Robert W. Baird restated their neutral rating on shares of NetApp Inc. (NASDAQ:NTAP) in a report published on Wednesday morning. The brokerage currently has a $37.00 price target on the data storage provider’s stock, up from their previous price target of $32.00.
A number of other equities research analysts have also recently weighed in on the company. William Blair reaffirmed an underperform rating on shares of NetApp in a report on Wednesday, September 28th. RBC Capital Markets boosted their target price on NetApp from $32.00 to $36.00 and gave the stock a sector perform rating in a report on Tuesday, September 27th. Cross Research raised NetApp from a hold rating to a buy rating in a report on Monday, September 26th. Deutsche Bank AG cut NetApp from a hold rating to a sell rating and dropped their target price for the stock from $35.66 to $25.00 in a report on Monday, September 26th. They noted that the move was a valuation call. Finally, Susquehanna boosted their target price on NetApp from $36.00 to $42.00 and gave the stock a positive rating in a report on Wednesday, September 21st. Ten equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have given a buy rating to the company. NetApp has a consensus rating of Hold and a consensus price target of $30.16.
NetApp (NASDAQ:NTAP) opened at 35.82 on Wednesday. The firm’s 50 day moving average price is $34.31 and its 200-day moving average price is $27.48. The stock has a market cap of $9.98 billion, a price-to-earnings ratio of 32.24 and a beta of 1.58. NetApp has a 52 week low of $20.66 and a 52 week high of $36.10.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.10. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 earnings per share. Analysts expect that NetApp will post $2.36 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Wednesday, October 5th. NetApp’s dividend payout ratio is presently 68.47%.
In other NetApp news, Director Jeffry R. Allen sold 10,980 shares of NetApp stock in a transaction dated 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 owns 15,000 shares in the company, valued at approximately $528,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction dated Tuesday, September 27th. The stock was sold at an average price of $35.45, for a total transaction of $813,364.80. Following the completion of the sale, the director now owns 36,048 shares of the company’s stock, valued at approximately $1,277,901.60. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. boosted its stake in shares of NetApp by 354.0% in the first quarter. Meeder Asset Management Inc. now owns 24,769 shares of the data storage provider’s stock valued at $676,000 after buying an additional 19,313 shares during the period. Zebra Capital Management LLC acquired a new stake in shares of NetApp during the first quarter valued at $995,000. Canada Pension Plan Investment Board boosted its stake in shares of NetApp by 113.6% in the first quarter. Canada Pension Plan Investment Board now owns 973,910 shares of the data storage provider’s stock valued at $26,578,000 after buying an additional 517,900 shares during the period. Credit Agricole S A boosted its stake in shares of NetApp by 8.4% in the first quarter. Credit Agricole S A now owns 314,636 shares of the data storage provider’s stock valued at $8,586,000 after buying an additional 24,312 shares during the period. Finally, NN Investment Partners Holdings N.V. acquired a new stake in shares of NetApp during the first quarter valued at $12,009,000. Institutional investors and hedge funds own 89.54% of the company’s stock.
NetApp Company Profile
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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