NetApp Inc. (NASDAQ:NTAP) was downgraded by research analysts at Standpoint Research from a “buy” rating to a “hold” rating in a report issued on Friday.
Several other equities analysts have also commented on NTAP. Summit Redstone reissued a “sell” rating on shares of NetApp in a report on Tuesday, June 21st. Robert W. Baird reissued a “neutral” rating and issued a $37.00 target price (up from $32.00) on shares of NetApp in a report on Wednesday. Jefferies Group reissued a “hold” rating and issued a $29.00 target price (up from $24.00) on shares of NetApp in a report on Thursday, August 18th. Brean Capital reaffirmed a “hold” rating on shares of NetApp in a report on Wednesday. Finally, Citigroup Inc. lifted their price target on shares of NetApp from $26.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, August 18th. Ten investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $30.16.
Shares of NetApp (NASDAQ:NTAP) traded up 2.807% during mid-day trading on Friday, hitting $35.705. The stock had a trading volume of 2,463,550 shares. NetApp has a 52 week low of $20.66 and a 52 week high of $36.10. The stock has a market cap of $9.95 billion, a P/E ratio of 32.138 and a beta of 1.56. The stock has a 50-day moving average price of $34.09 and a 200 day moving average price of $27.42.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.36 by $0.10. NetApp had a net margin of 5.87% and a return on equity of 15.82%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the firm earned $0.29 EPS. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities analysts forecast that NetApp will post $2.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Wednesday, October 5th. NetApp’s dividend payout ratio (DPR) is 68.47%.
In related news, Director Jeffry R. Allen sold 14,020 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $35.24, for a total value of $494,064.80. Following the transaction, the director now directly owns 15,000 shares in the company, valued at $528,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jeffry R. Allen sold 10,980 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $35.24, for a total transaction of $386,935.20. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $528,600. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. boosted its position in NetApp by 221.7% in the second quarter. Macquarie Group Ltd. now owns 19,300 shares of the data storage provider’s stock valued at $475,000 after buying an additional 13,300 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of NetApp during the second quarter worth approximately $287,000. Kentucky Retirement Systems acquired a new position in shares of NetApp during the second quarter worth approximately $604,000. Mason Street Advisors LLC acquired a new position in shares of NetApp during the second quarter worth approximately $957,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of NetApp by 5.6% in the second quarter. Public Employees Retirement System of Ohio now owns 77,863 shares of the data storage provider’s stock worth $1,915,000 after buying an additional 4,159 shares during the last quarter. Institutional investors own 89.54% 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.
Receive News & Ratings for NetApp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.