NetApp (NTAP) Reaches New 1-Year High After Analyst Upgrade
NetApp, Inc. (NASDAQ:NTAP)’s share price hit a new 52-week high during mid-day trading on Monday after BMO Capital Markets upgraded the stock from a market perform rating to an outperform rating. The company traded as high as $58.68 and last traded at $58.26, with a volume of 3439100 shares trading hands. The stock had previously closed at $57.53.
A number of other equities analysts also recently issued reports on NTAP. Credit Suisse Group upped their price target on NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. BidaskClub downgraded NetApp from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Robert W. Baird set a $44.00 price target on NetApp and gave the company a “hold” rating in a report on Monday, August 14th. Maxim Group raised NetApp from a “hold” rating to a “buy” rating and upped their price target for the company from $46.00 to $56.00 in a report on Monday, August 14th. Finally, Piper Jaffray Companies set a $50.00 price target on NetApp and gave the company a “buy” rating in a report on Monday, August 14th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $49.39.
In other NetApp news, EVP Henri P. Richard sold 1,976 shares of the company’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total value of $83,011.76. Following the sale, the executive vice president now owns 17,812 shares of the company’s stock, valued at $748,282.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joel D. Reich sold 3,371 shares of the company’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $53.17, for a total value of $179,236.07. The disclosure for this sale can be found here. Insiders sold 202,036 shares of company stock valued at $10,171,008 in the last quarter. 0.47% of the stock is currently owned by company insiders.
The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67. The company has a market cap of $15,540.00, a price-to-earnings ratio of 21.90, a price-to-earnings-growth ratio of 1.89 and a beta of 1.29.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. NetApp’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 earnings per share. analysts expect that NetApp, Inc. will post 2.72 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Investors of record on Friday, January 5th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend is Thursday, January 4th. NetApp’s payout ratio is currently 34.33%.
ILLEGAL ACTIVITY NOTICE: “NetApp (NTAP) Reaches New 1-Year High After Analyst Upgrade” was first published by Watch List News and is owned by of Watch List News. If you are accessing this piece on another site, it was illegally copied and republished in violation of international copyright and trademark laws. The correct version of this piece can be read at https://www.watchlistnews.com/netapp-ntap-reaches-new-1-year-high-after-analyst-upgrade/1758382.html.
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.
Receive News & Ratings for NetApp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.