UBS AG Reiterates “Buy” Rating for NetApp, Inc. (NTAP)
NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “buy” rating reaffirmed by equities researchers at UBS AG in a report released on Wednesday. They currently have a $62.00 target price on the data storage provider’s stock, up from their prior target price of $52.00. UBS AG’s price objective points to a potential upside of 10.62% from the company’s previous close.
Several other analysts also recently weighed in on the company. Argus increased their target price on NetApp from $46.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 17th. ValuEngine upgraded NetApp from a “hold” rating to a “buy” rating in a research note on Thursday, November 16th. BMO Capital Markets restated a “hold” rating and set a $43.00 target price on shares of NetApp in a research note on Wednesday, November 15th. Robert W. Baird restated a “hold” rating on shares of NetApp in a research note on Thursday, November 16th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of NetApp in a research report on Thursday, November 16th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have given a buy rating to the company. NetApp has an average rating of “Hold” and a consensus price target of $49.04.
Shares of NetApp (NASDAQ NTAP) opened at $56.05 on Wednesday. NetApp has a 52 week low of $34.72 and a 52 week high of $56.10. The firm has a market capitalization of $15,119.91, a P/E ratio of 21.07, a P/E/G ratio of 1.81 and a beta of 1.16. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the 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 firm 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 company earned $0.60 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. equities analysts forecast that NetApp will post 2.72 earnings per share for the current year.
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In other news, Director George T. Shaheen sold 36,916 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $53.10, for a total value of $1,960,239.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO George Kurian sold 75,000 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. Insiders sold a total of 189,630 shares of company stock worth $9,379,249 over the last 90 days. 0.47% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of NTAP. Boston Partners bought a new position in NetApp during the third quarter worth about $315,629,000. Renaissance Technologies LLC lifted its holdings in NetApp by 781.1% during the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock worth $133,750,000 after acquiring an additional 2,960,542 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in NetApp by 6,495.7% during the second quarter. Janus Henderson Group PLC now owns 2,312,525 shares of the data storage provider’s stock worth $92,617,000 after acquiring an additional 2,277,464 shares in the last quarter. BlackRock Inc. lifted its holdings in NetApp by 7.5% during the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock worth $867,006,000 after acquiring an additional 1,517,967 shares in the last quarter. Finally, FMR LLC lifted its holdings in NetApp by 89.2% during the second quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock worth $121,924,000 after acquiring an additional 1,435,588 shares in the last quarter. Hedge funds and other institutional investors own 97.27% of the company’s stock.
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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