NetApp (NASDAQ:NTAP) Price Target Cut to $41.00 by Analysts at Morgan Stanley

NetApp (NASDAQ:NTAP) had its target price lowered by Morgan Stanley from $59.00 to $41.00 in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. The brokerage currently has an underweight rating on the data storage provider’s stock.

Several other research firms also recently commented on NTAP. JPMorgan Chase & Co. increased their target price on shares of NetApp from $64.00 to $67.00 and gave the stock a neutral rating in a research report on Tuesday, June 25th. Longbow Research downgraded shares of NetApp from a buy rating to a neutral rating in a research report on Monday, July 29th. Loop Capital lowered their target price on shares of NetApp to $60.00 and set a buy rating on the stock in a research report on Friday. ValuEngine downgraded shares of NetApp from a hold rating to a sell rating in a research report on Monday, June 3rd. Finally, Bank of America downgraded shares of NetApp from a buy rating to a neutral rating in a research report on Friday. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $67.95.

NetApp stock traded down $11.67 during mid-day trading on Friday, hitting $46.04. 17,294,350 shares of the company’s stock were exchanged, compared to its average volume of 1,887,479. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.42 and a current ratio of 1.45. The firm has a market capitalization of $14.04 billion, a PE ratio of 11.45, a P/E/G ratio of 0.91 and a beta of 1.48. NetApp has a 1-year low of $44.79 and a 1-year high of $88.08. The business has a 50 day moving average price of $60.30.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.64 billion. NetApp had a return on equity of 71.66% and a net margin of 19.02%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.05 earnings per share. Analysts expect that NetApp will post 4.38 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th were given a $0.48 dividend. This is an increase from NetApp’s previous quarterly dividend of $0.40. This represents a $1.92 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend was Wednesday, July 3rd. NetApp’s dividend payout ratio (DPR) is currently 47.76%.

In other news, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total value of $1,817,700.00. Following the sale, the vice president now directly owns 55,361 shares of the company’s stock, valued at $3,354,322.99. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Joel D. Reich sold 23,650 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $61.49, for a total value of $1,454,238.50. Following the completion of the sale, the vice president now directly owns 16,212 shares in the company, valued at $996,875.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,092 shares of company stock worth $9,676,120. 0.19% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. First Interstate Bank grew its position in NetApp by 15.0% during the first quarter. First Interstate Bank now owns 1,130 shares of the data storage provider’s stock worth $78,000 after buying an additional 147 shares in the last quarter. Destination Wealth Management grew its position in NetApp by 53.3% during the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after buying an additional 160 shares in the last quarter. Commerce Bank grew its position in NetApp by 1.3% during the first quarter. Commerce Bank now owns 13,951 shares of the data storage provider’s stock worth $967,000 after buying an additional 183 shares in the last quarter. BTIM Corp. grew its position in NetApp by 1.3% during the first quarter. BTIM Corp. now owns 17,235 shares of the data storage provider’s stock worth $1,195,000 after buying an additional 225 shares in the last quarter. Finally, Wetherby Asset Management Inc. grew its position in NetApp by 6.1% during the first quarter. Wetherby Asset Management Inc. now owns 4,032 shares of the data storage provider’s stock worth $280,000 after buying an additional 231 shares in the last quarter. 98.77% of the stock is currently owned by institutional investors and hedge funds.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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