NetApp (NASDAQ:NTAP) Shares Gap Down to $51.37

Shares of NetApp Inc. (NASDAQ:NTAP) gapped down prior to trading on Thursday . The stock had previously closed at $53.70, but opened at $51.37. NetApp shares last traded at $49.78, with a volume of 3,990,219 shares traded.

NTAP has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on NetApp from $64.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 25th. Maxim Group reiterated a “buy” rating and issued a $70.00 price objective (up from $65.00) on shares of NetApp in a research report on Thursday, August 15th. Susquehanna Bancshares upgraded NetApp from a “neutral” rating to a “positive” rating and lifted their price objective for the stock from $54.00 to $75.00 in a research report on Monday, September 9th. ValuEngine upgraded NetApp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Loop Capital decreased their target price on NetApp to $60.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have given a buy rating to the stock. NetApp has a consensus rating of “Hold” and an average price target of $59.75.

The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 1.33. The firm has a market cap of $12.22 billion, a P/E ratio of 12.81, a PEG ratio of 1.24 and a beta of 1.55. The company has a fifty day moving average price of $51.66 and a two-hundred day moving average price of $60.25.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.19. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. NetApp’s revenue for the quarter was down 16.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.04 EPS. As a group, sell-side analysts expect that NetApp Inc. will post 3.49 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s payout ratio is 47.76%.

In other news, Director Gerald Held sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $46.94, for a total transaction of $469,400.00. Following the sale, the director now owns 17,391 shares in the company, valued at approximately $816,333.54. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Joel D. Reich sold 3,963 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $47.29, for a total value of $187,410.27. Following the sale, the vice president now owns 12,249 shares in the company, valued at approximately $579,255.21. The disclosure for this sale can be found here. Insiders sold a total of 20,963 shares of company stock worth $987,420 in the last 90 days. Company insiders own 0.33% of the company’s stock.

Several institutional investors have recently made changes to their positions in NTAP. Gyroscope Capital Management Group LLC acquired a new position in NetApp in the 3rd quarter valued at $761,000. Pacer Advisors Inc. lifted its position in shares of NetApp by 13.2% during the 3rd quarter. Pacer Advisors Inc. now owns 88,681 shares of the data storage provider’s stock valued at $4,657,000 after acquiring an additional 10,339 shares during the period. Advantage Investment Management LLC lifted its position in shares of NetApp by 291.0% during the 3rd quarter. Advantage Investment Management LLC now owns 997 shares of the data storage provider’s stock valued at $52,000 after acquiring an additional 742 shares during the period. Bangor Savings Bank bought a new stake in shares of NetApp during the 3rd quarter worth $228,000. Finally, North Star Investment Management Corp. bought a new stake in shares of NetApp during the 3rd quarter worth $40,000. Institutional investors own 96.12% of the company’s stock.

NetApp Company Profile (NASDAQ:NTAP)

NetApp, Inc provides software, systems, and services to manage and share data 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.

Featured Story: Holder of Record

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.