NetApp (NASDAQ:NTAP) Downgraded to Neutral at Susquehanna Bancshares

Susquehanna Bancshares lowered shares of NetApp (NASDAQ:NTAPGet Rating) to a neutral rating in a research report released on Monday, Stock Target Advisor reports. They currently have $75.00 price objective on the data storage provider’s stock, down from their prior price objective of $100.00.

NTAP has been the topic of several other reports. Barclays boosted their price target on NetApp from $88.00 to $95.00 and gave the company an overweight rating in a research note on Thursday, August 25th. Wedbush lowered their price objective on NetApp from $85.00 to $80.00 and set a neutral rating on the stock in a research note on Thursday, June 2nd. Morgan Stanley lowered their price objective on NetApp from $91.00 to $88.00 and set an equal weight rating on the stock in a research note on Thursday, June 2nd. OTR Global upgraded NetApp to a positive rating in a research note on Tuesday, July 26th. Finally, Cowen lowered their price objective on NetApp to $85.00 in a research note on Friday, May 27th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $89.22.

NetApp Trading Down 1.7 %

NetApp stock opened at $64.23 on Monday. NetApp has a 52 week low of $61.26 and a 52 week high of $96.82. The company has a debt-to-equity ratio of 3.63, a quick ratio of 1.31 and a current ratio of 1.38. The firm has a market capitalization of $13.96 billion, a PE ratio of 15.37, a PEG ratio of 1.70 and a beta of 1.19. The business’s 50-day simple moving average is $71.33 and its 200-day simple moving average is $72.90.

NetApp (NASDAQ:NTAPGet Rating) last issued its quarterly earnings results on Wednesday, August 24th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. NetApp had a return on equity of 128.71% and a net margin of 14.71%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same period in the previous year, the company posted $0.99 earnings per share. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities research analysts forecast that NetApp will post 4.45 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.11%. The ex-dividend date is Thursday, October 6th. NetApp’s dividend payout ratio is 47.85%.

Insiders Place Their Bets

In other news, President Cesar Cernuda sold 18,000 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $69.82, for a total value of $1,256,760.00. Following the transaction, the president now owns 78,463 shares of the company’s stock, valued at approximately $5,478,286.66. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO George Kurian sold 2,125 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $70.00, for a total value of $148,750.00. Following the transaction, the chief executive officer now owns 165,700 shares of the company’s stock, valued at approximately $11,599,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Cesar Cernuda sold 18,000 shares of the stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $69.82, for a total value of $1,256,760.00. Following the completion of the transaction, the president now directly owns 78,463 shares in the company, valued at approximately $5,478,286.66. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,250 shares of company stock valued at $1,552,943. 0.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Brown Advisory Inc. lifted its stake in shares of NetApp by 233.2% in the 2nd quarter. Brown Advisory Inc. now owns 648,847 shares of the data storage provider’s stock valued at $42,331,000 after purchasing an additional 454,119 shares during the period. Hussman Strategic Advisors Inc. increased its position in shares of NetApp by 49.0% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 77,500 shares of the data storage provider’s stock valued at $5,056,000 after buying an additional 25,500 shares in the last quarter. Amundi increased its position in shares of NetApp by 9.2% in the 2nd quarter. Amundi now owns 2,356,245 shares of the data storage provider’s stock valued at $153,631,000 after buying an additional 199,172 shares in the last quarter. Verition Fund Management LLC increased its position in shares of NetApp by 59.0% in the 2nd quarter. Verition Fund Management LLC now owns 13,833 shares of the data storage provider’s stock valued at $903,000 after buying an additional 5,133 shares in the last quarter. Finally, Prelude Capital Management LLC bought a new stake in shares of NetApp in the 2nd quarter valued at $514,000. Institutional investors and hedge funds own 88.45% of the company’s stock.

About NetApp

(Get Rating)

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.

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