NetApp’s (NTAP) Sell Rating Reiterated at Citigroup

Citigroup restated their sell rating on shares of NetApp (NASDAQ:NTAP) in a research note released on Friday, The Fly reports. They currently have a $40.00 price target on the data storage provider’s stock, down from their previous price target of $55.00.

A number of other research analysts also recently issued reports on NTAP. Morgan Stanley reiterated a sell rating and issued a $41.00 price target on shares of NetApp in a research note on Sunday, August 11th. Goldman Sachs Group reiterated a buy rating and issued a $61.00 price target (up previously from $54.00) on shares of NetApp in a research note on Thursday, August 15th. BidaskClub upgraded shares of NetApp from a strong sell rating to a sell rating in a research note on Friday. Barclays reiterated an equal weight rating and issued a $48.00 price target (up previously from $47.00) on shares of NetApp in a research note on Thursday, August 15th. Finally, Summit Insights downgraded shares of NetApp from a buy rating to a hold rating in a research note on Wednesday, August 14th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $59.52.

Shares of NetApp stock opened at $47.01 on Friday. NetApp has a 52-week low of $44.55 and a 52-week high of $88.08. The company has a 50 day moving average of $55.21 and a 200 day moving average of $63.98. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $11.10 billion, a P/E ratio of 11.69, a P/E/G ratio of 0.95 and a beta of 1.48.

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

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.92 annualized dividend and a dividend yield of 4.08%. NetApp’s dividend payout ratio is presently 47.76%.

In other news, SVP Matthew K. Fawcett sold 11,195 shares of NetApp stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.76, for a total value of $657,818.20. Following the transaction, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at approximately $4,508,184.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Joel D. Reich sold 23,650 shares of NetApp stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $61.49, for a total transaction of $1,454,238.50. Following the completion of the transaction, the vice president now directly owns 16,212 shares in the company, valued at $996,875.88. The disclosure for this sale can be found here. Insiders have sold a total of 161,092 shares of company stock valued at $9,676,120 in the last 90 days. Insiders own 0.33% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Invesco Ltd. increased its holdings in shares of NetApp by 18.3% in the 2nd quarter. Invesco Ltd. now owns 6,050,117 shares of the data storage provider’s stock valued at $373,291,000 after acquiring an additional 937,586 shares during the period. Geode Capital Management LLC increased its holdings in shares of NetApp by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 4,082,660 shares of the data storage provider’s stock valued at $243,266,000 after acquiring an additional 169,398 shares during the period. Amundi Pioneer Asset Management Inc. increased its holdings in shares of NetApp by 87.8% in the 2nd 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 acquiring an additional 1,505,804 shares during the period. Bank of Montreal Can increased its holdings in shares of NetApp by 35.2% in the 1st quarter. Bank of Montreal Can now owns 2,572,566 shares of the data storage provider’s stock valued at $178,383,000 after acquiring an additional 670,441 shares during the period. Finally, OppenheimerFunds Inc. increased its holdings in shares of NetApp by 7.4% in the 1st quarter. OppenheimerFunds Inc. now owns 2,273,957 shares of the data storage provider’s stock valued at $157,677,000 after acquiring an additional 157,272 shares during the period. 93.62% of the stock is currently owned by institutional investors and hedge funds.

About NetApp

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.

Featured Article: What is the Producer Price Index (PPI)?

The Fly

Analyst Recommendations for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.