NetApp (NASDAQ:NTAP) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report released on Tuesday.

NTAP has been the subject of several other research reports. Zacks Investment Research downgraded NetApp from a “hold” rating to a “sell” rating in a research note on Friday, January 18th. Wolfe Research initiated coverage on NetApp in a research note on Tuesday, December 11th. They set an “outperform” rating for the company. DA Davidson set a $100.00 price target on NetApp and gave the stock a “buy” rating in a research note on Thursday, November 15th. ValuEngine downgraded NetApp from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a research note on Wednesday, November 14th. Five equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. NetApp has an average rating of “Hold” and a consensus price target of $79.54.

NASDAQ:NTAP opened at $65.93 on Tuesday. The firm has a market cap of $16.62 billion, a PE ratio of 22.05, a PEG ratio of 1.16 and a beta of 1.34. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.65 and a quick ratio of 1.63. NetApp has a 52-week low of $52.00 and a 52-week high of $88.08.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.07. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.51 billion. NetApp had a return on equity of 51.50% and a net margin of 4.70%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 EPS. On average, analysts expect that NetApp will post 4.01 EPS for the current fiscal year.

In other NetApp news, EVP Henri P. Richard sold 2,525 shares of NetApp stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $69.55, for a total value of $175,613.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Henri P. Richard sold 5,050 shares of NetApp stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $66.01, for a total value 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 disclosure for this sale can be found here. Insiders sold a total of 17,575 shares of company stock valued at $1,175,564 in the last 90 days. 0.19% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of NTAP. Oregon Public Employees Retirement Fund grew its holdings in NetApp by 3,540.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,050,717 shares of the data storage provider’s stock valued at $101,000 after buying an additional 5,884,508 shares during the period. OppenheimerFunds Inc. grew its holdings in NetApp by 27,092.2% in the 3rd quarter. OppenheimerFunds Inc. now owns 1,909,435 shares of the data storage provider’s stock valued at $164,002,000 after buying an additional 1,902,413 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd purchased a new stake in NetApp in the 3rd quarter valued at about $161,995,000. Renaissance Technologies LLC grew its holdings in shares of NetApp by 67.6% during the 3rd quarter. Renaissance Technologies LLC now owns 3,910,776 shares of the data storage provider’s stock worth $335,897,000 after purchasing an additional 1,577,844 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of NetApp by 45.4% during the 4th quarter. Bank of New York Mellon Corp now owns 3,582,797 shares of the data storage provider’s stock worth $213,787,000 after purchasing an additional 1,119,253 shares during the period. Institutional investors own 95.82% of the company’s stock.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share date 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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