Traders Buy Shares of NetApp (NTAP) on Weakness

Investors purchased shares of NetApp Inc. (NASDAQ:NTAP) on weakness during trading on Thursday. $64.62 million flowed into the stock on the tick-up and $37.84 million flowed out of the stock on the tick-down, for a money net flow of $26.78 million into the stock. Of all stocks tracked, NetApp had the 32nd highest net in-flow for the day. NetApp traded down ($0.29) for the day and closed at $63.30

Several analysts recently issued reports on the stock. DA Davidson upped their price objective on shares of NetApp from $53.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, November 14th. Loop Capital increased their price target on shares of NetApp from $41.00 to $50.00 and gave the company a “hold” rating in a report on Thursday, November 16th. They noted that the move was a valuation call. Barclays reissued an “overweight” rating and issued a $56.00 price target (up from $52.00) on shares of NetApp in a report on Thursday, November 16th. Drexel Hamilton reissued a “buy” rating and issued a $62.00 price target on shares of NetApp in a report on Monday, September 25th. Finally, BMO Capital Markets raised shares of NetApp from a “market perform” rating to an “outperform” rating and increased their price target for the company from $43.00 to $62.00 in a report on Thursday, November 16th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $50.15.

The company has a quick ratio of 1.64, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $16,890.00, a price-to-earnings ratio of 27.17, a P/E/G ratio of 1.99 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 analysts’ consensus estimates of $0.69 by $0.12. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. The company’s revenue was up 6.1% on a year-over-year basis. research analysts forecast that NetApp Inc. will post 2.76 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Thursday, January 4th. NetApp’s dividend payout ratio is currently 34.33%.

In other NetApp news, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $44.62, for a total transaction of $88,169.12. Following the sale, the executive vice president now owns 13,860 shares of the company’s stock, valued at approximately $618,433.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Joel D. Reich sold 15,000 shares of the stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $56.99, for a total transaction of $854,850.00. Following the sale, the vice president now directly owns 441 shares in the company, valued at approximately $25,132.59. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,604 shares of company stock worth $10,389,277. Insiders own 0.47% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Exane Derivatives boosted its stake in shares of NetApp by 59,850.0% in the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock valued at $105,000 after purchasing an additional 2,394 shares during the last quarter. First Personal Financial Services boosted its stake in shares of NetApp by 27,540.0% in the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock valued at $121,000 after purchasing an additional 2,754 shares during the last quarter. Krilogy Financial LLC bought a new position in shares of NetApp in the 2nd quarter valued at about $122,000. Quantbot Technologies LP bought a new position in shares of NetApp in the 3rd quarter valued at about $131,000. Finally, FTB Advisors Inc. boosted its stake in shares of NetApp by 50.2% in the 3rd quarter. FTB Advisors Inc. now owns 4,544 shares of the data storage provider’s stock valued at $199,000 after purchasing an additional 1,519 shares during the last quarter. 94.73% of the stock is currently owned by 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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