Investment Analysts’ Recent Ratings Updates for NetApp (NTAP)

Several analysts have recently updated their ratings and price targets for NetApp (NASDAQ: NTAP):

  • 6/5/2019 – NetApp is now covered by analysts at Evercore ISI. They set an “in-line” rating and a $65.00 price target on the stock.
  • 6/3/2019 – NetApp was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating.
  • 5/23/2019 – NetApp was given a new $79.00 price target on by analysts at Credit Suisse Group AG. They now have an “outperform” rating on the stock.
  • 5/23/2019 – NetApp was downgraded by analysts at Lake Street Capital from a “buy” rating to a “hold” rating. They now have a $65.00 price target on the stock, down previously from $69.00.
  • 5/23/2019 – NetApp had its price target lowered by analysts at Bank of America Corp from $78.00 to $74.00. They now have a “buy” rating on the stock.
  • 5/23/2019 – NetApp had its price target lowered by analysts at DA Davidson to $93.00. They now have a “buy” rating on the stock.
  • 5/23/2019 – NetApp had its price target lowered by analysts at Loop Capital to $78.00. They now have a “buy” rating on the stock.
  • 5/23/2019 – NetApp had its price target lowered by analysts at Maxim Group to $86.00. They now have a “buy” rating on the stock.
  • 5/23/2019 – NetApp was downgraded by analysts at Goldman Sachs Group Inc from a “conviction-buy” rating to a “buy” rating.
  • 5/17/2019 – NetApp had its price target lowered by analysts at Piper Jaffray Companies from $90.00 to $81.00. They now have an “overweight” rating on the stock.
  • 5/15/2019 – NetApp had its price target lowered by analysts at Bank of America Corp from $80.00 to $78.00. They now have a “buy” rating on the stock.
  • 5/8/2019 – NetApp was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 4/24/2019 – NetApp was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.

NASDAQ:NTAP traded up $0.65 on Thursday, hitting $62.17. The company had a trading volume of 144,267 shares, compared to its average volume of 3,245,307. The company has a market cap of $15.34 billion, a price-to-earnings ratio of 15.47, a PEG ratio of 0.97 and a beta of 1.51. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.45 and a quick ratio of 1.42. NetApp Inc. has a 52 week low of $54.50 and a 52 week high of $88.08.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. NetApp had a net margin of 19.02% and a return on equity of 71.66%. NetApp’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.05 EPS. As a group, analysts expect that NetApp Inc. will post 4.38 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be paid a $0.48 dividend. This is an increase from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $1.92 annualized dividend and a yield of 3.09%. NetApp’s dividend payout ratio is presently 39.80%.

In other news, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.76, for a total transaction of $657,818.20. Following the completion of the transaction, the senior vice president now owns 76,722 shares of the company’s stock, valued at $4,508,184.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $60.59, for a total transaction of $1,817,700.00. Following the transaction, the vice president now directly owns 55,361 shares of the company’s stock, valued at approximately $3,354,322.99. The disclosure for this sale can be found here. Insiders have sold 99,247 shares of company stock valued at $5,870,980 in the last ninety days. Insiders own 0.19% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. First Interstate Bank increased its position in shares of NetApp by 15.0% during the first quarter. First Interstate Bank now owns 1,130 shares of the data storage provider’s stock worth $78,000 after buying an additional 147 shares during the period. Destination Wealth Management increased its position in shares of NetApp by 53.3% during the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after buying an additional 160 shares during the period. FTB Advisors Inc. increased its position in shares of NetApp by 14.6% during the fourth quarter. FTB Advisors Inc. now owns 1,318 shares of the data storage provider’s stock worth $78,000 after buying an additional 168 shares during the period. Commerce Bank increased its position in shares of NetApp by 1.3% during the first quarter. Commerce Bank now owns 13,951 shares of the data storage provider’s stock worth $967,000 after buying an additional 183 shares during the period. Finally, BTIM Corp. increased its position in shares of NetApp by 1.3% during the first quarter. BTIM Corp. now owns 17,235 shares of the data storage provider’s stock worth $1,195,000 after buying an additional 225 shares during the period. 96.62% of the stock is owned by hedge funds and other institutional investors.

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.

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