Barclays Reiterates Equal Weight Rating for NetApp (NASDAQ:NTAP)

Barclays reissued their equal weight rating on shares of NetApp (NASDAQ:NTAP) in a research note published on Thursday morning, Briefing.com Automated Import reports. Barclays currently has a $48.00 target price on the data storage provider’s stock, up from their previous target price of $47.00.

Several other research firms have also commented on NTAP. Morgan Stanley reiterated a sell rating and issued a $41.00 price target on shares of NetApp in a research report on Sunday, August 11th. Cross Research lowered NetApp from a buy rating to a hold rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on NetApp from $64.00 to $67.00 and gave the stock a neutral rating in a research report on Tuesday, June 25th. BidaskClub lowered NetApp from a sell rating to a strong sell rating in a research report on Wednesday, August 7th. Finally, Lake Street Capital lowered NetApp from a buy rating to a hold rating and dropped their price target for the stock from $69.00 to $65.00 in a research report on Thursday, May 23rd. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the stock. NetApp has a consensus rating of Hold and an average price target of $59.52.

Shares of NetApp stock opened at $46.76 on Thursday. The firm has a market cap of $11.10 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 0.95 and a beta of 1.48. The business has a 50-day moving average price of $56.10 and a 200-day moving average price of $64.24. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.33. NetApp has a twelve month low of $44.55 and a twelve month high of $88.08.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.19. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The firm’s revenue was down 16.1% on a year-over-year basis. During the same quarter last year, the business posted $1.04 earnings per share. On average, equities analysts expect that NetApp will post 3.35 EPS for the current fiscal year.

The company also recently disclosed 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 4.11%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s payout ratio is currently 47.76%.

In other NetApp news, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $58.49, for a total value of $3,395,461.48. Following the completion of the sale, the chief financial officer now owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.76, for a total transaction of $657,818.20. Following the completion of the sale, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at approximately $4,508,184.72. The disclosure for this sale can be found here. In the last three months, insiders sold 161,092 shares of company stock valued at $9,676,120. 0.33% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Shelton Capital Management bought a new stake in shares of NetApp during the first quarter valued at approximately $25,000. Hexavest Inc. bought a new stake in shares of NetApp during the second quarter valued at approximately $26,000. Group One Trading L.P. raised its stake in shares of NetApp by 196.9% during the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after acquiring an additional 900 shares in the last quarter. Destination Wealth Management raised its stake 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 valued at $32,000 after acquiring an additional 160 shares in the last quarter. Finally, Kistler Tiffany Companies LLC raised its stake in shares of NetApp by 315.4% during the second quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 388 shares in the last quarter. 96.66% of the stock is owned by institutional investors and hedge funds.

About NetApp

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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