NetApp’s (NTAP) Market Perform Rating Reiterated at Wells Fargo & Company
NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “market perform” rating reissued by research analysts at Wells Fargo & Company in a note issued to investors on Tuesday, MarketBeat reports. They presently have a $50.00 target price on the data storage provider’s stock. Wells Fargo & Company’s price objective would indicate a potential upside of 9.60% from the company’s current price.
NTAP has been the subject of a number of other reports. Credit Suisse Group raised their target price on NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. Longbow Research raised NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, August 15th. Barclays PLC raised their target price on NetApp from $35.00 to $38.00 and gave the stock an “underweight” rating in a research note on Thursday, August 17th. BidaskClub downgraded NetApp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $62.00 target price (up from $60.00) on shares of NetApp in a research note on Friday, August 18th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $46.38.
NetApp (NASDAQ NTAP) traded down $0.38 during midday trading on Tuesday, reaching $45.62. The company had a trading volume of 2,253,800 shares, compared to its average volume of 2,918,051. NetApp has a 1 year low of $34.38 and a 1 year high of $47.20. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The firm has a market cap of $12,408.85, a P/E ratio of 19.33, a P/E/G ratio of 1.61 and a beta of 1.16.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the company earned $0.46 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. research analysts predict that NetApp will post 2.49 EPS for the current fiscal year.
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In other NetApp news, CEO George Kurian sold 4,570 shares of NetApp stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $37.98, for a total transaction of $173,568.60. Following the transaction, the chief executive officer now owns 23,028 shares of the company’s stock, valued at $874,603.44. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $43.89, for a total value of $86,726.64. Following the transaction, the executive vice president now directly owns 15,836 shares in the company, valued at approximately $695,042.04. The disclosure for this sale can be found here. Insiders have sold a total of 74,343 shares of company stock worth $3,302,273 in the last three months. Corporate insiders own 0.47% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ladenburg Thalmann Financial Services Inc. increased its position in NetApp by 28.9% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 24,708 shares of the data storage provider’s stock worth $1,085,000 after buying an additional 5,539 shares during the period. Cubist Systematic Strategies LLC acquired a new position in NetApp during the third quarter worth approximately $604,000. Point72 Asset Management L.P. acquired a new position in NetApp during the third quarter worth approximately $4,402,000. U S Global Investors Inc. increased its holdings in shares of NetApp by 52.0% in the third quarter. U S Global Investors Inc. now owns 12,000 shares of the data storage provider’s stock valued at $525,000 after purchasing an additional 4,103 shares during the period. Finally, Chevy Chase Trust Holdings Inc. increased its holdings in shares of NetApp by 0.8% in the third quarter. Chevy Chase Trust Holdings Inc. now owns 235,427 shares of the data storage provider’s stock valued at $10,302,000 after purchasing an additional 1,850 shares during the period. 93.91% of the stock is currently 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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