NetApp, Inc. (NTAP) Given “Sell” Rating at Credit Suisse Group
Credit Suisse Group restated their sell rating on shares of NetApp, Inc. (NASDAQ:NTAP) in a research report released on Friday morning. They currently have a $29.00 target price on the data storage provider’s stock.
Several other research analysts have also issued reports on the company. Bank of America Corporation set a $40.00 price objective on NetApp and gave the stock a hold rating in a research note on Monday, December 5th. Maxim Group cut NetApp from a buy rating to a hold rating in a report on Tuesday, December 6th. Susquehanna Bancshares Inc restated a positive rating and set a $46.00 target price on shares of NetApp in a report on Tuesday, January 10th. Barclays PLC restated an underweight rating on shares of NetApp in a report on Tuesday, November 8th. Finally, Robert W. Baird restated a neutral rating and set a $37.00 target price on shares of NetApp in a report on Wednesday, November 30th. Ten research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $37.00.
NetApp (NASDAQ:NTAP) traded up 4.19% during mid-day trading on Friday, reaching $40.56. The company’s stock had a trading volume of 8,173,090 shares. The company has a market cap of $11.17 billion, a price-to-earnings ratio of 36.81 and a beta of 1.50. NetApp has a 12 month low of $22.50 and a 12 month high of $42.18. The stock’s 50 day moving average is $37.23 and its 200 day moving average is $34.85.
NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share (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 firm earned $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the prior year, the company posted $0.70 earnings per share. Equities research analysts predict that NetApp will post $2.57 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Friday, April 7th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $0.76 annualized dividend and a yield of 1.87%. NetApp’s dividend payout ratio (DPR) is presently 69.09%.
In related news, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction on Friday, December 30th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gerald Held sold 20,000 shares of the business’s stock in a transaction on Thursday, December 8th. The shares were sold at an average price of $36.45, for a total value of $729,000.00. Following the completion of the sale, the director now owns 5,259 shares of the company’s stock, valued at $191,690.55. The disclosure for this sale can be found here. Insiders sold a total of 28,393 shares of company stock valued at $1,040,524 over the last 90 days. 0.49% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in NTAP. New York Life Trust Co. purchased a new stake in NetApp during the third quarter valued at about $104,000. Seven Eight Capital LP purchased a new stake in NetApp during the fourth quarter valued at about $118,000. FTB Advisors Inc. increased its stake in NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock valued at $126,000 after buying an additional 646 shares during the period. Victory Capital Management Inc. increased its stake in NetApp by 44.2% in the third quarter. Victory Capital Management Inc. now owns 5,321 shares of the data storage provider’s stock valued at $191,000 after buying an additional 1,631 shares during the period. Finally, Orinda Asset Management LLC purchased a new stake in NetApp during the third quarter valued at about $202,000. Institutional investors and hedge funds own 92.52% of the company’s stock.
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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