NetApp, Inc. (NTAP) Earns “Hold” Rating from Robert W. Baird
Robert W. Baird reissued their hold rating on shares of NetApp, Inc. (NASDAQ:NTAP) in a research note released on Wednesday. Robert W. Baird currently has a $46.00 price target on the data storage provider’s stock, up from their prior price target of $44.00.
NTAP has been the subject of several other research reports. Credit Suisse Group boosted their price objective on shares of NetApp from $37.00 to $40.00 and gave the stock a neutral rating in a research report on Wednesday, August 9th. Longbow Research upgraded shares of NetApp from a neutral rating to a buy rating and set a $50.00 price objective for the company in a research report on Tuesday, August 15th. Barclays PLC boosted their price objective on shares of NetApp from $35.00 to $38.00 and gave the stock an underweight rating in a research report on Thursday, August 17th. BidaskClub cut shares of NetApp from a buy rating to a hold rating in a research report on Saturday, August 12th. Finally, Drexel Hamilton restated a buy rating and issued a $62.00 price objective (up previously from $60.00) on shares of NetApp in a research report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. NetApp presently has an average rating of Hold and a consensus target price of $45.12.
Shares of NetApp (NTAP) traded down 0.27% during trading on Wednesday, hitting $44.43. The stock had a trading volume of 1,885,084 shares. The stock has a market capitalization of $11.99 billion, a price-to-earnings ratio of 21.45 and a beta of 1.26. The stock’s 50 day moving average is $40.83 and its 200 day moving average is $40.75. NetApp has a 52 week low of $30.36 and a 52 week high of $45.24.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.07. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the company posted $0.46 EPS. NetApp’s revenue was up 2.4% on a year-over-year basis. On average, equities research analysts expect that NetApp will post $3.12 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.80%. NetApp’s dividend payout ratio is 38.65%.
In other news, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $43.41, for a total transaction of $85,778.16. Following the completion of the transaction, the executive vice president now directly owns 19,788 shares in the company, valued at approximately $858,997.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard P. Wallace sold 34,000 shares of the stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the transaction, the director now owns 24,132 shares of the company’s stock, valued at $1,050,465.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,450 shares of company stock valued at $2,250,560. Company insiders own 0.47% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. American Beacon Advisors Inc. bought a new stake in shares of NetApp in the 1st quarter valued at about $110,000. Krilogy Financial LLC bought a new stake in shares of NetApp in the 2nd quarter valued at about $122,000. Cambridge Investment Research Advisors Inc. raised its holdings in shares of NetApp by 3.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock valued at $208,000 after purchasing an additional 185 shares during the period. Eagle Global Advisors LLC bought a new stake in shares of NetApp in the 2nd quarter valued at about $210,000. Finally, CAPROCK Group Inc. raised its holdings in shares of NetApp by 0.8% in the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock valued at $211,000 after purchasing an additional 44 shares during the period. Institutional investors own 92.08% of the company’s stock.
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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