ValuEngine Upgrades NetApp (NASDAQ:NTAP) to “Buy”

ValuEngine upgraded shares of NetApp (NASDAQ:NTAP) from a hold rating to a buy rating in a research report report published on Thursday, November 16th.

NTAP has been the topic of several other research reports. Maxim Group lifted their target price on NetApp from $56.00 to $61.00 and gave the company a buy rating in a research note on Thursday, November 16th. Morgan Stanley reiterated an underweight rating on shares of NetApp in a report on Saturday, September 23rd. Piper Jaffray Companies set a $52.00 price target on NetApp and gave the company a buy rating in a report on Tuesday, November 14th. Barclays upgraded NetApp from an underweight rating to an overweight rating and lifted their price target for the company from $38.00 to $52.00 in a report on Thursday, November 9th. Finally, DA Davidson reiterated a buy rating and set a $51.00 price target on shares of NetApp in a report on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $49.04.

Shares of NetApp (NASDAQ:NTAP) traded down $0.10 on Thursday, reaching $56.41. The company had a trading volume of 4,081,015 shares, compared to its average volume of 3,275,549. The stock has a market cap of $15,076.40, a PE ratio of 21.24, a P/E/G ratio of 1.83 and a beta of 1.27. NetApp has a 1 year low of $34.72 and a 1 year high of $57.75. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.12. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the business posted $0.60 EPS. NetApp’s revenue was up 6.1% on a year-over-year basis. equities analysts anticipate that NetApp will post 2.72 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date is Thursday, January 4th. NetApp’s dividend payout ratio is currently 34.33%.

In other news, Director George T. Shaheen sold 36,916 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $53.10, for a total transaction of $1,960,239.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Joel D. Reich sold 3,371 shares of the company’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $53.17, for a total value of $179,236.07. The disclosure for this sale can be found here. In the last three months, insiders sold 185,060 shares of company stock worth $9,205,680. Insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of NTAP. Exane Derivatives lifted its stake in NetApp by 59,850.0% in 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 period. First Personal Financial Services lifted its stake in NetApp by 27,540.0% in 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 period. Krilogy Financial LLC acquired a new position in NetApp in the second quarter valued at about $122,000. Quantbot Technologies LP acquired a new position in NetApp in the third quarter valued at about $131,000. Finally, FTB Advisors Inc. lifted its stake in NetApp by 50.2% in 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 period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

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About NetApp

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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