Traders Buy NetApp (NTAP) on Weakness
Investors purchased shares of NetApp Inc. (NASDAQ:NTAP) on weakness during trading on Thursday. $64.62 million flowed into the stock on the tick-up and $37.84 million flowed out of the stock on the tick-down, for a money net flow of $26.78 million into the stock. Of all equities tracked, NetApp had the 32nd highest net in-flow for the day. NetApp traded down ($0.29) for the day and closed at $63.30
A number of brokerages have recently issued reports on NTAP. Royal Bank of Canada reissued a “hold” rating and issued a $60.00 target price on shares of NetApp in a research report on Monday, December 11th. BMO Capital Markets raised shares of NetApp from a “market perform” rating to an “outperform” rating in a research report on Sunday, November 26th. ValuEngine cut shares of NetApp from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. UBS Group reissued a “buy” rating and issued a $62.00 target price (up previously from $52.00) on shares of NetApp in a research report on Wednesday, November 22nd. Finally, Argus boosted their target price on shares of NetApp from $46.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $50.15.
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 firm has a market cap of $16,890.00, a P/E ratio of 27.17, a PEG ratio of 1.99 and a beta of 1.29.
NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The firm’s revenue was up 6.1% compared to the same quarter last year. equities analysts anticipate that NetApp Inc. will post 2.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Thursday, January 4th. NetApp’s dividend payout ratio is currently 34.33%.
In other news, 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 value of $3,937,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Joel D. Reich sold 3,371 shares of the company’s stock in a transaction that occurred 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 197,604 shares of company stock valued at $10,389,277 in the last ninety days. 0.47% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Neuberger Berman Group LLC boosted its holdings in NetApp by 0.7% in the second quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock valued at $328,000 after acquiring an additional 58 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in NetApp by 3.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock valued at $208,000 after acquiring an additional 185 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in NetApp by 2.1% in the second quarter. PNC Financial Services Group Inc. now owns 10,933 shares of the data storage provider’s stock valued at $440,000 after acquiring an additional 228 shares during the last quarter. Nordea Investment Management AB boosted its holdings in NetApp by 0.5% in the second quarter. Nordea Investment Management AB now owns 138,793 shares of the data storage provider’s stock valued at $5,559,000 after acquiring an additional 638 shares during the last quarter. Finally, DnB Asset Management AS boosted its holdings in NetApp by 3.3% in the fourth quarter. DnB Asset Management AS now owns 31,397 shares of the data storage provider’s stock valued at $1,737,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.
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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.
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