NetApp (NASDAQ:NTAP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $63.00 price target on the data storage provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 7.62% from the company’s previous close.
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.”
NTAP has been the subject of several other reports. Maxim Group raised their target price on NetApp from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, November 16th. Piper Jaffray Companies set a $52.00 target price on NetApp and gave the stock a “buy” rating in a research report on Tuesday, November 14th. Barclays raised NetApp from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $38.00 to $52.00 in a research report on Thursday, November 9th. Royal Bank of Canada raised their target price on NetApp from $45.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Monday, November 13th. Finally, Wells Fargo & Co reaffirmed a “market perform” rating and set a $50.00 target price on shares of NetApp in a research report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $56.23.
NetApp (NASDAQ NTAP) opened at $58.54 on Tuesday. NetApp has a 12 month low of $37.43 and a 12 month high of $64.06. The company has a market capitalization of $15,620.00, a price-to-earnings ratio of -731.75, a PEG ratio of 1.74 and a beta of 1.33. The company has a quick ratio of 1.88, a current ratio of 1.91 and a debt-to-equity ratio of 0.71.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.08. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.49 billion. NetApp had a positive return on equity of 29.38% and a negative net margin of 0.09%. During the same period last year, the company earned $0.82 EPS. sell-side analysts predict that NetApp will post 2.8 earnings per share for the current fiscal year.
In other news, VP Joel D. Reich sold 15,000 shares of the firm’s stock in a transaction dated Thursday, December 7th. The stock was 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 directly owns 441 shares in the company, valued at approximately $25,132.59. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Henri P. Richard sold 1,976 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $55.91, for a total value of $110,478.16. Following the completion of the sale, the executive vice president now owns 11,884 shares of the company’s stock, valued at $664,434.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,342 shares of company stock valued at $3,491,981. 0.47% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. IFP Advisors Inc boosted its stake in NetApp by 45.3% during the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock valued at $142,000 after purchasing an additional 801 shares during the last quarter. Quantitative Systematic Strategies LLC boosted its stake in NetApp by 11.5% during the 4th quarter. Quantitative Systematic Strategies LLC now owns 9,358 shares of the data storage provider’s stock valued at $518,000 after purchasing an additional 962 shares during the last quarter. SG Americas Securities LLC boosted its stake in NetApp by 0.4% during the 4th quarter. SG Americas Securities LLC now owns 264,699 shares of the data storage provider’s stock valued at $14,643,000 after purchasing an additional 981 shares during the last quarter. DnB Asset Management AS boosted its stake in NetApp by 3.3% during the 4th quarter. DnB Asset Management AS now owns 31,397 shares of the data storage provider’s stock valued at $1,737,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Hanseatic Management Services Inc. boosted its stake in NetApp by 4.1% during the 4th quarter. Hanseatic Management Services Inc. now owns 25,705 shares of the data storage provider’s stock valued at $1,422,000 after purchasing an additional 1,015 shares during the last quarter. Institutional investors own 94.34% of the company’s stock.
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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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