NetApp (NASDAQ:NTAP) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Tuesday.
A number of other research analysts have also issued reports on NTAP. Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded NetApp from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Tuesday, February 6th. Goldman Sachs Group assumed coverage on NetApp in a report on Wednesday, February 7th. They issued a “neutral” rating and a $64.00 target price for the company. BMO Capital Markets reiterated a “hold” rating and issued a $43.00 target price on shares of NetApp in a report on Wednesday, November 15th. Finally, ValuEngine upgraded NetApp from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $52.81.
NetApp (NTAP) opened at $57.73 on Tuesday. NetApp has a 52-week low of $37.43 and a 52-week high of $64.06. The company has a market capitalization of $14,985.70, a price-to-earnings ratio of 24.78, a PEG ratio of 1.79 and a beta of 1.32. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the business posted $0.60 earnings per share. equities research analysts predict that NetApp will post 2.76 EPS for the current year.
In other NetApp news, Director Thomas Michael Nevens sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $55.67, for a total value of $1,113,400.00. Following the sale, the director now directly owns 17,000 shares in the company, valued at $946,390. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joel D. Reich sold 3,371 shares of the firm’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. Over the last 90 days, insiders sold 176,629 shares of company stock worth $9,568,956. 0.47% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of NTAP. Exane Derivatives increased its position in shares of NetApp by 59,850.0% during the third quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock worth $105,000 after purchasing an additional 2,394 shares in the last quarter. First Personal Financial Services increased its position in shares of NetApp by 27,540.0% during the third quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock worth $121,000 after purchasing an additional 2,754 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of NetApp during the third quarter worth about $131,000. IFP Advisors Inc increased its position in shares of NetApp by 45.3% during the fourth quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock worth $142,000 after purchasing an additional 801 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of NetApp by 227.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock worth $182,000 after purchasing an additional 2,282 shares in the last quarter. Institutional investors own 96.67% of the company’s stock.
COPYRIGHT VIOLATION WARNING: “NetApp (NTAP) Lifted to “Buy” at Bank of America” was originally posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this news story on another website, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The legal version of this news story can be viewed at https://www.dispatchtribunal.com/2018/02/13/netapp-ntap-lifted-to-buy-at-bank-of-america.html.
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.
Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.