ValuEngine Lowers NetApp (NTAP) to Hold
ValuEngine downgraded shares of NetApp (NASDAQ:NTAP) from a buy rating to a hold rating in a report published on Friday.
Several other research analysts have also commented on the company. BMO Capital Markets raised NetApp from a market perform rating to an outperform rating in a research report on Sunday, November 26th. UBS reaffirmed a buy rating and set a $62.00 price target (up previously from $52.00) on shares of NetApp in a research report on Wednesday, November 22nd. Argus lifted their price target on NetApp from $46.00 to $60.00 and gave the stock a buy rating in a research report on Friday, November 17th. Robert W. Baird reaffirmed a hold rating on shares of NetApp in a research report on Thursday, November 16th. Finally, Oppenheimer reaffirmed 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 assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. NetApp presently has an average rating of Hold and a consensus target price of $49.04.
NetApp (NASDAQ NTAP) traded down $0.10 on Friday, reaching $56.41. The company’s stock had a trading volume of 4,081,000 shares, compared to its average volume of 2,989,648. The firm has a market capitalization of $15,049.73, a price-to-earnings ratio of 21.21, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28. NetApp has a 52 week low of $34.72 and a 52 week high of $57.75. 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 released its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. sell-side analysts predict that NetApp will post 2.72 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Investors of record on Friday, January 5th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.42%. NetApp’s dividend payout ratio (DPR) is presently 34.33%.
In related news, CEO George Kurian sold 75,000 shares of NetApp 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 SEC, which is available through the SEC website. Also, Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $43.53, for a total value of $1,480,020.00. Following the completion of the sale, the director now owns 24,132 shares in the company, valued at $1,050,465.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,060 shares of company stock worth $9,205,680. Company insiders own 0.47% of the company’s stock.
Several institutional investors have recently bought and sold shares of NTAP. Toronto Dominion Bank boosted its position in NetApp by 25.4% during the second quarter. Toronto Dominion Bank now owns 91,841 shares of the data storage provider’s stock worth $3,678,000 after purchasing an additional 18,613 shares in the last quarter. Personal Capital Advisors Corp purchased a new stake in NetApp during the third quarter worth $269,000. GHP Investment Advisors Inc. boosted its position in NetApp by 18.1% during the third quarter. GHP Investment Advisors Inc. now owns 46,379 shares of the data storage provider’s stock worth $2,030,000 after purchasing an additional 7,123 shares in the last quarter. Aberdeen Asset Management PLC UK boosted its position in NetApp by 13.4% during the second quarter. Aberdeen Asset Management PLC UK now owns 547,294 shares of the data storage provider’s stock worth $21,918,000 after purchasing an additional 64,722 shares in the last quarter. Finally, CIBC World Markets Inc. boosted its position in NetApp by 393.8% during the second quarter. CIBC World Markets Inc. now owns 29,634 shares of the data storage provider’s stock worth $1,187,000 after purchasing an additional 23,633 shares in the last quarter. Hedge funds and other institutional investors own 93.92% 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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