Shares of NetApp Inc. (NASDAQ:NTAP) have earned an average rating of “Buy” from the twenty-nine analysts that are currently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation, fifteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $81.43.
Several brokerages recently issued reports on NTAP. Goldman Sachs Group raised NetApp from a “neutral” rating to a “conviction-buy” rating and set a $91.00 price objective for the company in a report on Wednesday, October 17th. Zacks Investment Research raised NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 price objective for the company in a report on Tuesday, August 21st. Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a report on Wednesday, November 14th. Maxim Group reduced their price objective on NetApp from $91.00 to $89.00 and set a “buy” rating for the company in a report on Thursday, November 15th. Finally, Royal Bank of Canada lifted their price objective on NetApp from $80.00 to $85.00 and gave the stock a “sector perform” rating in a report on Friday, August 10th.
In other news, CEO George Kurian sold 10,000 shares of NetApp stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $66.66, for a total value of $666,600.00. Following the completion of the sale, the chief executive officer now owns 10,244 shares of the company’s stock, valued at $682,865.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Henri P. Richard sold 2,525 shares of NetApp stock in a transaction on Monday, September 17th. The shares were sold at an average price of $84.12, for a total value of $212,403.00. Following the completion of the sale, the executive vice president now directly owns 68,390 shares of the company’s stock, valued at approximately $5,752,966.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 93,648 shares of company stock valued at $7,605,603. Company insiders own 0.19% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Renaissance Technologies LLC grew its position in shares of NetApp by 67.6% in the third quarter. Renaissance Technologies LLC now owns 3,910,776 shares of the data storage provider’s stock valued at $335,897,000 after purchasing an additional 1,577,844 shares during the period. Northern Trust Corp grew its position in shares of NetApp by 2.6% in the second quarter. Northern Trust Corp now owns 3,279,556 shares of the data storage provider’s stock valued at $257,545,000 after purchasing an additional 82,975 shares during the period. Bank of America Corp DE grew its position in shares of NetApp by 46.7% in the second quarter. Bank of America Corp DE now owns 2,647,027 shares of the data storage provider’s stock valued at $207,871,000 after purchasing an additional 842,904 shares during the period. Schroder Investment Management Group grew its position in shares of NetApp by 57.3% in the second quarter. Schroder Investment Management Group now owns 2,493,836 shares of the data storage provider’s stock valued at $192,798,000 after purchasing an additional 908,642 shares during the period. Finally, American Century Companies Inc. grew its position in shares of NetApp by 33.9% in the third quarter. American Century Companies Inc. now owns 2,270,452 shares of the data storage provider’s stock valued at $195,009,000 after purchasing an additional 574,247 shares during the period. 95.59% of the stock is owned by institutional investors and hedge funds.
Shares of NetApp stock traded down $0.53 during trading on Monday, reaching $66.87. The company’s stock had a trading volume of 4,090,996 shares, compared to its average volume of 3,336,497. The company has a market cap of $16.98 billion, a PE ratio of 22.36, a price-to-earnings-growth ratio of 1.19 and a beta of 1.38. NetApp has a 12-month low of $52.00 and a 12-month high of $88.08. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.65 and a quick ratio of 1.63.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.07. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.51 billion. NetApp had a return on equity of 51.50% and a net margin of 4.70%. NetApp’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 earnings per share. On average, equities research analysts anticipate that NetApp will post 3.98 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 23rd. Stockholders of record on Friday, January 4th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Thursday, January 3rd. NetApp’s dividend payout ratio is currently 53.51%.
NetApp, Inc provides software, systems, and services to manage and share date 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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