NetApp (NTAP) Shares Gap Down to $60.64
Shares of NetApp Inc. (NASDAQ:NTAP) gapped down prior to trading on Thursday . The stock had previously closed at $66.71, but opened at $60.64. NetApp shares last traded at $57.67, with a volume of 16551211 shares.
Several brokerages have commented on NTAP. Barclays reiterated an “overweight” rating and issued a $56.00 price target (up previously from $52.00) on shares of NetApp in a research note on Thursday, November 16th. Zacks Investment Research upgraded shares of NetApp from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday. Piper Jaffray Companies reiterated an “overweight” rating and issued a $60.00 price target on shares of NetApp in a research note on Thursday, November 16th. Morgan Stanley upgraded shares of NetApp from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $41.00 to $64.00 in a report on Tuesday, January 23rd. Finally, DA Davidson upgraded shares of NetApp from a “neutral” rating to a “buy” rating and set a $66.00 target price on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $56.31.
The company has a quick ratio of 1.64, a current ratio of 1.91 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $14,770.00, a P/E ratio of -706.38, a P/E/G ratio of 1.84 and a beta of 1.33.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, April 6th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, April 5th. This represents a $0.80 annualized dividend and a dividend yield of 1.42%. NetApp’s payout ratio is presently -1,000.00%.
In other news, EVP Henri P. Richard sold 1,976 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $55.91, for a total value of $110,478.16. Following the completion of the sale, the executive vice president now owns 11,884 shares of the company’s stock, valued at approximately $664,434.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 75,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $52.50, for a total transaction of $3,937,500.00. The disclosure for this sale can be found here. Insiders sold a total of 136,342 shares of company stock valued at $7,429,481 in the last ninety days. Corporate insiders own 0.47% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Boston Partners lifted its holdings in NetApp by 68.1% during the fourth quarter. Boston Partners now owns 12,127,140 shares of the data storage provider’s stock valued at $670,873,000 after purchasing an additional 4,914,409 shares in the last quarter. Investec Asset Management LTD acquired a new position in NetApp during the 4th quarter worth approximately $290,829,000. Bank of New York Mellon Corp grew its holdings in NetApp by 6.4% during the 4th quarter. Bank of New York Mellon Corp now owns 4,322,669 shares of the data storage provider’s stock worth $239,131,000 after acquiring an additional 260,763 shares in the last quarter. APG Asset Management N.V. grew its holdings in NetApp by 22.9% during the 3rd quarter. APG Asset Management N.V. now owns 3,046,414 shares of the data storage provider’s stock worth $133,311,000 after acquiring an additional 567,300 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in NetApp by 12.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 2,812,288 shares of the data storage provider’s stock worth $123,066,000 after acquiring an additional 317,489 shares in the last quarter. 96.67% of the stock is owned by hedge funds and other institutional investors.
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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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