Barclays PLC upgraded shares of NetApp, Inc. (NASDAQ:NTAP) from an underweight rating to an overweight rating in a report released on Thursday, Marketbeat reports. The brokerage currently has $52.00 price objective on the data storage provider’s stock, up from their previous price objective of $38.00.

Several other equities research analysts have also recently weighed in on the stock. Maxim Group reaffirmed a buy rating and set a $56.00 price objective on shares of NetApp in a research report on Friday, October 27th. Zacks Investment Research cut shares of NetApp from a buy rating to a hold rating in a research report on Thursday, October 5th. Oppenheimer Holdings, Inc. reissued a hold rating on shares of NetApp in a report on Wednesday, October 4th. Robert W. Baird reissued a hold rating and issued a $46.00 target price (up previously from $44.00) on shares of NetApp in a report on Wednesday, October 4th. Finally, DA Davidson reissued a buy rating and issued a $51.00 target price on shares of NetApp in a report on Monday, October 2nd. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $45.65.

NetApp (NASDAQ:NTAP) traded up $0.04 on Thursday, reaching $46.34. 1,649,200 shares of the company traded hands, compared to its average volume of 2,279,208. NetApp has a 1-year low of $33.26 and a 1-year high of $47.20. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.47 and a quick ratio of 1.44. The company has a market capitalization of $12,500.59, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.63 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 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the business posted $0.46 earnings per share. NetApp’s revenue was up 2.4% compared to the same quarter last year. sell-side analysts anticipate that NetApp will post 2.49 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Friday, October 6th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date was Thursday, October 5th. NetApp’s dividend payout ratio is currently 38.65%.

In related news, CEO George Kurian sold 4,570 shares of the stock in a transaction on 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 in the company, valued at approximately $874,603.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard P. Wallace sold 34,000 shares of the stock in a transaction on Friday, September 29th. The stock was 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 owns 24,132 shares in the company, valued at $1,050,465.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,498 shares of company stock worth $1,911,496. 0.47% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. CAPROCK Group Inc. lifted 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 worth $211,000 after purchasing an additional 44 shares in the last quarter. Contravisory Investment Management Inc. lifted its holdings in shares of NetApp by 0.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock worth $283,000 after purchasing an additional 45 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of NetApp by 0.7% in the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock worth $328,000 after purchasing an additional 58 shares in the last quarter. Breton Hill Capital Ltd. lifted its stake in NetApp by 0.3% during the 2nd quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock valued at $692,000 after acquiring an additional 59 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in NetApp by 0.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock valued at $673,000 after acquiring an additional 100 shares in the last quarter. Institutional investors own 92.53% of the company’s stock.

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.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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