Maxim Group Reaffirms “Buy” Rating for NetApp (NASDAQ:NTAP)

Maxim Group reissued their buy rating on shares of NetApp (NASDAQ:NTAP) in a report published on Thursday morning, AnalystRatings.com reports. Maxim Group currently has a $70.00 price objective on the data storage provider’s stock, up from their previous price objective of $65.00.

Several other equities research analysts also recently issued reports on the company. Evercore ISI began coverage on NetApp in a report on Wednesday, June 5th. They set an in-line rating and a $65.00 price target for the company. Goldman Sachs Group downgraded NetApp from a conviction-buy rating to a buy rating in a report on Thursday, May 23rd. ValuEngine downgraded NetApp from a hold rating to a sell rating in a report on Monday, June 3rd. Cowen reaffirmed an underperform rating and set a $40.00 price target (down previously from $53.00) on shares of NetApp in a report on Thursday. Finally, Stifel Nicolaus cut their price target on NetApp from $75.00 to $60.00 and set a buy rating for the company in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the stock. NetApp currently has an average rating of Hold and a consensus target price of $59.52.

Shares of NetApp stock opened at $46.76 on Thursday. The business has a fifty day simple moving average of $56.10 and a two-hundred day simple moving average of $64.24. NetApp has a 1 year low of $44.55 and a 1 year high of $88.08. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 0.95 and a beta of 1.48. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.42 and a quick ratio of 1.42.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.19. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the firm posted $1.04 EPS. The company’s quarterly revenue was down 16.1% on a year-over-year basis. As a group, equities analysts anticipate that NetApp will post 3.35 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s dividend payout ratio is currently 47.76%.

In other news, CFO Ronald J. Pasek sold 58,052 shares of NetApp stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the completion of the sale, the chief financial officer now owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Matthew K. Fawcett sold 38,195 shares of NetApp stock in a transaction on Friday, June 21st. The stock was sold at an average price of $61.55, for a total value of $2,350,902.25. Following the sale, the senior vice president now directly owns 38,527 shares of the company’s stock, valued at approximately $2,371,336.85. The disclosure for this sale can be found here. Insiders have sold 161,092 shares of company stock valued at $9,676,120 in the last three months. Insiders own 0.33% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Invesco Ltd. raised its stake in NetApp by 18.3% in the second quarter. Invesco Ltd. now owns 6,050,117 shares of the data storage provider’s stock valued at $373,291,000 after purchasing an additional 937,586 shares in the last quarter. Geode Capital Management LLC raised its stake in NetApp by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 4,082,660 shares of the data storage provider’s stock valued at $243,266,000 after purchasing an additional 169,398 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its stake in NetApp by 87.8% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 3,221,610 shares of the data storage provider’s stock valued at $878,488,000 after purchasing an additional 1,505,804 shares in the last quarter. Bank of Montreal Can raised its stake in NetApp by 35.2% in the first quarter. Bank of Montreal Can now owns 2,572,566 shares of the data storage provider’s stock valued at $178,383,000 after purchasing an additional 670,441 shares in the last quarter. Finally, OppenheimerFunds Inc. raised its stake in NetApp by 7.4% in the first quarter. OppenheimerFunds Inc. now owns 2,273,957 shares of the data storage provider’s stock valued at $157,677,000 after purchasing an additional 157,272 shares in the last quarter. 96.66% of the stock is owned by institutional investors and hedge funds.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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