NetApp, Inc. (NTAP) Rating Reiterated by Lake Street Capital

NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “buy” rating restated by Lake Street Capital in a research note issued on Thursday. They presently have a $54.00 price objective on the data storage provider’s stock, up from their prior price objective of $49.00. Lake Street Capital’s target price indicates a potential upside of 1.98% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Maxim Group increased their price target on NetApp from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday. Piper Jaffray Companies reiterated an “overweight” rating and set a $60.00 price target on shares of NetApp in a research note on Thursday. BMO Capital Markets upgraded NetApp from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $43.00 to $62.00 in a research note on Thursday. Pivotal Research assumed coverage on NetApp in a research note on Thursday. They set a “hold” rating and a $54.00 price target for the company. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $50.00 price target on shares of NetApp in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $48.68.

NetApp (NTAP) opened at $52.95 on Thursday. The stock has a market capitalization of $14,330.00, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 1.60 and a beta of 1.16. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.47 and a quick ratio of 1.44. NetApp has a 12 month low of $34.72 and a 12 month high of $54.72.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.12. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 EPS. equities research analysts expect that NetApp will post 2.49 earnings per share for the current fiscal year.

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In related news, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total transaction of $83,011.76. Following the sale, the executive vice president now directly owns 17,812 shares in the company, valued at $748,282.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction on Friday, September 29th. The shares were sold at an average price of $43.53, for a total value of $1,480,020.00. Following the transaction, the director now owns 24,132 shares of the company’s stock, valued at approximately $1,050,465.96. The disclosure for this sale can be found here. Insiders have sold 74,343 shares of company stock worth $3,302,273 over the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in NTAP. Exane Derivatives raised its stake in NetApp by 59,850.0% during the third quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock valued at $105,000 after buying an additional 2,394 shares during the last quarter. First Personal Financial Services raised its stake in NetApp by 27,540.0% during the third quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock valued at $121,000 after buying an additional 2,754 shares during the last quarter. Krilogy Financial LLC purchased a new position in NetApp during the second quarter valued at $122,000. Quantbot Technologies LP purchased a new position in NetApp during the third quarter valued at $131,000. Finally, FTB Advisors Inc. raised its stake in NetApp by 50.2% during the third quarter. FTB Advisors Inc. now owns 4,544 shares of the data storage provider’s stock valued at $199,000 after buying an additional 1,519 shares during the last quarter. Institutional investors and hedge funds own 93.91% 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.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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