NetApp (NASDAQ:NTAP) PT Lowered to $65.00

NetApp (NASDAQ:NTAP) had its price objective cut by Bank of America from $70.00 to $65.00 in a report released on Thursday, Stock Target Advisor reports. They currently have a neutral rating on the data storage provider’s stock.

A number of other brokerages have also recently weighed in on NTAP. Standpoint Research upgraded shares of NetApp from a hold rating to a buy rating in a research note on Monday, December 23rd. Argus boosted their price objective on shares of NetApp from $66.00 to $75.00 and gave the stock a buy rating in a research note on Friday, November 15th. Wells Fargo & Co reduced their price objective on shares of NetApp from $60.00 to $55.00 and set an equal weight rating for the company in a research note on Thursday. BidaskClub cut shares of NetApp from a hold rating to a sell rating in a research note on Tuesday, February 4th. Finally, Cowen reduced their price objective on shares of NetApp from $60.00 to $58.00 and set a market perform rating for the company in a research note on Thursday. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $64.00.

Shares of NetApp stock traded down $0.94 on Thursday, reaching $54.24. The stock had a trading volume of 3,217,318 shares, compared to its average volume of 2,375,587. The business’s 50-day moving average price is $60.10 and its two-hundred day moving average price is $56.27. 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 fifty-two week low of $44.55 and a fifty-two week high of $78.35. The stock has a market cap of $13.25 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.31 and a beta of 1.58.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, February 12th. The data storage provider reported $1.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.18 by ($0.02). NetApp had a return on equity of 95.04% and a net margin of 17.20%. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.47 billion. During the same quarter in the previous year, the firm posted $1.20 earnings per share. NetApp’s quarterly revenue was down 10.2% compared to the same quarter last year. As a group, equities analysts forecast that NetApp will post 3.72 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Investors of record on Friday, April 3rd will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.54%. The ex-dividend date is Thursday, April 2nd. NetApp’s payout ratio is currently 47.76%.

In related news, EVP Henri P. Richard sold 2,500 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $64.20, for a total transaction of $160,500.00. Following the completion of the transaction, the executive vice president now directly owns 143,855 shares in the company, valued at approximately $9,235,491. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Scott R. Allen sold 2,781 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $62.23, for a total transaction of $173,061.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,284 shares of company stock valued at $333,743. Corporate insiders own 0.33% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Sowell Financial Services LLC raised its stake in shares of NetApp by 40.8% in the 4th quarter. Sowell Financial Services LLC now owns 642 shares of the data storage provider’s stock valued at $40,000 after buying an additional 186 shares in the last quarter. Cerity Partners LLC raised its stake in shares of NetApp by 2.6% in the 3rd quarter. Cerity Partners LLC now owns 8,881 shares of the data storage provider’s stock valued at $466,000 after buying an additional 228 shares in the last quarter. Renaissance Group LLC raised its stake in shares of NetApp by 2.4% in the 3rd quarter. Renaissance Group LLC now owns 11,695 shares of the data storage provider’s stock valued at $614,000 after buying an additional 277 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of NetApp by 2.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 10,800 shares of the data storage provider’s stock valued at $567,000 after buying an additional 300 shares in the last quarter. Finally, FUKOKU MUTUAL LIFE INSURANCE Co raised its stake in shares of NetApp by 15.8% in the 4th quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 2,200 shares of the data storage provider’s stock valued at $137,000 after buying an additional 300 shares in the last quarter. Institutional investors own 98.26% 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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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