NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “market perform” rating reaffirmed by equities research analysts at BMO Capital Markets in a research note issued on Sunday, August 20th. They presently have a $43.00 price objective on the data storage provider’s stock. BMO Capital Markets’ price target would suggest a potential upside of 13.22% from the stock’s current price.
Several other analysts have also recently commented on NTAP. Zacks Investment Research raised shares of NetApp from a “sell” rating to a “hold” rating in a research note on Monday, May 8th. FBN Securities raised shares of NetApp from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $45.00 to $50.00 in a research note on Thursday, May 25th. Credit Suisse Group increased their price target on shares of NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 9th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $37.00 price objective on shares of NetApp in a research note on Friday, May 26th. Finally, BidaskClub cut shares of NetApp from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Three equities research analysts have rated the stock with a sell rating, twenty-three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. NetApp presently has an average rating of “Hold” and a consensus price target of $43.70.
Shares of NetApp (NASDAQ:NTAP) traded down 1.73% during trading on Friday, hitting $37.98. The stock had a trading volume of 2,322,381 shares. NetApp has a one year low of $30.36 and a one year high of $45.24. The stock’s 50-day moving average price is $41.55 and its 200 day moving average price is $40.71. The stock has a market cap of $10.25 billion, a price-to-earnings ratio of 18.34 and a beta of 1.22.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 earnings per share. On average, equities analysts forecast that NetApp will post $3.12 EPS for the current year.
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In related news, CEO George Kurian sold 4,570 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the completion of the transaction, the chief executive officer now directly owns 23,028 shares in the company, valued at approximately $874,603.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Joel D. Reich sold 9,031 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $39.81, for a total transaction of $359,524.11. Following the transaction, the vice president now owns 10,902 shares of the company’s stock, valued at $434,008.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,226 shares of company stock valued at $3,344,026. 0.47% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. CAPROCK Group Inc. increased its position in NetApp by 0.8% during the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock worth $211,000 after purchasing an additional 44 shares in the last quarter. Contravisory Investment Management Inc. grew its holdings in NetApp by 0.6% during the 2nd quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock worth $283,000 after acquiring an additional 45 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in NetApp by 0.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock worth $328,000 after acquiring an additional 58 shares during the last quarter. Breton Hill Capital Ltd. grew its holdings in NetApp by 0.3% during the 2nd quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock worth $692,000 after acquiring an additional 59 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in NetApp by 0.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock worth $673,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 92.10% of the company’s stock.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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