NetApp, Inc. (NTAP) Given New $37.00 Price Target at Deutsche Bank AG
NetApp, Inc. (NASDAQ:NTAP) had its price objective increased by Deutsche Bank AG from $27.00 to $37.00 in a research note issued to investors on Thursday. The firm currently has a sell rating on the data storage provider’s stock.
Several other research firms have also issued reports on NTAP. Citigroup Inc. increased their price objective on NetApp from $41.00 to $43.00 and gave the stock a neutral rating in a research note on Thursday, August 17th. Susquehanna Bancshares Inc reiterated a positive rating and set a $50.00 price objective (up from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. DA Davidson increased their price objective on NetApp from $53.00 to $56.00 and gave the stock a buy rating in a research note on Tuesday. BMO Capital Markets upgraded NetApp from a market perform rating to an outperform rating and increased their price objective for the stock from $43.00 to $62.00 in a research note on Thursday. Finally, Raymond James Financial, Inc. reiterated a market perform rating on shares of NetApp in a research note on Sunday, August 20th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and fourteen have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $48.31.
Shares of NetApp (NTAP) traded down $0.16 during midday trading on Thursday, hitting $52.95. The company had a trading volume of 5,664,483 shares, compared to its average volume of 2,981,599. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $14,330.00, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 1.60 and a beta of 1.16. NetApp has a twelve month low of $34.72 and a twelve month high of $54.72.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. NetApp’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share. equities analysts anticipate that NetApp will post 2.49 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, January 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.51%. NetApp’s dividend payout ratio is currently 38.46%.
In other 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 completion of the transaction, the chief executive officer now directly owns 23,028 shares in the company, valued at approximately $874,603.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total value of $83,011.76. Following the transaction, the executive vice president now owns 17,812 shares of the company’s stock, valued at $748,282.12. The disclosure for this sale can be found here. Insiders have sold a total of 74,343 shares of company stock valued at $3,302,273 over the last quarter. 0.47% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Exane Derivatives boosted its stake in NetApp by 59,850.0% in the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock valued at $105,000 after purchasing an additional 2,394 shares during the period. First Personal Financial Services boosted its stake in NetApp by 27,540.0% in the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock valued at $121,000 after purchasing an additional 2,754 shares during the period. Krilogy Financial LLC bought a new stake in NetApp in the 2nd quarter valued at $122,000. Quantbot Technologies LP bought a new stake in NetApp in the 3rd quarter valued at $131,000. Finally, FTB Advisors Inc. boosted its stake in NetApp by 50.2% in the 3rd quarter. FTB Advisors Inc. now owns 4,544 shares of the data storage provider’s stock valued at $199,000 after purchasing an additional 1,519 shares during the period. Institutional investors and hedge funds own 93.91% 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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