NetApp (NTAP) Downgraded by BidaskClub

BidaskClub cut shares of NetApp (NASDAQ:NTAP) from a strong-buy rating to a buy rating in a research note released on Tuesday.

A number of other analysts have also commented on the stock. Susquehanna Bancshares boosted their price target on shares of NetApp from $75.00 to $100.00 and gave the company a positive rating in a research note on Tuesday, July 24th. Deutsche Bank boosted their price target on shares of NetApp from $43.00 to $60.00 and gave the company a sell rating in a research note on Thursday, August 16th. Bank of America boosted their price target on shares of NetApp from $88.00 to $90.00 and gave the company a buy rating in a research note on Monday, August 13th. DA Davidson boosted their price target on shares of NetApp from $90.00 to $93.00 and gave the company a buy rating in a research note on Tuesday, August 14th. Finally, Morgan Stanley boosted their price target on shares of NetApp from $65.00 to $70.00 and gave the company an equal weight rating in a research note on Thursday, August 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. NetApp presently has a consensus rating of Buy and an average price target of $80.25.

Shares of NTAP stock opened at $76.92 on Tuesday. The firm has a market cap of $22.27 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 1.55 and a beta of 1.28. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.06 and a quick ratio of 2.03. NetApp has a 12 month low of $43.24 and a 12 month high of $88.08.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 15th. The data storage provider reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.24. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.42 billion. NetApp had a net margin of 3.68% and a return on equity of 41.75%. NetApp’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 EPS. Analysts forecast that NetApp will post 3.91 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th will be paid a $0.40 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.08%. NetApp’s payout ratio is 53.51%.

In related news, EVP Henri P. Richard sold 2,525 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $79.60, for a total value of $200,990.00. Following the transaction, the executive vice president now directly owns 70,732 shares of the company’s stock, valued at approximately $5,630,267.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 6,000 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $86.10, for a total transaction of $516,600.00. Following the completion of the transaction, the chief executive officer now directly owns 29,479 shares in the company, valued at $2,538,141.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 152,662 shares of company stock valued at $12,697,895. Company insiders own 0.19% of the company’s stock.

Several large investors have recently modified their holdings of NTAP. Dimensional Fund Advisors LP boosted its holdings in shares of NetApp by 7.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,509,402 shares of the data storage provider’s stock worth $93,115,000 after buying an additional 101,695 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of NetApp in the 1st quarter worth about $18,656,000. Profund Advisors LLC boosted its holdings in shares of NetApp by 14.1% in the 1st quarter. Profund Advisors LLC now owns 9,660 shares of the data storage provider’s stock worth $596,000 after buying an additional 1,193 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of NetApp by 15.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 5,618 shares of the data storage provider’s stock worth $346,000 after buying an additional 762 shares during the last quarter. Finally, Rampart Investment Management Company LLC boosted its holdings in shares of NetApp by 111.9% in the 1st quarter. Rampart Investment Management Company LLC now owns 7,785 shares of the data storage provider’s stock worth $480,000 after buying an additional 4,111 shares during the last quarter. 94.34% of the stock is currently owned by institutional investors.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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