Credit Suisse Group Reiterates “Buy” Rating for NetApp (NASDAQ:NTAP)

NetApp (NASDAQ:NTAP)‘s stock had its “buy” rating restated by stock analysts at Credit Suisse Group in a research note issued to investors on Wednesday, AnalystRatings.com reports. They presently have a $70.00 price target on the data storage provider’s stock. Credit Suisse Group’s price target indicates a potential upside of 17.67% from the stock’s current price.

A number of other brokerages also recently commented on NTAP. Argus upped their price objective on shares of NetApp from $66.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Standpoint Research upgraded shares of NetApp from a “hold” rating to a “buy” rating in a report on Monday, December 23rd. Morgan Stanley increased their price target on shares of NetApp from $47.00 to $49.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Lake Street Capital increased their price target on shares of NetApp from $49.00 to $58.00 and gave the company a “hold” rating in a report on Thursday, November 14th. Finally, Zacks Investment Research downgraded shares of NetApp from a “strong-buy” rating to a “hold” rating and set a $73.00 price target for the company. in a report on Tuesday, November 19th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $63.24.

NetApp stock traded down $0.60 during trading hours on Wednesday, reaching $59.49. 120,568 shares of the stock were exchanged, compared to its average volume of 1,628,178. The stock has a market cap of $13.82 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.37 and a beta of 1.58. The company has a debt-to-equity ratio of 2.14, a quick ratio of 1.27 and a current ratio of 1.31. NetApp has a 52-week low of $44.55 and a 52-week high of $78.35. The firm’s 50 day moving average is $62.27 and its 200 day moving average is $56.59.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, November 13th. The data storage provider reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.15. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a net margin of 17.20% and a return on equity of 95.04%. NetApp’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.06 EPS. Equities research analysts expect that NetApp will post 3.72 EPS for the current fiscal year.

In other NetApp news, CAO Scott R. Allen sold 2,781 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $62.23, for a total transaction of $173,061.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Henri P. Richard sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $64.20, for a total transaction of $160,500.00. Following the transaction, the executive vice president now owns 143,855 shares of the company’s stock, valued at $9,235,491. The disclosure for this sale can be found here. Insiders have sold a total of 5,284 shares of company stock valued at $333,743 over the last 90 days. 0.33% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of the business. Sumitomo Life Insurance Co. increased its holdings in NetApp by 6.8% during the 4th quarter. Sumitomo Life Insurance Co. now owns 22,518 shares of the data storage provider’s stock valued at $1,402,000 after acquiring an additional 1,432 shares in the last quarter. Advisor Partners LLC boosted its stake in shares of NetApp by 6.1% during the 4th quarter. Advisor Partners LLC now owns 6,608 shares of the data storage provider’s stock worth $424,000 after purchasing an additional 382 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of NetApp during the 4th quarter worth about $119,000. Campbell & CO Investment Adviser LLC boosted its stake in shares of NetApp by 9.0% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 9,145 shares of the data storage provider’s stock worth $569,000 after purchasing an additional 752 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its stake in shares of NetApp by 5.7% during the 4th quarter. Wealthfront Advisers LLC now owns 6,812 shares of the data storage provider’s stock worth $424,000 after purchasing an additional 368 shares during the last quarter. Hedge funds and other institutional investors own 98.27% of the company’s stock.

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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