Citigroup reaffirmed their sell rating on shares of NetApp (NASDAQ:NTAP) in a research report sent to investors on Friday morning, The Fly reports. Citigroup currently has a $40.00 target price on the data storage provider’s stock, down from their previous target price of $55.00.

Several other brokerages also recently commented on NTAP. Bank of America dropped their target price on shares of NetApp from $60.00 to $56.00 and set a neutral rating on the stock in a report on Thursday. Lake Street Capital downgraded shares of NetApp from a buy rating to a hold rating and dropped their target price for the stock from $69.00 to $65.00 in a report on Thursday, May 23rd. BidaskClub upgraded shares of NetApp from a strong sell rating to a sell rating in a research report on Friday. Stifel Nicolaus decreased their price target on shares of NetApp from $75.00 to $60.00 and set a buy rating on the stock in a research report on Friday, August 2nd. Finally, Loop Capital decreased their price target on shares of NetApp to $60.00 and set a buy rating on the stock in a research report on Friday, August 2nd. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $59.52.

Shares of NTAP opened at $46.76 on Friday. The company has a market capitalization of $11.10 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 0.95 and a beta of 1.48. NetApp has a one year low of $44.55 and a one year high of $88.08. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.42 and a quick ratio of 1.42. The company’s fifty day moving average price is $56.10 and its 200 day moving average price is $64.24.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 14th. The data storage provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.46 by $0.19. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.23 billion. NetApp had a net margin of 16.74% and a return on equity of 77.11%. The business’s quarterly revenue was down 16.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.04 EPS. Analysts anticipate that NetApp will post 3.35 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s dividend payout ratio is presently 47.76%.

In other NetApp news, SVP Matthew K. Fawcett sold 38,195 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $61.55, for a total value of $2,350,902.25. Following the completion of the transaction, the senior vice president now directly owns 38,527 shares of the company’s stock, valued at $2,371,336.85. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Ronald J. Pasek sold 58,052 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the completion of the transaction, the chief financial officer now directly owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,092 shares of company stock valued at $9,676,120. Insiders own 0.33% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Shelton Capital Management bought a new position in shares of NetApp in the first quarter worth about $25,000. Hexavest Inc. bought a new position in shares of NetApp in the second quarter worth about $26,000. Group One Trading L.P. raised its stake in shares of NetApp by 196.9% in the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 900 shares during the last quarter. Destination Wealth Management raised its stake in shares of NetApp by 53.3% in the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 160 shares during the last quarter. Finally, Kistler Tiffany Companies LLC raised its stake in shares of NetApp by 315.4% in the second quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 388 shares during the last quarter. 93.62% of the stock is owned by institutional investors.

NetApp Company Profile

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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