NetApp Inc. (NASDAQ:NTAP) has received an average recommendation of “Hold” from the forty analysts that are presently covering the stock. Ten analysts have rated the stock with a sell recommendation, twenty-three have given a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $29.83.
Several research analysts have commented on the company. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of NetApp in a report on Sunday, May 29th. Summit Redstone reaffirmed a “sell” rating on shares of NetApp in a report on Tuesday, June 21st. Jefferies Group reaffirmed a “hold” rating and set a $29.00 target price (up from $24.00) on shares of NetApp in a report on Thursday, August 18th. Citigroup Inc. lifted their target price on NetApp from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, August 18th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of NetApp in a report on Thursday, August 18th.
NetApp (NASDAQ:NTAP) opened at 35.66 on Monday. The company’s 50 day moving average price is $33.22 and its 200-day moving average price is $27.17. The company has a market capitalization of $9.94 billion, a P/E ratio of 32.10 and a beta of 1.56. NetApp has a 12-month low of $20.66 and a 12-month high of $36.10.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.10. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 EPS. Equities analysts forecast that NetApp will post $2.36 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be paid a $0.19 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.76 annualized dividend and a dividend yield of 2.13%. NetApp’s payout ratio is presently 68.47%.
In related news, Director George T. Shaheen sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $35.01, for a total value of $1,050,300.00. Following the sale, the director now directly owns 20,000 shares of the company’s stock, valued at $700,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 48,176 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $34.87, for a total value of $1,679,897.12. Following the completion of the sale, the chief executive officer now directly owns 92,746 shares in the company, valued at $3,234,053.02. The disclosure for this sale can be found here. 0.49% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of NTAP. Norges Bank acquired a new stake in NetApp during the fourth quarter valued at about $98,107,000. Chevy Chase Trust Holdings Inc. boosted its stake in NetApp by 3.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 244,195 shares of the data storage provider’s stock valued at $6,664,000 after buying an additional 7,743 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in NetApp by 12.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,798 shares of the data storage provider’s stock valued at $1,850,000 after buying an additional 7,390 shares during the last quarter. Exxonmobil Investment Management Inc. TX boosted its stake in NetApp by 7.4% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 70,385 shares of the data storage provider’s stock valued at $1,921,000 after buying an additional 4,858 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in NetApp by 12.9% in the first quarter. Glenmede Trust Co. NA now owns 2,255,070 shares of the data storage provider’s stock valued at $61,539,000 after buying an additional 257,314 shares during the last quarter. 89.54% of the stock is currently owned by institutional investors.
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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