NetApp Inc. (NASDAQ:NTAP) – Equities research analysts at DA Davidson boosted their FY2018 earnings per share (EPS) estimates for NetApp in a report released on Thursday. DA Davidson analyst M. Kelleher now expects that the data storage provider will post earnings per share of $2.86 for the year, up from their previous forecast of $2.73. DA Davidson has a “Buy” rating and a $66.00 price target on the stock.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.08. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the business earned $0.82 EPS.
Several other equities analysts also recently weighed in on the stock. Pivotal Research set a $62.00 target price on shares of NetApp and gave the company a “buy” rating in a report on Thursday, February 15th. Deutsche Bank raised their target price on shares of NetApp from $37.00 to $40.00 and gave the company a “sell” rating in a report on Thursday, February 15th. Zacks Investment Research upgraded shares of 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. Loop Capital raised their target price 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. Finally, Barclays restated an “overweight” rating and set a $56.00 target price (up from $52.00) on shares of NetApp in a report on Thursday, November 16th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have issued a buy rating to the stock. NetApp has a consensus rating of “Buy” and an average price target of $56.31.
NetApp (NASDAQ:NTAP) traded down $1.16 during mid-day trading on Monday, hitting $56.51. 5,438,400 shares of the stock traded hands, compared to its average volume of 3,341,335. NetApp has a one year low of $37.43 and a one year high of $64.06. The firm has a market cap of $15,076.40, a PE ratio of 20.25, a PEG ratio of 1.74 and a beta of 1.32. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.91 and a quick ratio of 1.88.
Hedge funds have recently bought and sold shares of the stock. Boston Partners bought a new position in NetApp in the third quarter worth $315,629,000. Investec Asset Management LTD bought a new position in NetApp during the fourth quarter worth about $290,829,000. Bank of New York Mellon Corp boosted its holdings in NetApp by 25.2% during the third quarter. Bank of New York Mellon Corp now owns 4,061,906 shares of the data storage provider’s stock worth $177,748,000 after buying an additional 817,147 shares during the last quarter. Shellback Capital LP bought a new position in NetApp during the fourth quarter worth about $36,817,000. Finally, APG Asset Management N.V. boosted its holdings in NetApp by 22.9% during the third quarter. APG Asset Management N.V. now owns 3,046,414 shares of the data storage provider’s stock worth $133,311,000 after buying an additional 567,300 shares during the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.
In related news, VP Joel D. Reich sold 15,000 shares of the company’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $56.99, for a total value of $854,850.00. Following the completion of the sale, the vice president now owns 441 shares of the company’s stock, valued at $25,132.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Henri P. Richard sold 1,976 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $55.91, for a total transaction of $110,478.16. Following the completion of the sale, the executive vice president now directly owns 11,884 shares of the company’s stock, valued at approximately $664,434.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,342 shares of company stock worth $3,491,981. 0.47% of the stock is currently owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, April 6th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, April 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.42%. NetApp’s dividend payout ratio (DPR) is -1,000.00%.
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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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