NetApp, Inc. (NTAP) Receives $45.41 Consensus Target Price from Brokerages
Shares of NetApp, Inc. (NASDAQ:NTAP) have been given a consensus recommendation of “Hold” by the thirty-five analysts that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, twenty have given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $45.68.
A number of analysts have recently issued reports on NTAP shares. BidaskClub lowered NetApp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. DA Davidson reiterated a “buy” rating and issued a $51.00 price target on shares of NetApp in a research note on Monday. Credit Suisse Group boosted their price target on NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. Citigroup Inc. increased their price target on NetApp from $41.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, August 17th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating and issued a $50.00 price target (up previously from $48.00) on shares of NetApp in a report on Wednesday, August 16th.
In related news, CEO George Kurian sold 4,570 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the completion of the sale, the chief executive officer now directly owns 23,028 shares of the company’s stock, valued at $874,603.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $42.01, for a total transaction of $83,011.76. Following the sale, the executive vice president now directly owns 17,812 shares of the company’s stock, valued at $748,282.12. The disclosure for this sale can be found here. Insiders sold a total of 16,474 shares of company stock worth $683,813 in the last three months. Company insiders own 0.47% of the company’s stock.
A number of institutional investors have recently bought and sold shares of NTAP. BTIM Corp. lifted its position in shares of NetApp by 4.5% during the 2nd quarter. BTIM Corp. now owns 118,219 shares of the data storage provider’s stock valued at $4,735,000 after acquiring an additional 5,099 shares during the last quarter. Janus Capital Management LLC grew its holdings in shares of NetApp by 55.1% in the 1st quarter. Janus Capital Management LLC now owns 725,050 shares of the data storage provider’s stock worth $30,343,000 after acquiring an additional 257,433 shares during the last quarter. Cantor Fitzgerald Investment Adviser L.P. acquired a new position in shares of NetApp in the 2nd quarter worth $280,000. Point72 Asia Hong Kong Ltd raised its position in shares of NetApp by 8,443.8% during the first quarter. Point72 Asia Hong Kong Ltd now owns 5,468 shares of the data storage provider’s stock worth $229,000 after purchasing an additional 5,404 shares during the period. Finally, Aberdeen Asset Management PLC UK raised its position in shares of NetApp by 13.4% during the second quarter. Aberdeen Asset Management PLC UK now owns 547,294 shares of the data storage provider’s stock worth $21,918,000 after purchasing an additional 64,722 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.
Shares of NetApp (NTAP) traded up 0.55% during midday trading on Wednesday, hitting $44.00. The stock had a trading volume of 4,222,790 shares. The stock has a 50 day moving average of $40.34 and a 200-day moving average of $40.60. The company has a market cap of $11.87 billion, a P/E ratio of 14.72 and a beta of 1.26. NetApp has a one year low of $30.36 and a one year high of $45.24.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.32 billion. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.46 EPS. Analysts forecast that NetApp will post $3.13 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 5th. NetApp’s dividend payout ratio (DPR) is presently 38.65%.
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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