NetApp (NASDAQ:NTAP) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday, BidAskClub reports.

A number of other research firms also recently weighed in on NTAP. Cross Research raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Thursday, February 14th. Citigroup decreased their target price on shares of NetApp from $77.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, February 14th. Loop Capital decreased their target price on shares of NetApp to $85.00 and set a “buy” rating for the company in a research report on Thursday, February 14th. Morgan Stanley downgraded shares of NetApp from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $72.00 to $58.00 in a research report on Tuesday, January 15th. Finally, Bank of America reissued a “buy” rating and set a $90.00 target price on shares of NetApp in a research report on Monday, February 11th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. NetApp has an average rating of “Hold” and an average price target of $77.88.

NetApp stock opened at $76.64 on Wednesday. NetApp has a 1 year low of $54.50 and a 1 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. The company has a market capitalization of $19.14 billion, a PE ratio of 25.63, a PEG ratio of 1.36 and a beta of 1.40.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, February 13th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.05. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.60 billion. NetApp had a return on equity of 60.32% and a net margin of 16.85%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 earnings per share. On average, sell-side analysts predict that NetApp will post 4.04 EPS for the current fiscal year.

In other news, EVP Henri P. Richard sold 5,050 shares of the firm’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $66.01, for a total transaction of $333,350.50. Following the completion of the sale, the executive vice president now owns 56,707 shares of the company’s stock, valued at approximately $3,743,229.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Joel D. Reich sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $64.04, for a total transaction of $1,280,800.00. Following the sale, the vice president now directly owns 744 shares of the company’s stock, valued at approximately $47,645.76. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Lindbrook Capital LLC acquired a new stake in shares of NetApp during the 4th quarter worth approximately $32,000. Bremer Trust National Association bought a new position in shares of NetApp in the 4th quarter worth $33,000. Financial Gravity Wealth Inc. bought a new position in shares of NetApp in the 1st quarter worth $39,000. Global Retirement Partners LLC lifted its holdings in shares of NetApp by 8,090.0% in the 4th quarter. Global Retirement Partners LLC now owns 819 shares of the data storage provider’s stock worth $49,000 after purchasing an additional 809 shares in the last quarter. Finally, North Star Investment Management Corp. lifted its holdings in shares of NetApp by 660.0% in the 1st quarter. North Star Investment Management Corp. now owns 760 shares of the data storage provider’s stock worth $53,000 after purchasing an additional 660 shares in the last quarter. 95.76% 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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