neutral” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $45.00 target price on the data storage provider’s stock, up from their previous target price of $42.00. UBS AG’s price objective indicates a potential upside of 7.91% from the company’s current price.

NTAP has been the topic of several other research reports. FBN Securities raised NetApp from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research note on Thursday, May 25th. Credit Suisse Group raised their price objective on NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. BidaskClub downgraded NetApp from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $37.00 price objective on shares of NetApp in a research note on Friday, May 26th. Finally, Piper Jaffray Companies set a $50.00 price objective on NetApp and gave the stock a “buy” rating in a research note on Monday, August 14th. Three equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and fourteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $43.89.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the company earned $0.46 earnings per share. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year.

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In other NetApp news, CEO George Kurian sold 59,697 shares of the company’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $39.93, for a total value of $2,383,701.21. Following the completion of the sale, the chief executive officer now directly owns 87,295 shares in the company, valued at approximately $3,485,689.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Henri P. Richard sold 1,976 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $43.41, for a total value of $85,778.16. Following the completion of the sale, the executive vice president now owns 19,788 shares of the company’s stock, valued at $858,997.08. The disclosure for this sale can be found here. Insiders sold a total of 83,226 shares of company stock valued at $3,344,026 over the last quarter. Company insiders own 0.47% of the company’s stock.

Several hedge funds have recently modified their holdings of the business. CAPROCK Group Inc. lifted its holdings in shares of NetApp by 0.8% in the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock worth $211,000 after buying an additional 44 shares during the period. Contravisory Investment Management Inc. lifted its holdings in shares of NetApp by 0.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock worth $283,000 after buying an additional 45 shares during the period. Neuberger Berman Group LLC lifted its holdings in shares of NetApp by 0.7% in the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock worth $328,000 after buying an additional 58 shares during the period. Breton Hill Capital Ltd. lifted its holdings in shares of NetApp by 0.3% in the 2nd quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock worth $692,000 after buying an additional 59 shares during the period. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of 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 worth $673,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

About NetApp

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.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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