NetApp’s (NASDAQ:NTAP) Buy Rating Reaffirmed at UBS

NetApp (NASDAQ:NTAP)‘s stock had its “buy” rating reaffirmed by equities research analysts at UBS in a research report issued to clients and investors on Wednesday, November 22nd, thefly.com reports. They currently have a $62.00 price target on the data storage provider’s stock, up from their prior price target of $52.00. UBS’s price target indicates a potential upside of 7.77% from the company’s previous close.

NTAP has been the topic of several other research reports. BidaskClub lowered NetApp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Credit Suisse Group lifted their target price on NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 9th. Citigroup lifted their target price on NetApp from $41.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, August 17th. Susquehanna Bancshares restated a “positive” rating and set a $50.00 price target (up previously from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Finally, Piper Jaffray Companies set a $50.00 price target on NetApp and gave the stock a “buy” rating in a research note on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $49.04.

NetApp (NASDAQ NTAP) traded up $0.32 during trading hours on Wednesday, hitting $57.53. The stock had a trading volume of 2,905,658 shares, compared to its average volume of 2,994,014. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67. The company has a market capitalization of $14,977.69, a P/E ratio of 21.10, a price-to-earnings-growth ratio of 1.82 and a beta of 1.28. NetApp has a fifty-two week low of $35.08 and a fifty-two week high of $58.11.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.12. The firm 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 26.77% and a net margin of 11.49%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. analysts forecast that NetApp will post 2.72 EPS for the current fiscal year.

In other NetApp news, EVP Henri P. Richard sold 1,976 shares of the company’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total value of $83,011.76. Following the completion of the sale, the executive vice president now directly owns 17,812 shares in the company, valued at approximately $748,282.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard P. Wallace sold 34,000 shares of the company’s 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 completion of the sale, the director now owns 24,132 shares of the company’s stock, valued at $1,050,465.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 187,036 shares of company stock valued at $9,316,158. 0.47% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CAPROCK Group Inc. grew its holdings in shares of NetApp by 0.8% during the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock worth $211,000 after purchasing an additional 44 shares during the period. Contravisory Investment Management Inc. grew its holdings in shares of NetApp by 0.6% during the 2nd quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock worth $283,000 after purchasing an additional 45 shares during the period. Neuberger Berman Group LLC grew its holdings in shares of NetApp by 0.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock worth $328,000 after purchasing an additional 58 shares during the period. Breton Hill Capital Ltd. grew its holdings in shares of NetApp by 0.3% during the 2nd quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock worth $692,000 after purchasing an additional 59 shares during the period. Finally, Louisiana State Employees Retirement System grew its holdings in shares of NetApp by 0.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock worth $673,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 93.92% of the company’s stock.

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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.

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