Investors Buy Shares of NetApp (NTAP) on Weakness

Traders bought shares of NetApp Inc. (NASDAQ:NTAP) on weakness during trading hours on Friday. $79.30 million flowed into the stock on the tick-up and $28.63 million flowed out of the stock on the tick-down, for a money net flow of $50.67 million into the stock. Of all stocks tracked, NetApp had the 30th highest net in-flow for the day. NetApp traded down ($0.53) for the day and closed at $66.87

Several equities analysts recently issued reports on the company. BidaskClub upgraded NetApp from a “buy” rating to a “strong-buy” rating in a report on Friday, August 31st. Zacks Investment Research upgraded NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 target price on the stock in a report on Tuesday, August 21st. Piper Jaffray Companies restated an “overweight” rating and set a $90.00 target price on shares of NetApp in a report on Thursday, August 16th. BMO Capital Markets raised their target price on NetApp from $75.00 to $90.00 and gave the stock an “in-line” rating in a report on Thursday, August 16th. Finally, Lake Street Capital reduced their target price on NetApp from $88.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. NetApp presently has a consensus rating of “Buy” and an average target price of $81.78.

The stock has a market capitalization of $16.84 billion, a P/E ratio of 22.36, a PEG ratio of 1.18 and a beta of 1.38. The company has a quick ratio of 1.63, a current ratio of 1.65 and a debt-to-equity ratio of 0.75.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.07. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share. On average, equities research analysts predict that NetApp Inc. will post 3.98 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 23rd. Stockholders of record on Friday, January 4th will be given a dividend of $0.40 per share. 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%.

In other news, CEO George Kurian sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $66.66, for a total transaction of $666,600.00. Following the sale, the chief executive officer now owns 10,244 shares of the company’s stock, valued at $682,865.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Henri P. Richard sold 2,525 shares of the firm’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $84.12, for a total value of $212,403.00. Following the sale, the executive vice president now directly owns 68,390 shares in the company, valued at approximately $5,752,966.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 93,648 shares of company stock worth $7,605,603. 0.19% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Pitcairn Co. raised its position in NetApp by 18.3% in the 3rd quarter. Pitcairn Co. now owns 4,124 shares of the data storage provider’s stock valued at $354,000 after buying an additional 637 shares during the last quarter. Great Lakes Advisors LLC raised its position in NetApp by 1.1% in the 3rd quarter. Great Lakes Advisors LLC now owns 67,985 shares of the data storage provider’s stock valued at $5,839,000 after buying an additional 723 shares during the last quarter. DNB Asset Management AS raised its position in NetApp by 2.1% in the 3rd quarter. DNB Asset Management AS now owns 35,849 shares of the data storage provider’s stock valued at $3,079,000 after buying an additional 752 shares during the last quarter. Commonwealth Equity Services LLC raised its position in NetApp by 12.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 6,782 shares of the data storage provider’s stock valued at $582,000 after buying an additional 762 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in NetApp by 2.8% in the 2nd quarter. CIBC Asset Management Inc now owns 28,357 shares of the data storage provider’s stock valued at $2,227,000 after buying an additional 763 shares during the last quarter. 95.59% of the stock is currently owned by institutional investors and hedge funds.

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NetApp Company Profile (NASDAQ:NTAP)

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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