NetApp (NASDAQ:NTAP) Upgraded at BidaskClub

BidaskClub upgraded shares of NetApp (NASDAQ:NTAP) from a strong sell rating to a sell rating in a report published on Friday morning, BidAskClub reports.

Several other brokerages have also recently weighed in on NTAP. Barclays reaffirmed an equal weight rating and set a $48.00 price target (up from $47.00) on shares of NetApp in a research note on Thursday. Summit Insights cut shares of NetApp from a buy rating to a hold rating in a research note on Wednesday, August 14th. Loop Capital decreased their target price on shares of NetApp to $60.00 and set a buy rating for the company in a research note on Friday, August 2nd. Evercore ISI began coverage on shares of NetApp in a research note on Wednesday, June 5th. They issued an in-line rating and a $65.00 target price for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of NetApp from $64.00 to $67.00 and gave the company a neutral rating in a research note on Tuesday, June 25th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $59.52.

Shares of NTAP opened at $46.76 on Friday. The stock 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 has a twelve month low of $44.55 and a twelve month high of $88.08. The company has a 50 day moving average of $56.10 and a 200-day moving average of $64.24. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.33.



NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.19. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.23 billion. NetApp had a net margin of 16.74% and a return on equity of 77.11%. The business’s quarterly revenue was down 16.1% on a year-over-year basis. During the same period last year, the business earned $1.04 EPS. On average, sell-side analysts anticipate that NetApp will post 3.35 earnings per share for the current fiscal year.

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

In other NetApp news, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $58.76, for a total transaction of $657,818.20. Following the completion of the sale, the senior vice president now owns 76,722 shares of the company’s stock, valued at approximately $4,508,184.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were 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 approximately $3,354,322.99. The disclosure for this sale can be found here. Insiders have sold a total of 161,092 shares of company stock valued at $9,676,120 in the last ninety days. Insiders own 0.33% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Shelton Capital Management acquired a new stake in NetApp during the 1st quarter valued at $25,000. Hexavest Inc. acquired a new stake in NetApp during the 2nd quarter valued at $26,000. Group One Trading L.P. lifted its holdings in NetApp by 196.9% during the 1st quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 900 shares during the last quarter. Destination Wealth Management lifted its holdings in NetApp by 53.3% during the 1st quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 160 shares during the last quarter. Finally, Kistler Tiffany Companies LLC lifted its holdings in NetApp by 315.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 388 shares during the last quarter. 96.66% of the stock is owned by institutional investors and hedge funds.

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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