NetApp (NTAP) Sets New 52-Week High After Analyst Upgrade

Shares of NetApp Inc. (NASDAQ:NTAP) reached a new 52-week high during mid-day trading on Friday after Royal Bank of Canada raised their price target on the stock to $80.00. Royal Bank of Canada currently has a sector perform rating on the stock. NetApp traded as high as $77.84 and last traded at $77.41, with a volume of 135080 shares changing hands. The stock had previously closed at $77.55.

A number of other analysts have also issued reports on the stock. Argus lifted their price objective on shares of NetApp to $76.00 and gave the company a “buy” rating in a research note on Thursday, April 12th. Zacks Investment Research upgraded shares of NetApp from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Tuesday, February 20th. Maxim Group lifted their price objective on shares of NetApp from $70.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, April 12th. Piper Jaffray Companies restated an “overweight” rating and issued a $72.00 price target on shares of NetApp in a research note on Friday, March 23rd. Finally, Wells Fargo & Co lifted their price target on shares of NetApp from $54.00 to $62.00 and gave the stock a “market perform” rating in a research note on Thursday, February 15th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $66.46.

In other NetApp news, Director Kathryn Hill sold 26,997 shares of NetApp stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $76.02, for a total value of $2,052,311.94. Following the completion of the transaction, the director now owns 26,997 shares of the company’s stock, valued at $2,052,311.94. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Joel D. Reich sold 23,108 shares of NetApp stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $67.72, for a total transaction of $1,564,873.76. Following the completion of the transaction, the vice president now directly owns 52,997 shares of the company’s stock, valued at approximately $3,588,956.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 142,386 shares of company stock valued at $9,956,870. 0.47% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Investec Asset Management LTD acquired a new position in shares of NetApp during the fourth quarter valued at $290,829,000. JPMorgan Chase & Co. boosted its holdings in shares of NetApp by 488.7% during the first quarter. JPMorgan Chase & Co. now owns 3,537,659 shares of the data storage provider’s stock valued at $218,239,000 after acquiring an additional 2,936,713 shares during the period. Summit Trail Advisors LLC boosted its holdings in shares of NetApp by 6,367.4% during the first quarter. Summit Trail Advisors LLC now owns 2,773,654 shares of the data storage provider’s stock valued at $2,774,000 after acquiring an additional 2,730,767 shares during the period. Boston Partners boosted its holdings in shares of NetApp by 10.3% during the first quarter. Boston Partners now owns 13,381,688 shares of the data storage provider’s stock valued at $825,516,000 after acquiring an additional 1,254,548 shares during the period. Finally, Shellback Capital LP acquired a new position in shares of NetApp during the fourth quarter valued at $36,817,000. 91.21% of the stock is owned by hedge funds and other institutional investors.

The firm has a market cap of $20.39 billion, a PE ratio of 25.99, a price-to-earnings-growth ratio of 1.79 and a beta of 1.25. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.86 and a current ratio of 1.89.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. NetApp had a net margin of 1.29% and a return on equity of 33.87%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. research analysts anticipate that NetApp Inc. will post 3.54 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 25th. Stockholders of record on Friday, July 6th will be issued a dividend of $0.40 per share. This is an increase from NetApp’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, July 5th. This represents a $1.60 annualized dividend and a dividend yield of 2.06%. NetApp’s payout ratio is 26.76%.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

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