NetApp, Inc. (NTAP) Rating Reiterated by Credit Suisse Group
NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “sell” rating restated by research analysts at Credit Suisse Group in a report issued on Friday. They currently have a $29.00 target price on the data storage provider’s stock. Credit Suisse Group’s price target would suggest a potential downside of 28.50% from the stock’s current price.
Other equities analysts have also recently issued research reports about the company. BMO Capital Markets upped their target price on NetApp to $39.00 in a report on Thursday, November 17th. Drexel Hamilton raised NetApp from a “hold” rating to a “buy” rating and upped their target price for the stock from $34.73 to $52.00 in a report on Thursday, November 17th. TheStreet raised NetApp from a “hold” rating to a “buy” rating in a report on Wednesday, November 16th. Goldman Sachs Group, Inc. (The) raised NetApp from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a report on Monday, January 30th. Finally, Pacific Crest reaffirmed a “hold” rating on shares of NetApp in a report on Thursday, November 17th. Ten equities 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. The stock presently has an average rating of “Hold” and an average target price of $37.00.
NetApp (NASDAQ:NTAP) traded up 4.19% during trading on Friday, hitting $40.56. The stock had a trading volume of 8,173,090 shares. The firm has a market capitalization of $11.17 billion, a P/E ratio of 36.81 and a beta of 1.50. NetApp has a one year low of $22.50 and a one year high of $42.18. The stock has a 50 day moving average of $37.23 and a 200 day moving average of $34.85.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $1.39 billion. During the same quarter in the prior year, the firm earned $0.70 EPS. Equities research analysts expect that NetApp will post $2.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.87%. NetApp’s dividend payout ratio is presently 69.09%.
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In other news, Director Gerald Held sold 20,000 shares of the firm’s 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 transaction, the director now owns 5,259 shares in the company, valued at $191,690.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $38.50, for a total value of $154,000.00. Following the completion of the transaction, the chief executive officer now owns 32,396 shares in the company, valued at approximately $1,247,246. The disclosure for this sale can be found here. Insiders sold 28,393 shares of company stock worth $1,040,524 in the last 90 days. Corporate insiders own 0.49% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ increased its stake in shares of NetApp by 168.2% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 461,785 shares of the data storage provider’s stock worth $16,541,000 after buying an additional 289,600 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in shares of NetApp during the fourth quarter worth approximately $4,148,000. Fort Pitt Capital Group LLC increased its stake in shares of NetApp by 525.0% in the second quarter. Fort Pitt Capital Group LLC now owns 472,421 shares of the data storage provider’s stock worth $11,617,000 after buying an additional 396,837 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of NetApp by 13.3% in the third quarter. UBS Asset Management Americas Inc. now owns 880,420 shares of the data storage provider’s stock worth $31,538,000 after buying an additional 103,235 shares during the last quarter. Finally, BlackRock Fund Advisors increased its stake in shares of NetApp by 2.9% in the third quarter. BlackRock Fund Advisors now owns 5,001,396 shares of the data storage provider’s stock worth $179,150,000 after buying an additional 142,765 shares during the last quarter. 92.52% of the stock is owned by institutional investors.
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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