NetApp (NASDAQ:NTAP) had its price target boosted by research analysts at Deutsche Bank from $27.00 to $37.00 in a research note issued on Thursday, November 16th. The firm currently has a “sell” rating on the data storage provider’s stock. Deutsche Bank’s price target would suggest a potential downside of 33.85% from the stock’s current price.
Several other equities analysts have also issued reports on NTAP. Stifel Nicolaus reiterated a “hold” rating and set a $37.00 target price on shares of NetApp in a report on Wednesday, August 16th. Susquehanna Bancshares reiterated a “positive” rating and set a $50.00 target price (up from $48.00) on shares of NetApp in a report on Wednesday, August 16th. Barclays lifted their target price on shares of NetApp from $35.00 to $38.00 and gave the company an “underweight” rating in a report on Thursday, August 17th. Drexel Hamilton reiterated a “buy” rating and set a $62.00 target price (up from $60.00) on shares of NetApp in a report on Friday, August 18th. Finally, Citigroup lifted their target price on shares of NetApp from $41.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $49.04.
Shares of NetApp (NTAP) opened at $55.93 on Thursday. The company has a quick ratio of 1.64, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. NetApp has a 1-year low of $34.72 and a 1-year high of $58.11. The company has a market cap of $14,920.00, a PE ratio of 21.21, a price-to-earnings-growth ratio of 1.83 and a beta of 1.29.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.12. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the business posted $0.60 earnings per share. NetApp’s quarterly revenue was up 6.1% compared to the same quarter last year. equities analysts anticipate that NetApp will post 2.72 EPS for the current fiscal year.
In other NetApp news, VP Joel D. Reich sold 3,371 shares of NetApp stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $53.17, for a total value of $179,236.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George T. Shaheen sold 36,916 shares of NetApp stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 185,060 shares of company stock valued at $9,205,680. 0.47% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of NetApp by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock valued at $1,089,939,000 after acquiring an additional 481,365 shares during the period. BlackRock Inc. grew its position in shares of NetApp by 7.5% during the 2nd quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock valued at $867,006,000 after acquiring an additional 1,517,967 shares during the period. Boston Partners bought a new stake in shares of NetApp during the 3rd quarter valued at $315,629,000. Bank of New York Mellon Corp grew its position in shares of NetApp by 25.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,061,906 shares of the data storage provider’s stock valued at $177,748,000 after acquiring an additional 817,147 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of NetApp by 781.1% during the 2nd quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after acquiring an additional 2,960,542 shares during the period. 93.92% of the stock is owned by hedge funds and other institutional investors.
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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.
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