NetApp, Inc. (NASDAQ:NTAP) had its price objective raised by Lake Street Capital from $43.00 to $49.00 in a research report sent to investors on Thursday morning. They currently have a buy rating on the data storage provider’s stock.
Other equities analysts have also recently issued research reports about the company. UBS AG upgraded NetApp from a sell rating to a neutral rating and set a $40.00 price target for the company in a report on Friday, May 26th. BidaskClub cut NetApp from a buy rating to a hold rating in a report on Saturday, August 12th. Susquehanna Bancshares Inc reiterated a positive rating and set a $50.00 price target (up previously from $48.00) on shares of NetApp in a report on Wednesday. Stifel Nicolaus reiterated a hold rating and set a $37.00 price target on shares of NetApp in a report on Wednesday. Finally, Maxim Group reiterated a hold rating and set a $46.00 price target on shares of NetApp in a report on Thursday, May 25th. Four equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $43.26.
Shares of NetApp (NASDAQ:NTAP) traded down 0.46% during trading on Thursday, hitting $39.38. The company had a trading volume of 3,133,894 shares. The stock has a market cap of $10.63 billion, a PE ratio of 19.01 and a beta of 1.21. NetApp has a 12-month low of $30.36 and a 12-month high of $45.24. The firm has a 50 day moving average of $42.11 and a 200 day moving average of $40.71.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. NetApp had a return on equity of 24.16% and a net margin of 10.47%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the company posted $0.46 earnings per share. NetApp’s quarterly revenue was up 2.4% on a year-over-year basis. On average, analysts forecast that NetApp will post $3.03 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.02%. NetApp’s payout ratio is presently 38.65%.
In other NetApp news, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $43.67, for a total transaction of $174,680.00. Following the sale, the chief executive officer now owns 27,598 shares of the company’s stock, valued at $1,205,204.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jeffry R. Allen sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $40.46, for a total transaction of $809,200.00. Following the sale, the director now directly owns 8,500 shares in the company, valued at approximately $343,910. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,518 shares of company stock worth $4,726,762. Insiders own 0.47% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. American Beacon Advisors Inc. bought a new stake in NetApp during the first quarter worth $110,000. Krilogy Financial LLC bought a new stake in NetApp during the second quarter worth $122,000. Cambridge Investment Research Advisors Inc. boosted its stake in NetApp by 3.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock worth $208,000 after buying an additional 185 shares during the last quarter. NJ State Employees Deferred Compensation Plan bought a new stake in NetApp during the first quarter worth $209,000. Finally, Eagle Global Advisors LLC bought a new stake in NetApp during the second quarter worth $210,000. 90.10% of the stock is currently owned by hedge funds and other institutional investors.
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.
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