Susquehanna set a $42.00 price objective on NetApp Inc. (NASDAQ:NTAP) in a research report released on Wednesday morning. The brokerage currently has a a buy rating on the data storage provider’s stock.
A number of other brokerages have also recently commented on NTAP. Summit Redstone reaffirmed a sell rating on shares of NetApp in a report on Tuesday, June 21st. Jefferies Group reaffirmed 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. Robert W. Baird reaffirmed a neutral rating and issued a $37.00 target price (up from $32.00) on shares of NetApp in a report on Wednesday, September 28th. Citigroup Inc. lifted their target price on shares of NetApp from $26.00 to $31.00 and gave the company 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. Ten 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’s stock. NetApp currently has a consensus rating of Hold and a consensus target price of $30.16.
NetApp (NASDAQ:NTAP) opened at 35.82 on Wednesday. The stock has a market capitalization of $9.98 billion, a P/E ratio of 32.24 and a beta of 1.58. The firm’s 50-day moving average is $34.31 and its 200 day moving average is $27.48. NetApp has a 12-month low of $20.66 and a 12-month high of $36.10.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.10. The business earned $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. NetApp had a net margin of 5.87% and a return on equity of 15.82%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 EPS. Equities analysts expect that NetApp will post $2.36 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Wednesday, October 5th. NetApp’s payout ratio is currently 68.47%.
In related news, CEO George Kurian sold 48,176 shares of the stock in a transaction on 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 transaction, the chief executive officer now owns 92,746 shares in the company, valued at approximately $3,234,053.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert T. Wall sold 22,944 shares of the stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $35.45, for a total value of $813,364.80. Following the completion of the transaction, 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. Corporate insiders own 0.49% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in NTAP. Meeder Asset Management Inc. raised its position in NetApp by 354.0% in the first quarter. Meeder Asset Management Inc. now owns 24,769 shares of the data storage provider’s stock worth $676,000 after buying an additional 19,313 shares during the period. Zebra Capital Management LLC bought a new position in NetApp during the first quarter worth $995,000. Canada Pension Plan Investment Board raised its position in 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 worth $26,578,000 after buying an additional 517,900 shares during the period. Credit Agricole S A raised its position in NetApp by 8.4% in the first quarter. Credit Agricole S A now owns 314,636 shares of the data storage provider’s stock worth $8,586,000 after buying an additional 24,312 shares during the period. Finally, NN Investment Partners Holdings N.V. bought a new position in NetApp during the first quarter worth $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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