NetApp Inc. (NASDAQ:NTAP) – Analysts at Piper Jaffray Companies cut their Q1 2020 earnings per share estimates for NetApp in a research note issued on Friday, May 17th. Piper Jaffray Companies analyst A. Nowinski now forecasts that the data storage provider will post earnings of $0.87 per share for the quarter, down from their prior estimate of $0.91. Piper Jaffray Companies has a “Overweight” rating and a $81.00 price objective on the stock. Piper Jaffray Companies also issued estimates for NetApp’s Q4 2020 earnings at $1.29 EPS.
Several other equities research analysts also recently issued reports on NTAP. BidaskClub raised NetApp from a “hold” rating to a “buy” rating in a research report on Wednesday, January 30th. OTR Global downgraded NetApp to a “positive” rating in a research report on Friday, February 8th. Bank of America reaffirmed a “buy” rating and issued a $90.00 price target on shares of NetApp in a research report on Monday, February 11th. Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a research report on Thursday, February 14th. Finally, William Blair downgraded NetApp from an “outperform” rating to a “market perform” rating and set a $61.95 price target on the stock. in a research report on Thursday, February 14th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. NetApp presently has a consensus rating of “Hold” and a consensus price target of $77.04.
A number of hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB grew its position in NetApp by 8.4% during the first quarter. Nordea Investment Management AB now owns 1,267,938 shares of the data storage provider’s stock worth $87,923,000 after buying an additional 98,035 shares in the last quarter. Horizon Investments LLC bought a new position in NetApp during the first quarter worth about $233,000. Slow Capital Inc. lifted its stake in NetApp by 4.5% during the first quarter. Slow Capital Inc. now owns 24,159 shares of the data storage provider’s stock worth $1,675,000 after purchasing an additional 1,032 shares during the period. FMR LLC lifted its stake in NetApp by 24.3% during the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock worth $117,816,000 after purchasing an additional 332,665 shares during the period. Finally, CWM Advisors LLC lifted its stake in NetApp by 7.7% during the first quarter. CWM Advisors LLC now owns 3,947 shares of the data storage provider’s stock worth $274,000 after purchasing an additional 283 shares during the period. 93.97% of the stock is currently owned by institutional investors and hedge funds.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and share data 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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