NetApp Inc. (NTAP) Receives $33.84 Average Price Target from Brokerages
Shares of NetApp Inc. (NASDAQ:NTAP) have been assigned an average rating of “Hold” from the forty-one brokerages that are presently covering the company. Eleven research analysts have rated the stock with a sell recommendation, twenty-three have given a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $33.72.
NTAP has been the subject of several recent analyst reports. Brean Capital restated a “hold” rating on shares of NetApp in a research report on Thursday, August 18th. Jefferies Group restated a “hold” rating and set a $34.00 target price (up from $29.00) on shares of NetApp in a research report on Wednesday, September 28th. Barclays PLC restated an “underweight” rating on shares of NetApp in a research report on Tuesday, November 8th. BMO Capital Markets upped their price objective on NetApp to $39.00 in a report on Thursday, November 17th. Finally, Morgan Stanley upped their price objective on NetApp from $21.00 to $24.00 and gave the stock an “underweight” rating in a report on Thursday, August 18th.
NetApp (NASDAQ:NTAP) opened at 36.56 on Monday. NetApp has a 12 month low of $20.66 and a 12 month high of $39.00. The stock’s 50 day moving average price is $34.21 and its 200-day moving average price is $30.14. The company has a market capitalization of $10.16 billion, a P/E ratio of 33.18 and a beta of 1.49.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.06. NetApp had a return on equity of 15.66% and a net margin of 5.89%. The business earned $1.34 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the previous year, the business earned $0.61 earnings per share. The firm’s revenue was down 7.3% on a year-over-year basis. On average, equities research analysts predict that NetApp will post $2.56 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 6th will be given a $0.19 dividend. The ex-dividend date is Wednesday, January 4th. This represents a $0.76 annualized dividend and a yield of 2.08%. NetApp’s dividend payout ratio is currently 69.09%.
In related news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $35.16, for a total value of $140,640.00. Following the completion of the transaction, the chief executive officer now owns 40,570 shares in the company, valued at $1,426,441.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 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. 0.49% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New York Life Trust Co. bought a new position in NetApp during the third quarter valued at approximately $104,000. Global X Management Co. LLC raised its position in NetApp by 109.8% in the second quarter. Global X Management Co. LLC now owns 4,485 shares of the data storage provider’s stock valued at $110,000 after buying an additional 2,347 shares in the last quarter. FTB Advisors Inc. raised its position in NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock valued at $126,000 after buying an additional 646 shares in the last quarter. Victory Capital Management Inc. raised its position in NetApp by 44.2% in the third quarter. Victory Capital Management Inc. now owns 5,321 shares of the data storage provider’s stock valued at $191,000 after buying an additional 1,631 shares in the last quarter. Finally, Orinda Asset Management LLC bought a new position in NetApp during the third quarter valued at approximately $202,000. Institutional investors own 89.05% of the company’s stock.
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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