NetApp Inc. (NASDAQ:NTAP) SVP Matthew K. Fawcett sold 38,195 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $61.55, for a total value of $2,350,902.25. Following the completion of the sale, the senior vice president now directly owns 38,527 shares of the company’s stock, valued at approximately $2,371,336.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
NTAP opened at $60.63 on Thursday. The stock has a 50 day moving average of $63.35. NetApp Inc. has a twelve month low of $54.50 and a twelve month high of $88.08. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 1.05. The firm has a market cap of $14.64 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 0.96 and a beta of 1.51.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). NetApp had a return on equity of 71.66% and a net margin of 19.02%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the firm posted $1.05 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, research analysts expect that NetApp Inc. will post 4.38 EPS for the current year.
Several hedge funds have recently modified their holdings of NTAP. Shelton Capital Management acquired a new position in shares of NetApp during the first quarter worth approximately $25,000. Group One Trading L.P. lifted its holdings in shares of NetApp by 196.9% during the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock worth $31,000 after buying an additional 900 shares during the last quarter. Lindbrook Capital LLC acquired a new position in shares of NetApp during the fourth quarter worth approximately $32,000. Destination Wealth Management lifted its holdings in shares of NetApp by 53.3% during the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after buying an additional 160 shares during the last quarter. Finally, Bremer Trust National Association acquired a new position in shares of NetApp during the fourth quarter worth approximately $33,000. Institutional investors own 96.50% of the company’s stock.
Several brokerages recently commented on NTAP. BidaskClub cut NetApp from a “hold” rating to a “sell” rating in a research note on Wednesday, June 19th. Bank of America lowered their price target on NetApp from $78.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Lake Street Capital cut NetApp from a “buy” rating to a “hold” rating and lowered their price target for the company from $69.00 to $65.00 in a research note on Thursday, May 23rd. JPMorgan Chase & Co. boosted their price target on NetApp from $64.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Maxim Group lowered their price target on NetApp to $86.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $75.95.
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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