NetApp, Inc. (NTAP) Cut to “Hold” at ValuEngine
NetApp, Inc. (NASDAQ:NTAP) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
A number of other equities analysts also recently weighed in on NTAP. UBS AG raised NetApp from a “sell” rating to a “neutral” rating and set a $40.00 price target for the company in a research report on Friday, May 26th. BidaskClub downgraded NetApp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $40.00 price target (up previously from $39.00) on shares of NetApp in a research report on Sunday, August 20th. Credit Suisse Group upped their price target on NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Finally, Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of NetApp in a research report on Sunday, August 20th. Three investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.70.
NetApp (NASDAQ:NTAP) opened at 38.65 on Friday. The company has a market cap of $10.44 billion, a price-to-earnings ratio of 18.66 and a beta of 1.21. The company’s 50-day moving average is $41.76 and its 200 day moving average is $40.70. NetApp has a 12 month low of $30.36 and a 12 month high of $45.24.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm posted $0.46 EPS. The business’s revenue was up 2.4% on a year-over-year basis. Equities analysts forecast that NetApp will post $3.12 earnings per share for the current fiscal year.
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In related news, EVP Henri P. Richard sold 1,976 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $43.41, for a total value of $85,778.16. Following the sale, the executive vice president now directly owns 19,788 shares of the company’s stock, valued at $858,997.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Kurian sold 4,570 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total value of $173,568.60. Following the completion of the sale, the chief executive officer now directly owns 23,028 shares in the company, valued at $874,603.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,296 shares of company stock worth $3,661,823. 0.47% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. American Beacon Advisors Inc. acquired a new stake in NetApp during the first quarter valued at $110,000. Krilogy Financial LLC acquired a new stake in NetApp during the second quarter valued at $122,000. Cambridge Investment Research Advisors Inc. raised its stake in NetApp by 3.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock valued at $208,000 after buying an additional 185 shares during the period. Eagle Global Advisors LLC acquired a new stake in NetApp during the second quarter valued at $210,000. Finally, CAPROCK Group Inc. raised its stake in NetApp by 0.8% in the second quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock valued at $211,000 after buying an additional 44 shares during the period. 91.85% 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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