Loop Capital Boosts NetApp, Inc. (NTAP) Price Target to $50.00
NetApp, Inc. (NASDAQ:NTAP) had its target price boosted by Loop Capital from $41.00 to $50.00 in a research report report published on Thursday morning. They currently have a hold rating on the data storage provider’s stock. The analysts noted that the move was a valuation call.
Several other research firms also recently weighed in on NTAP. Citigroup Inc. boosted their target price on NetApp from $41.00 to $43.00 and gave the company a neutral rating in a research report on Thursday, August 17th. Susquehanna Bancshares Inc reissued a positive rating and set a $50.00 target price (up previously from $48.00) on shares of NetApp in a research report on Wednesday, August 16th. DA Davidson boosted their price objective on NetApp from $53.00 to $56.00 and gave the company a buy rating in a report on Tuesday, November 14th. BMO Capital Markets upgraded NetApp from a market perform rating to an outperform rating and boosted their price objective for the company from $43.00 to $62.00 in a report on Thursday. Finally, Raymond James Financial, Inc. restated a market perform rating on shares of NetApp in a report on Sunday, August 20th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $48.68.
NetApp (NASDAQ NTAP) traded down $0.16 during midday trading on Thursday, hitting $52.95. The stock had a trading volume of 5,664,483 shares, compared to its average volume of 2,938,607. The company has a market cap of $14,283.69, a P/E ratio of 19.91, a P/E/G ratio of 1.85 and a beta of 1.16. The company has a current ratio of 1.67, a quick ratio of 1.44 and a debt-to-equity ratio of 0.55. NetApp has a 52-week low of $34.72 and a 52-week high of $54.72.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS. research analysts expect that NetApp will post 2.53 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Thursday, January 4th. NetApp’s dividend payout ratio is presently 34.33%.
In other news, CEO George Kurian sold 4,570 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $37.98, for a total value of $173,568.60. Following the transaction, the chief executive officer now directly owns 23,028 shares of the company’s stock, valued at $874,603.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard P. Wallace sold 34,000 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $43.53, for a total value of $1,480,020.00. Following the completion of the transaction, the director now directly owns 24,132 shares in the company, valued at $1,050,465.96. The disclosure for this sale can be found here. Insiders sold 74,343 shares of company stock worth $3,302,273 over the last three months. Corporate insiders own 0.47% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Exane Derivatives boosted its stake in shares of NetApp by 59,850.0% in the third quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock worth $105,000 after buying an additional 2,394 shares during the last quarter. First Personal Financial Services boosted its stake in shares of NetApp by 27,540.0% in the third quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock worth $121,000 after buying an additional 2,754 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of NetApp in the third quarter worth about $131,000. Krilogy Financial LLC purchased a new stake in shares of NetApp in the second quarter worth about $122,000. Finally, FTB Advisors Inc. boosted its stake in shares of NetApp by 50.2% in the third quarter. FTB Advisors Inc. now owns 4,544 shares of the data storage provider’s stock worth $199,000 after buying an additional 1,519 shares during the last quarter. 93.91% of the stock is currently owned by institutional investors and hedge funds.
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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