NetApp (NASDAQ:NTAP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $76.00 target price on the data storage provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.79% from the stock’s current price.
According to Zacks, “NetApp is a provider of enterprise storage and data management software and hardware products and services. The company’s expertise in the flash array market is increasing its prominence in the storage area network (SAN) and converged infrastructure markets. The company’s newly launched hyper-converged infrastructure (HCI) is also expected to be a positive for the top-line growth in the long run. We believe NetApp is well positioned to enjoy steady growth driven by its diversified portfolio and strong distribution channels. These will drive demand for the company's products going forward. Estimates have been going up ahead of the company’s Q4 earnings release. The company has positive record of earnings surprises in recent quarters. Shares of the company have outperformed the industry in the past one year. However, intensifying competition from bellwethers such as HP Inc., Dell, IBM and Oracle is a major headwind.”
Several other research analysts have also recently issued reports on NTAP. DA Davidson set a $79.00 target price on shares of NetApp and gave the stock a “buy” rating in a report on Friday, April 6th. Maxim Group lifted their target price on shares of NetApp from $70.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, April 12th. Argus lifted their target price on shares of NetApp to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 12th. JPMorgan Chase began coverage on shares of NetApp in a report on Friday, April 13th. They issued an “overweight” rating and a $80.00 target price for the company. Finally, Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a report on Thursday, April 5th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $60.30.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, February 14th. The data storage provider reported $0.99 EPS for the quarter, topping the consensus estimate of $0.91 by $0.08. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. research analysts anticipate that NetApp will post 2.92 EPS for the current fiscal year.
In other NetApp news, EVP Henri P. Richard sold 2,450 shares of the company’s stock in a transaction that occurred on Monday, April 16th. The shares were sold at an average price of $68.19, for a total transaction of $167,065.50. Following the completion of the sale, the executive vice president now directly owns 4,534 shares of the company’s stock, valued at $309,173.46. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO George Kurian sold 3,826 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $63.01, for a total transaction of $241,076.26. Following the sale, the chief executive officer now directly owns 20,637 shares of the company’s stock, valued at $1,300,337.37. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,877 shares of company stock valued at $2,710,753. 0.47% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the business. Boston Partners increased its holdings in NetApp by 68.1% during the fourth quarter. Boston Partners now owns 12,127,140 shares of the data storage provider’s stock valued at $670,873,000 after buying an additional 4,914,409 shares during the last quarter. Investec Asset Management LTD purchased a new stake in NetApp during the fourth quarter valued at approximately $290,829,000. Bank of New York Mellon Corp increased its holdings in NetApp by 6.4% during the fourth quarter. Bank of New York Mellon Corp now owns 4,322,669 shares of the data storage provider’s stock valued at $239,131,000 after buying an additional 260,763 shares during the last quarter. ANTIPODES PARTNERS Ltd increased its holdings in NetApp by 7.1% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 1,555,383 shares of the data storage provider’s stock valued at $86,044,000 after buying an additional 102,872 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in NetApp by 1.0% during the third quarter. Dimensional Fund Advisors LP now owns 1,422,047 shares of the data storage provider’s stock valued at $62,230,000 after buying an additional 13,531 shares during the last quarter. 95.00% of the stock is owned by institutional investors and hedge funds.
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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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