NetApp (NASDAQ:NTAP) Given Sell Rating at Citigroup

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

Other equities analysts have also recently issued research reports about the stock. Credit Suisse Group reaffirmed an outperform rating and issued a $60.00 price objective (down previously from $62.00) on shares of NetApp in a research note on Thursday. Longbow Research cut shares of NetApp from a buy rating to a neutral rating in a research note on Monday, July 29th. Goldman Sachs Group reaffirmed a buy rating and issued a $61.00 price objective (up previously from $54.00) on shares of NetApp in a research note on Thursday. Lake Street Capital cut shares of NetApp from a buy rating to a hold rating and lowered their price objective for the stock from $69.00 to $65.00 in a research note on Thursday, May 23rd. Finally, Evercore ISI started coverage on shares of NetApp in a research note on Wednesday, June 5th. They issued an in-line rating and a $65.00 price objective on the stock. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the stock. NetApp currently has a consensus rating of Hold and a consensus target price of $59.52.

Shares of NTAP stock traded up $0.29 during midday trading on Friday, reaching $46.76. 2,892,000 shares of the company were exchanged, compared to its average volume of 3,242,457. NetApp has a 12 month low of $44.55 and a 12 month high of $88.08. The company has a market cap of $10.68 billion, a P/E ratio of 11.63, a PEG ratio of 0.91 and a beta of 1.48. The company’s 50 day moving average price is $56.10 and its two-hundred day moving average price is $64.24. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.42 and a current ratio of 1.45.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.19. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.23 billion. NetApp had a net margin of 16.74% and a return on equity of 70.80%. The business’s revenue was down 16.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 EPS. As a group, sell-side analysts predict that NetApp will post 3.35 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s dividend payout ratio (DPR) is currently 47.76%.

In related news, SVP Matthew K. Fawcett sold 38,195 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $61.55, for a total transaction of $2,350,902.25. Following the completion of the sale, the senior vice president now directly owns 38,527 shares in the company, valued at $2,371,336.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.76, for a total transaction of $657,818.20. Following the sale, the senior vice president now owns 76,722 shares of the company’s stock, valued at $4,508,184.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 161,092 shares of company stock worth $9,676,120. 0.33% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its stake in NetApp by 24.3% in the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock valued at $117,816,000 after acquiring an additional 332,665 shares during the last quarter. Marshall Wace North America L.P. lifted its stake in NetApp by 629.5% in the first quarter. Marshall Wace North America L.P. now owns 119,994 shares of the data storage provider’s stock valued at $8,321,000 after acquiring an additional 103,545 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in NetApp by 6,974.9% in the first quarter. Teacher Retirement System of Texas now owns 251,511 shares of the data storage provider’s stock valued at $17,440,000 after acquiring an additional 247,956 shares during the last quarter. MML Investors Services LLC lifted its stake in NetApp by 16.4% in the first quarter. MML Investors Services LLC now owns 11,271 shares of the data storage provider’s stock valued at $782,000 after acquiring an additional 1,588 shares during the last quarter. Finally, Argent Capital Management LLC lifted its stake in NetApp by 33.2% in the first quarter. Argent Capital Management LLC now owns 18,459 shares of the data storage provider’s stock valued at $1,280,000 after acquiring an additional 4,603 shares during the last quarter. Institutional investors and hedge funds own 96.66% of the company’s stock.

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.

Read More: What is Cost of Goods Sold (COGS)?

The Fly

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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