Oppenheimer reissued their hold rating on shares of NetApp (NASDAQ:NTAP) in a research note released on Thursday.
Several other equities research analysts have also issued reports on NTAP. DA Davidson set a $79.00 target price on shares of NetApp and gave the stock a buy rating in a research note on Friday. BMO Capital Markets increased their target price on shares of NetApp from $63.00 to $73.00 and gave the stock an outperform rating in a research note on Friday. Pivotal Research raised shares of NetApp from a hold rating to a buy rating and increased their target price for the stock from $62.00 to $72.00 in a research note on Wednesday, April 4th. UBS increased their target price on shares of NetApp from $70.00 to $71.00 and gave the stock a buy rating in a research note on Wednesday, March 28th. Finally, Citigroup increased their target price on shares of NetApp from $53.00 to $62.00 and gave the stock a neutral rating in a research note on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seventeen have assigned a buy rating to the stock. NetApp has a consensus rating of Buy and an average price target of $57.96.
NASDAQ:NTAP opened at $63.11 on Thursday. NetApp has a one year low of $37.43 and a one year high of $65.58. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.88 and a current ratio of 1.91. The firm has a market capitalization of $16,908.62, a price-to-earnings ratio of 30.05, a price-to-earnings-growth ratio of 2.01 and a beta of 1.27.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company posted $0.82 EPS. sell-side analysts anticipate that NetApp will post 2.92 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, April 6th will be issued a $0.20 dividend. The ex-dividend date is Thursday, April 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.27%. NetApp’s payout ratio is 38.10%.
In other NetApp news, VP Joel D. Reich sold 11,641 shares of the stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $60.02, for a total value of $698,692.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 3,826 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $63.01, for a total transaction of $241,076.26. Following the completion of the sale, the chief executive officer now owns 20,637 shares of the company’s stock, valued at approximately $1,300,337.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,507 shares of company stock valued at $1,785,398. 0.47% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Tuttle Tactical Management LLC acquired a new stake in NetApp in the 4th quarter valued at about $1,411,000. MetLife Investment Advisors LLC acquired a new stake in NetApp in the 4th quarter valued at about $4,617,000. Vident Investment Advisory LLC raised its holdings in NetApp by 6.6% in the 4th quarter. Vident Investment Advisory LLC now owns 65,025 shares of the data storage provider’s stock valued at $3,597,000 after acquiring an additional 4,047 shares during the last quarter. Millennium Management LLC raised its holdings in NetApp by 39.6% in the 4th quarter. Millennium Management LLC now owns 1,233,888 shares of the data storage provider’s stock valued at $68,259,000 after acquiring an additional 350,081 shares during the last quarter. Finally, Sciencast Management LP acquired a new stake in shares of NetApp during the 4th quarter worth approximately $793,000. Institutional investors own 94.99% of the company’s stock.
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NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.
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