NetApp, Inc. (NTAP) Stock Rating Reaffirmed by RBC Capital Markets
NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “sector perform” rating reissued by RBC Capital Markets in a report issued on Tuesday.
Several other research analysts have also commented on NTAP. OTR Global restated a “negative” rating on shares of NetApp in a research report on Friday, November 4th. Credit Suisse Group reiterated a “neutral” rating on shares of NetApp in a report on Friday, November 4th. Barclays PLC reiterated an “underweight” rating on shares of NetApp in a report on Tuesday, November 8th. Royal Bank Of Canada lifted their target price on NetApp from $36.00 to $40.00 and gave the company a “sector perform” rating in a report on Thursday, November 17th. Finally, Drexel Hamilton upgraded NetApp from a “hold” rating to a “buy” rating and lifted their target price for the company from $34.73 to $52.00 in a report on Thursday, November 17th. Ten equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $35.77.
Shares of NetApp (NASDAQ:NTAP) traded up 4.19% on Tuesday, reaching $40.56. The company had a trading volume of 8,172,990 shares. NetApp has a 52 week low of $22.50 and a 52 week high of $42.18. The company has a 50 day moving average of $37.09 and a 200-day moving average of $34.81. The company has a market capitalization of $11.17 billion, a P/E ratio of 36.81 and a beta of 1.50.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, February 15th. The data storage provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.74 by $0.08. NetApp had a return on equity of 15.66% and a net margin of 5.89%. The business earned $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the business posted $0.70 earnings per share. Analysts predict that NetApp will post $2.57 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 26th. Shareholders of record on Friday, April 7th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Wednesday, April 5th. NetApp’s dividend payout ratio is presently 69.09%.
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In other NetApp news, Director Gerald Held sold 20,000 shares of NetApp stock in a transaction that occurred on Thursday, December 8th. The stock was sold at an average price of $36.45, for a total value of $729,000.00. Following the sale, the director now owns 5,259 shares of the company’s stock, valued at approximately $191,690.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction that occurred on Friday, December 30th. The shares were sold at an average price of $35.84, for a total value of $143,360.00. Following the completion of the sale, the chief executive officer now directly owns 36,396 shares in the company, valued at approximately $1,304,432.64. The disclosure for this sale can be found here. Insiders sold a total of 28,393 shares of company stock worth $1,040,524 in the last ninety days. 0.49% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in NTAP. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of NetApp by 1.8% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 69,047 shares of the data storage provider’s stock worth $1,698,000 after buying an additional 1,249 shares in the last quarter. Amalgamated Bank raised its stake in shares of NetApp by 24.9% in the second quarter. Amalgamated Bank now owns 13,575 shares of the data storage provider’s stock worth $382,000 after buying an additional 2,706 shares in the last quarter. Legal & General Group Plc raised its stake in shares of NetApp by 0.7% in the second quarter. Legal & General Group Plc now owns 1,330,176 shares of the data storage provider’s stock worth $32,706,000 after buying an additional 9,415 shares in the last quarter. GAM Holding AG raised its stake in shares of NetApp by 19.4% in the second quarter. GAM Holding AG now owns 757,951 shares of the data storage provider’s stock worth $18,638,000 after buying an additional 123,092 shares in the last quarter. Finally, Sirios Capital Management L P acquired a new stake in shares of NetApp during the second quarter worth $61,213,000. 92.52% of the stock is currently owned by institutional investors.
NetApp Company Profile
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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