NetApp (NASDAQ:NTAP) had its price objective decreased by DA Davidson to $93.00 in a research report released on Thursday morning, The Fly reports. DA Davidson currently has a buy rating on the data storage provider’s stock. DA Davidson also issued estimates for NetApp’s Q3 2020 earnings at $1.12 EPS, Q4 2020 earnings at $1.27 EPS and FY2020 earnings at $4.36 EPS.

Several other equities research analysts have also issued reports on the company. Credit Suisse Group began coverage on NetApp in a research note on Thursday, April 11th. They issued an outperform rating and a $89.00 price objective for the company. BidaskClub lowered NetApp from a strong-buy rating to a buy rating in a research note on Wednesday, April 24th. Citigroup decreased their price target on NetApp from $77.00 to $75.00 and set a neutral rating for the company in a research note on Thursday, February 14th. Oppenheimer reissued a hold rating on shares of NetApp in a research note on Thursday, February 14th. Finally, Loop Capital decreased their price target on NetApp to $85.00 and set a buy rating for the company in a research note on Thursday, February 14th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $75.71.

Shares of NASDAQ:NTAP traded up $0.68 during trading on Thursday, hitting $62.34. The company had a trading volume of 32,517 shares, compared to its average volume of 2,786,030. The firm has a market capitalization of $17.29 billion, a price-to-earnings ratio of 20.80, a PEG ratio of 1.01 and a beta of 1.40. NetApp has a one year low of $54.50 and a one year high of $88.08. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.56 and a quick ratio of 1.53.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. NetApp had a net margin of 16.85% and a return on equity of 60.32%. NetApp’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 earnings per share. As a group, analysts expect that NetApp will post 4.04 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be given a dividend of $0.48 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.08%. This is a boost from NetApp’s previous quarterly dividend of $0.40. NetApp’s payout ratio is currently 53.51%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Nordea Investment Management AB increased its stake in shares of NetApp by 8.4% in the 1st quarter. Nordea Investment Management AB now owns 1,267,938 shares of the data storage provider’s stock valued at $87,923,000 after purchasing an additional 98,035 shares in the last quarter. Horizon Investments LLC purchased a new stake in shares of NetApp in the first quarter valued at approximately $233,000. Slow Capital Inc. grew its position in shares of NetApp by 4.5% in the first quarter. Slow Capital Inc. now owns 24,159 shares of the data storage provider’s stock valued at $1,675,000 after purchasing an additional 1,032 shares in the last quarter. FMR LLC grew its position in shares of NetApp by 24.3% in the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock valued at $117,816,000 after purchasing an additional 332,665 shares in the last quarter. Finally, CWM Advisors LLC grew its position in shares of NetApp by 7.7% in the first quarter. CWM Advisors LLC now owns 3,947 shares of the data storage provider’s stock valued at $274,000 after purchasing an additional 283 shares in the last quarter. 91.87% of the stock is owned by institutional investors.

About NetApp

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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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