NetApp, Inc. (NASDAQ:NTAP) Receives $83.57 Average PT from Brokerages

NetApp, Inc. (NASDAQ:NTAP) has received a consensus recommendation of “Buy” from the twenty-seven analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $83.57.

A number of research analysts recently weighed in on the stock. William Blair reiterated an “outperform” rating on shares of NetApp in a research note on Thursday, August 26th. Raymond James boosted their price target on shares of NetApp from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Thursday, August 26th. Northland Securities boosted their price target on shares of NetApp from $100.00 to $107.00 and gave the company an “outperform” rating in a research report on Thursday, August 26th. Wedbush boosted their price target on shares of NetApp from $76.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, August 26th. Finally, Credit Suisse Group boosted their price target on shares of NetApp from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, August 26th.

In other NetApp news, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction on Monday, August 30th. The shares were sold at an average price of $87.08, for a total value of $370,090.00. Following the completion of the sale, the chief executive officer now directly owns 164,576 shares of the company’s stock, valued at $14,331,278.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carrie Palin sold 1,867 shares of the company’s stock in a transaction dated Tuesday, September 21st. The shares were sold at an average price of $88.73, for a total transaction of $165,658.91. The disclosure for this sale can be found here. Insiders own 0.28% of the company’s stock.

Large investors have recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of NetApp by 208.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 140,253 shares of the data storage provider’s stock valued at $10,192,000 after acquiring an additional 94,809 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of NetApp by 8.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 768,630 shares of the data storage provider’s stock valued at $62,889,000 after buying an additional 58,216 shares during the period. Principal Street Partners LLC increased its position in shares of NetApp by 113.3% during the first quarter. Principal Street Partners LLC now owns 176,527 shares of the data storage provider’s stock valued at $12,828,000 after buying an additional 93,755 shares during the period. Paradiem LLC increased its position in shares of NetApp by 5.8% during the first quarter. Paradiem LLC now owns 63,291 shares of the data storage provider’s stock valued at $4,771,000 after buying an additional 3,466 shares during the period. Finally, Barclays PLC increased its position in shares of NetApp by 5.4% during the first quarter. Barclays PLC now owns 384,092 shares of the data storage provider’s stock valued at $27,912,000 after buying an additional 19,713 shares during the period. 91.73% of the stock is owned by hedge funds and other institutional investors.

NetApp stock traded up $2.80 during mid-day trading on Thursday, reaching $92.78. The company’s stock had a trading volume of 1,714,140 shares, compared to its average volume of 1,721,049. NetApp has a 12-month low of $40.46 and a 12-month high of $93.68. The company has a market capitalization of $20.75 billion, a P/E ratio of 24.74, a PEG ratio of 2.48 and a beta of 1.32. The company has a debt-to-equity ratio of 3.66, a quick ratio of 1.78 and a current ratio of 1.81. The firm’s fifty day moving average price is $84.15 and its two-hundred day moving average price is $79.35.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Tuesday, August 24th. The data storage provider reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.20. NetApp had a net margin of 14.49% and a return on equity of 151.60%. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the business earned $0.73 EPS. NetApp’s revenue was up 11.9% compared to the same quarter last year. On average, research analysts predict that NetApp will post 4.23 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 27th. Shareholders of record on Friday, October 8th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.16%. The ex-dividend date is Thursday, October 7th. NetApp’s dividend payout ratio is presently 60.61%.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

Further Reading: Growth and Income Funds

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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