Citigroup Boosts NetApp (NTAP) Price Target to $83.00

NetApp (NASDAQ:NTAP) had its price target raised by Citigroup from $70.00 to $83.00 in a report released on Monday. Citigroup currently has a neutral rating on the data storage provider’s stock.

Other analysts have also issued research reports about the company. TheStreet raised NetApp from a c+ rating to a b rating in a report on Wednesday, May 23rd. Pivotal Research set a $74.00 price objective on NetApp and gave the stock a buy rating in a report on Wednesday, May 23rd. Zacks Investment Research raised NetApp from a hold rating to a buy rating and set a $76.00 price objective on the stock in a report on Tuesday, April 17th. BidaskClub lowered NetApp from a strong-buy rating to a buy rating in a report on Tuesday, May 22nd. Finally, Loop Capital lifted their price objective on NetApp to $85.00 and gave the stock a buy rating in a report on Friday, May 18th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. NetApp presently has a consensus rating of Buy and an average price target of $75.56.

Shares of NASDAQ:NTAP opened at $82.47 on Monday. NetApp has a 1-year low of $37.55 and a 1-year high of $83.60. The company has a market cap of $21.43 billion, a PE ratio of 27.58, a PEG ratio of 1.68 and a beta of 1.19. The company has a current ratio of 1.89, a quick ratio of 1.86 and a debt-to-equity ratio of 0.75.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.24. NetApp had a return on equity of 33.87% and a net margin of 1.29%. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the firm earned $0.62 EPS. NetApp’s revenue for the quarter was up 11.6% compared to the same quarter last year. research analysts expect that NetApp will post 3.53 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Investors of record on Friday, October 5th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.94%. NetApp’s dividend payout ratio (DPR) is presently 53.51%.

In other NetApp news, CEO George Kurian sold 36,646 shares of NetApp stock in a transaction on Friday, July 20th. The stock was sold at an average price of $81.97, for a total value of $3,003,872.62. Following the completion of the transaction, the chief executive officer now owns 100,793 shares in the company, valued at approximately $8,262,002.21. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Joel D. Reich sold 23,108 shares of NetApp stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $67.72, for a total value of $1,564,873.76. Following the completion of the transaction, the vice president now 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. Insiders have sold a total of 239,983 shares of company stock valued at $18,022,186 in the last 90 days. 0.19% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. World Asset Management Inc raised its position in NetApp by 3.6% in the 2nd quarter. World Asset Management Inc now owns 19,627 shares of the data storage provider’s stock valued at $1,541,000 after purchasing an additional 683 shares during the last quarter. Commonwealth Equity Services LLC raised its position in NetApp by 15.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 5,618 shares of the data storage provider’s stock valued at $346,000 after purchasing an additional 762 shares during the last quarter. CIBC Asset Management Inc raised its position in NetApp by 2.8% in the 2nd quarter. CIBC Asset Management Inc now owns 28,357 shares of the data storage provider’s stock valued at $2,227,000 after purchasing an additional 763 shares during the last quarter. Annex Advisory Services LLC raised its position in NetApp by 3.6% in the 1st quarter. Annex Advisory Services LLC now owns 24,037 shares of the data storage provider’s stock valued at $1,483,000 after purchasing an additional 830 shares during the last quarter. Finally, American Century Companies Inc. raised its position in NetApp by 4.9% in the 1st quarter. American Century Companies Inc. now owns 19,929 shares of the data storage provider’s stock valued at $1,229,000 after purchasing an additional 931 shares during the last quarter. Hedge funds and other institutional investors own 92.80% of the company’s stock.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share date 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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