NetApp (NASDAQ:NTAP) Upgraded at BidaskClub
Several other brokerages also recently weighed in on NTAP. Piper Jaffray Companies downgraded NetApp from an overweight rating to a neutral rating and decreased their target price for the stock from $75.00 to $48.00 in a research report on Friday, August 2nd. Longbow Research downgraded NetApp from a buy rating to a neutral rating in a report on Monday, July 29th. Lake Street Capital downgraded NetApp from a buy rating to a hold rating and dropped their target price for the company from $69.00 to $65.00 in a report on Thursday, May 23rd. DA Davidson reduced their price target on NetApp to $93.00 and set a buy rating on the stock in a research report on Thursday, May 23rd. Finally, Citigroup restated a sell rating and issued a $40.00 price target (down previously from $55.00) on shares of NetApp in a report on Friday, August 16th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $60.55.
Shares of NTAP stock opened at $54.51 on Friday. The company’s fifty day simple moving average is $49.86 and its 200-day simple moving average is $62.10. NetApp has a 52 week low of $44.55 and a 52 week high of $87.65. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 1.33. The company has a market cap of $12.37 billion, a PE ratio of 13.56, a P/E/G ratio of 1.15 and a beta of 1.53.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Thursday, October 3rd. NetApp’s payout ratio is 47.76%.
In other news, VP Joel D. Reich sold 23,650 shares of the stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $61.49, for a total transaction of $1,454,238.50. Following the transaction, the vice president now owns 16,212 shares of the company’s stock, valued at $996,875.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Matthew K. Fawcett sold 38,195 shares of NetApp stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $61.55, for a total value of $2,350,902.25. Following the completion of the transaction, the senior vice president now owns 38,527 shares of the company’s stock, valued at $2,371,336.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,808 shares of company stock valued at $4,792,561. Company insiders own 0.33% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Stephens Inc. AR bought a new stake in shares of NetApp in the 2nd quarter valued at approximately $334,000. FMR LLC lifted its holdings in NetApp by 24.3% in the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock worth $117,816,000 after acquiring an additional 332,665 shares during the last quarter. Marshall Wace North America L.P. lifted its holdings in NetApp by 629.5% in the first quarter. Marshall Wace North America L.P. now owns 119,994 shares of the data storage provider’s stock worth $8,321,000 after acquiring an additional 103,545 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in NetApp by 6,974.9% in the first quarter. Teacher Retirement System of Texas now owns 251,511 shares of the data storage provider’s stock worth $17,440,000 after acquiring an additional 247,956 shares during the last quarter. Finally, MML Investors Services LLC boosted its stake in NetApp by 16.4% in the first quarter. MML Investors Services LLC now owns 11,271 shares of the data storage provider’s stock valued at $782,000 after acquiring an additional 1,588 shares during the period. 97.11% of the stock is owned by hedge funds and other institutional investors.
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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