NetApp Inc. (NTAP) Given Average Rating of “Buy” by Brokerages

NetApp Inc. (NASDAQ:NTAP) has received an average rating of “Buy” from the twenty-nine ratings firms that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation, fifteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $81.38.

A number of equities research analysts have issued reports on the company. Zacks Investment Research raised NetApp from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Monday. Bank of America boosted their price target on NetApp from $88.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, August 13th. JPMorgan Chase & Co. reissued a “buy” rating and set a $92.00 price target on shares of NetApp in a research report on Thursday, August 16th. Piper Jaffray Companies reissued an “overweight” rating and set a $90.00 price target on shares of NetApp in a research report on Thursday, August 16th. Finally, Deutsche Bank boosted their price target on NetApp from $43.00 to $60.00 and gave the company a “sell” rating in a research report on Thursday, August 16th.

In other news, EVP Henri P. Richard sold 2,525 shares of the company’s stock in a transaction dated Tuesday, October 16th. The stock was sold at an average price of $76.99, for a total value of $194,399.75. Following the completion of the sale, the executive vice president now owns 65,907 shares of the company’s stock, valued at $5,074,179.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 6,000 shares of the company’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $86.61, for a total value of $519,660.00. Following the completion of the sale, the chief executive officer now directly owns 70,147 shares of the company’s stock, valued at approximately $6,075,431.67. The disclosure for this sale can be found here. Insiders sold 93,648 shares of company stock valued at $7,605,603 in the last ninety days. Company insiders own 0.19% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of NTAP. Great Lakes Advisors LLC lifted its stake in shares of NetApp by 1.1% in the third quarter. Great Lakes Advisors LLC now owns 67,985 shares of the data storage provider’s stock worth $5,839,000 after acquiring an additional 723 shares in the last quarter. Belpointe Asset Management LLC acquired a new position in shares of NetApp in the third quarter worth about $571,000. Legal & General Group Plc lifted its stake in shares of NetApp by 1.8% in the third quarter. Legal & General Group Plc now owns 1,369,815 shares of the data storage provider’s stock worth $117,602,000 after acquiring an additional 24,625 shares in the last quarter. Kepos Capital LP acquired a new position in shares of NetApp in the third quarter worth about $2,782,000. Finally, Rehmann Capital Advisory Group lifted its stake in shares of NetApp by 8,451.7% in the third quarter. Rehmann Capital Advisory Group now owns 78,847 shares of the data storage provider’s stock worth $918,000 after acquiring an additional 77,925 shares in the last quarter. 93.96% of the stock is owned by institutional investors.

Shares of NASDAQ:NTAP traded up $3.06 during midday trading on Monday, reaching $69.93. The company’s stock had a trading volume of 4,866,800 shares, compared to its average volume of 2,953,721. The company has a market cap of $16.84 billion, a P/E ratio of 23.39, a P/E/G ratio of 1.18 and a beta of 1.34. 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 has a 1 year low of $52.00 and a 1 year high of $88.08.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, November 14th. The data storage provider reported $1.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.07. NetApp had a return on equity of 51.50% and a net margin of 4.70%. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. Sell-side analysts expect that NetApp will post 3.98 earnings per share for the current fiscal year.

The business also recently announced 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 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Thursday, January 3rd. NetApp’s payout ratio is 53.51%.

NetApp Company Profile

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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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