NetApp (NASDAQ:NTAP) Receives “Market Perform” Rating from Wells Fargo & Co

Wells Fargo & Co reissued their market perform rating on shares of NetApp (NASDAQ:NTAP) in a research note released on Thursday morning, Briefing.com Automated Import reports. Wells Fargo & Co currently has a $50.00 target price on the data storage provider’s stock, down from their previous target price of $53.00.

A number of other equities analysts have also recently weighed in on the company. Stifel Nicolaus decreased their price objective on NetApp from $75.00 to $60.00 and set a buy rating on the stock in a report on Friday, August 2nd. Citigroup cut NetApp from a neutral rating to a sell rating and decreased their price objective for the company from $67.00 to $55.00 in a report on Monday, July 8th. Credit Suisse Group reissued an outperform rating and set a $60.00 price objective (down from $62.00) on shares of NetApp in a report on Thursday. ValuEngine cut NetApp from a hold rating to a sell rating in a report on Monday, June 3rd. Finally, Barclays reissued an equal weight rating and set a $48.00 price objective (up from $47.00) on shares of NetApp in a report on Thursday. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $59.52.

NASDAQ:NTAP opened at $46.76 on Thursday. The business’s 50-day moving average price is $56.10 and its two-hundred day moving average price is $64.24. NetApp has a twelve month low of $44.55 and a twelve month high of $88.08. The stock has a market cap of $11.10 billion, a P/E ratio of 11.63, a PEG ratio of 0.95 and a beta of 1.48. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.33.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.19. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. NetApp’s revenue for the quarter was down 16.1% compared to the same quarter last year. During the same period last year, the firm posted $1.04 EPS. On average, equities research analysts expect that NetApp will post 3.35 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 4.11%. NetApp’s dividend payout ratio (DPR) is currently 47.76%.

In other NetApp news, SVP Matthew K. Fawcett sold 38,195 shares of NetApp stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $61.55, for a total value of $2,350,902.25. Following the transaction, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ronald J. Pasek sold 58,052 shares of NetApp stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.49, for a total value of $3,395,461.48. Following the completion of the transaction, the chief financial officer now directly owns 122,806 shares in the company, valued at $7,182,922.94. The disclosure for this sale can be found here. Insiders sold a total of 161,092 shares of company stock worth $9,676,120 over the last ninety days. Insiders own 0.33% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Shelton Capital Management bought a new stake in shares of NetApp in the 1st quarter worth approximately $25,000. Hexavest Inc. bought a new stake in shares of NetApp in the 2nd quarter worth approximately $26,000. Group One Trading L.P. grew its position in shares of NetApp by 196.9% in the 1st 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. Destination Wealth Management grew its position in shares of NetApp by 53.3% in the 1st 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, Kistler Tiffany Companies LLC grew its position in shares of NetApp by 315.4% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock worth $32,000 after buying an additional 388 shares during the last quarter. 96.66% of the stock is currently owned by institutional investors and hedge funds.

About NetApp

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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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