NetApp Inc. (NASDAQ:NTAP)‘s stock had its “hold” rating reissued by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday.
Several other equities analysts have also issued reports on NTAP. RBC Capital Markets boosted their price objective on NetApp to $32.00 in a research report on Thursday, August 18th. DA Davidson reiterated a “buy” rating and issued a $35.00 price objective on shares of NetApp in a research report on Monday, August 15th. Maxim Group boosted their price objective on NetApp from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, August 15th. Cross Research upgraded NetApp from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Zacks Investment Research upgraded NetApp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 1st. Eleven investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $29.47.
Shares of NetApp (NASDAQ:NTAP) traded up 0.68% on Wednesday, hitting $35.58. 104,874 shares of the company’s stock traded hands. NetApp has a 1-year low of $20.66 and a 1-year high of $36.10. The firm’s 50-day moving average price is $33.68 and its 200 day moving average price is $27.31. The company has a market cap of $9.91 billion, a price-to-earnings ratio of 32.03 and a beta of 1.56.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.10. The company earned $1.29 billion during the quarter, compared to analyst estimates of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.29 EPS. On average, equities research analysts expect that NetApp will post $2.36 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders 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 dividend on an annualized basis and a yield of 2.15%. NetApp’s dividend payout ratio (DPR) is presently 68.47%.
In other NetApp news, VP Joel D. Reich sold 2,241 shares of the firm’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $24.35, for a total value of $54,568.35. Following the completion of the sale, the vice president now owns 489 shares of the company’s stock, valued at $11,907.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffry R. Allen sold 10,980 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $35.24, for a total value of $386,935.20. Following the completion of the sale, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $528,600. The disclosure for this sale can be found here. 0.49% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Sirios Capital Management L P purchased a new stake in shares of NetApp during the second quarter worth approximately $61,213,000. Primecap Management Co. CA boosted its stake in shares of NetApp by 3.7% in the first quarter. Primecap Management Co. CA now owns 43,514,951 shares of the data storage provider’s stock worth $1,187,523,000 after buying an additional 1,562,403 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of NetApp by 14.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,225,320 shares of the data storage provider’s stock worth $226,851,000 after buying an additional 1,189,529 shares during the period. Dodge & Cox boosted its stake in shares of NetApp by 3.4% in the first quarter. Dodge & Cox now owns 36,034,991 shares of the data storage provider’s stock worth $983,395,000 after buying an additional 1,184,500 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of NetApp by 2,289.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 974,669 shares of the data storage provider’s stock worth $23,967,000 after buying an additional 933,879 shares during the period. 89.54% of the stock is owned by hedge funds and other 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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