NetApp (NASDAQ:NTAP) Price Target Cut to $56.00 by Analysts at Bank of America

NetApp (NASDAQ:NTAP) had its price objective cut by Bank of America from $60.00 to $56.00 in a report published on Thursday, AnalystRatings.com reports. They currently have a neutral rating on the data storage provider’s stock.

A number of other equities research analysts have also issued reports on the stock. Goldman Sachs Group lowered shares of NetApp from a conviction-buy rating to a buy rating in a report on Thursday, May 23rd. Lake Street Capital lowered shares of NetApp from a buy rating to a hold rating and cut their price target for the company from $69.00 to $65.00 in a report on Thursday, May 23rd. Citigroup lowered shares of NetApp from a neutral rating to a sell rating and cut their price target for the company from $67.00 to $55.00 in a report on Monday, July 8th. Barclays restated an equal weight rating and set a $48.00 price target (up previously from $47.00) on shares of NetApp in a report on Thursday. Finally, Piper Jaffray Companies lowered shares of NetApp from an overweight rating to a neutral rating and cut their price target for the company from $75.00 to $48.00 in a report on Friday, August 2nd. Five equities 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 company’s stock. The company has an average rating of Hold and an average target price of $59.52.

NTAP stock opened at $46.76 on Thursday. NetApp has a 52-week low of $44.55 and a 52-week high of $88.08. The company’s 50 day simple moving average is $56.10 and its 200-day simple moving average is $64.24. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a market capitalization of $11.10 billion, a P/E ratio of 11.63, a P/E/G ratio of 0.95 and a beta of 1.48.



NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.19. NetApp had a net margin of 16.74% and a return on equity of 77.11%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The firm’s revenue was down 16.1% compared to the same quarter last year. Sell-side analysts predict 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. Investors of record on Friday, October 4th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Thursday, October 3rd. NetApp’s payout ratio is presently 47.76%.

In related news, CFO Ronald J. Pasek sold 58,052 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the transaction, the chief financial officer now directly owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Matthew K. Fawcett sold 38,195 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $61.55, for a total transaction of $2,350,902.25. Following the transaction, the senior vice president now directly owns 38,527 shares in the company, valued at $2,371,336.85. The disclosure for this sale can be found here. Insiders have sold 161,092 shares of company stock worth $9,676,120 over the last ninety days. 0.33% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. FMR LLC grew its position in NetApp by 24.3% in the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock worth $117,816,000 after acquiring an additional 332,665 shares in the last quarter. Marshall Wace North America L.P. grew its position in NetApp by 629.5% in the first quarter. Marshall Wace North America L.P. now owns 119,994 shares of the data storage provider’s stock worth $8,321,000 after acquiring an additional 103,545 shares in the last quarter. Teacher Retirement System of Texas grew its position in NetApp by 6,974.9% in the first quarter. Teacher Retirement System of Texas now owns 251,511 shares of the data storage provider’s stock worth $17,440,000 after acquiring an additional 247,956 shares in the last quarter. MML Investors Services LLC grew its position in NetApp by 16.4% in the first quarter. MML Investors Services LLC now owns 11,271 shares of the data storage provider’s stock worth $782,000 after acquiring an additional 1,588 shares in the last quarter. Finally, Argent Capital Management LLC grew its position in NetApp by 33.2% in the first quarter. Argent Capital Management LLC now owns 18,459 shares of the data storage provider’s stock worth $1,280,000 after acquiring an additional 4,603 shares in the last quarter. 96.66% of the stock is owned by institutional investors.

NetApp Company Profile

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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