NetApp Inc. (NTAP) Receives Average Recommendation of “Buy” from Analysts

Shares of NetApp Inc. (NASDAQ:NTAP) have been assigned an average rating of “Buy” from the twenty-nine analysts that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, ten have given a hold recommendation, fourteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $81.70.

Several research analysts recently issued reports on NTAP shares. Zacks Investment Research downgraded shares of NetApp from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. Royal Bank of Canada upped their price target on shares of NetApp from $80.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Friday, August 10th. Citigroup upped their price target on shares of NetApp from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Monday, August 13th. Bank of America upped their price target on shares of NetApp from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. Finally, DA Davidson upped their price target on shares of NetApp from $90.00 to $93.00 and gave the stock a “buy” rating in a research report on Tuesday, August 14th.

In other news, CEO George Kurian sold 10,000 shares of NetApp stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $66.66, for a total transaction of $666,600.00. Following the completion of the sale, the chief executive officer now owns 10,244 shares of the company’s stock, valued at $682,865.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Henri P. Richard sold 2,525 shares of NetApp stock in a transaction on Friday, November 16th. The stock was sold at an average price of $69.55, for a total value of $175,613.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,805 shares of company stock valued at $8,227,046. 0.19% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. CENTRAL TRUST Co increased its position in shares of NetApp by 589.7% during the 3rd quarter. CENTRAL TRUST Co now owns 1,276 shares of the data storage provider’s stock valued at $110,000 after purchasing an additional 1,091 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in NetApp by 16,433.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,488 shares of the data storage provider’s stock worth $116,000 after acquiring an additional 1,479 shares during the last quarter. Cerebellum GP LLC bought a new position in NetApp during the 3rd quarter worth approximately $182,000. Checchi Capital Advisers LLC bought a new position in NetApp during the 3rd quarter worth approximately $201,000. Finally, Greenleaf Trust bought a new position in NetApp during the 2nd quarter worth approximately $206,000. 95.59% of the stock is owned by institutional investors.

NetApp stock traded up $2.25 on Monday, hitting $67.91. The company’s stock had a trading volume of 165,075 shares, compared to its average volume of 3,426,425. The firm has a market capitalization of $16.54 billion, a PE ratio of 22.64, a price-to-earnings-growth ratio of 1.16 and a beta of 1.38. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.65 and a quick ratio of 1.63. NetApp has a one year low of $52.00 and a one year high of $88.08.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.07. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.51 billion. NetApp had a net margin of 4.70% and a return on equity of 51.50%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 EPS. Analysts predict that NetApp will post 3.98 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 23rd. Investors of record on Friday, January 4th will be paid a dividend of $0.40 per share. The ex-dividend date is Thursday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.36%. NetApp’s payout ratio is 53.51%.

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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