NetApp (NASDAQ:NTAP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “NetApp is a provider of enterprise storage and data management software and hardware products and services. The company reported stellar third quarter earnings and revenues on the back of strong product adoption. The company’s expertise in the flash array market is increasing its prominence in the storage area network (SAN) and converged infrastructure markets. The company’s newly launched hyper-converged infrastructure (HCI) is also expected to be a positive for the top-line growth in the long run. We believe NetApp is well positioned to enjoy steady growth driven by its diversified portfolio and strong distribution channels. These will drive demand for the company's products going forward. Shares of the company have outperformed the industry in the past one year. However, intensifying competition from bellwethers such as HP Inc., Dell, IBM and Oracle is a major headwind.”
Other research analysts have also issued reports about the stock. Pivotal Research set a $62.00 price objective on shares of NetApp and gave the stock a “buy” rating in a report on Thursday, February 15th. Deutsche Bank increased their price objective on shares of NetApp from $37.00 to $40.00 and gave the stock a “sell” rating in a report on Thursday, February 15th. DA Davidson increased their target price on shares of NetApp from $53.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, November 14th. Loop Capital increased their target price on shares of NetApp from $41.00 to $50.00 and gave the stock a “hold” rating in a research report on Thursday, November 16th. They noted that the move was a valuation call. Finally, Barclays reissued an “overweight” rating and set a $56.00 target price (up previously from $52.00) on shares of NetApp in a research report on Thursday, November 16th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $56.23.
Shares of NetApp (NASDAQ:NTAP) traded up $1.57 during mid-day trading on Wednesday, hitting $58.08. 4,146,100 shares of the stock traded hands, compared to its average volume of 3,375,036. The stock has a market cap of $15,076.40, a price-to-earnings ratio of -726.00, a P/E/G ratio of 1.74 and a beta of 1.33. NetApp has a 1-year low of $37.43 and a 1-year high of $64.06. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.88 and a current ratio of 1.91.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.08. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.49 billion. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. During the same period in the prior year, the firm posted $0.82 EPS. equities analysts expect that NetApp will post 2.8 earnings per share for the current year.
In other news, VP Joel D. Reich sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $56.99, for a total transaction 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 can be accessed through this link. Also, EVP Henri P. Richard sold 1,976 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $55.91, for a total transaction of $110,478.16. Following 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. Insiders sold 61,342 shares of company stock valued at $3,491,981 in the last ninety days. 0.47% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Personal Capital Advisors Corp acquired a new stake in shares of NetApp during the third quarter worth approximately $269,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of NetApp by 9.0% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,939 shares of the data storage provider’s stock worth $960,000 after buying an additional 1,809 shares in the last quarter. GHP Investment Advisors Inc. grew its position in shares of NetApp by 18.1% during the third quarter. GHP Investment Advisors Inc. now owns 46,379 shares of the data storage provider’s stock worth $2,030,000 after buying an additional 7,123 shares in the last quarter. Oakview Capital Management L.P. acquired a new stake in shares of NetApp during the third quarter worth approximately $24,533,000. Finally, U S Global Investors Inc. grew its position in shares of NetApp by 52.0% during the third quarter. U S Global Investors Inc. now owns 12,000 shares of the data storage provider’s stock worth $525,000 after buying an additional 4,103 shares in the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.
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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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