NetApp (NASDAQ:NTAP) Earns “Underperform” Rating from Cowen

Cowen reiterated their underperform rating on shares of NetApp (NASDAQ:NTAP) in a report published on Thursday morning, Briefing.com Automated Import reports. Cowen currently has a $40.00 price target on the data storage provider’s stock, down from their previous price target of $53.00.

Several other equities analysts also recently commented on the company. ValuEngine downgraded NetApp from a hold rating to a sell rating in a report on Monday, June 3rd. Loop Capital lowered their price target on NetApp to $60.00 and set a buy rating on the stock in a report on Friday, August 2nd. Cross Research downgraded NetApp from a buy rating to a hold rating in a report on Friday, August 2nd. Morgan Stanley reiterated a sell rating and set a $41.00 price target on shares of NetApp in a report on Sunday, August 11th. Finally, Stifel Nicolaus lowered their price target on NetApp from $75.00 to $60.00 and set a buy rating on the stock in a report on Friday, August 2nd. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the stock. NetApp currently has a consensus rating of Hold and a consensus target price of $59.52.

Shares of NTAP stock opened at $46.76 on Thursday. NetApp has a 12 month low of $44.55 and a 12 month high of $88.08. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.33. The business’s 50 day moving average is $56.10 and its two-hundred day moving average is $64.24. The company has a market cap of $11.10 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 0.95 and a beta of 1.48.



NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.46 by $0.19. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the company posted $1.04 earnings per share. The company’s revenue for the quarter was down 16.1% compared to the same quarter last year. As a group, equities analysts expect that NetApp will post 3.35 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be paid a $0.48 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $1.92 annualized dividend and a dividend yield of 4.11%. NetApp’s payout ratio is 47.76%.

In other news, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.76, for a total value of $657,818.20. Following the sale, the senior vice president now owns 76,722 shares in the company, valued at $4,508,184.72. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total transaction of $1,817,700.00. Following the completion of the sale, the vice president now owns 55,361 shares in the company, valued at approximately $3,354,322.99. The disclosure for this sale can be found here. In the last 90 days, insiders sold 161,092 shares of company stock worth $9,676,120. 0.33% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. First Interstate Bank boosted its stake 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 boosted its stake 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 boosted its stake 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. boosted its stake 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. boosted its stake 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. Hedge funds and other institutional investors own 96.66% of the company’s stock.

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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