NetApp (NASDAQ:NTAP) Stock Rating Lowered by TheStreet

NetApp (NASDAQ:NTAP) was downgraded by TheStreet from a “b” rating to a “c+” rating in a report released on Wednesday, TheStreetRatingsTable reports.

A number of other equities analysts have also recently commented on the company. Loop Capital raised their target price on NetApp to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a report on Wednesday. William Blair reaffirmed a “market perform” rating on shares of NetApp in a report on Thursday, November 14th. Susquehanna Bancshares reaffirmed a “buy” rating and issued a $85.00 target price on shares of NetApp in a report on Monday. Finally, Maxim Group raised their target price on NetApp from $66.00 to $74.00 and gave the stock a “positive” rating in a report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $64.00.

Shares of NTAP stock traded down $0.94 on Wednesday, reaching $54.24. The stock had a trading volume of 3,217,318 shares, compared to its average volume of 2,375,587. The stock has a market cap of $13.25 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.31 and a beta of 1.58. NetApp has a 1 year low of $44.55 and a 1 year high of $78.35. The company has a debt-to-equity ratio of 2.14, a quick ratio of 1.27 and a current ratio of 1.31. The company has a 50 day simple moving average of $60.10 and a 200 day simple moving average of $56.27.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, February 12th. The data storage provider reported $1.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.18 by ($0.02). The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.47 billion. NetApp had a return on equity of 95.04% and a net margin of 17.20%. The business’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter last year, the business earned $1.20 earnings per share. On average, equities research analysts anticipate that NetApp will post 3.72 earnings per share for the current fiscal year.

In other NetApp news, CAO Scott R. Allen sold 2,781 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $62.23, for a total transaction of $173,061.63. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Henri P. Richard sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $64.20, for a total value of $160,500.00. Following the sale, the executive vice president now directly owns 143,855 shares in the company, valued at $9,235,491. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,284 shares of company stock worth $333,743. Insiders own 0.33% of the company’s stock.

Large investors have recently bought and sold shares of the business. Maverick Capital Ltd. raised its holdings in NetApp by 193.4% during the third quarter. Maverick Capital Ltd. now owns 72,287 shares of the data storage provider’s stock valued at $3,796,000 after acquiring an additional 47,647 shares during the period. Andra AP fonden grew its position in shares of NetApp by 0.4% during the third quarter. Andra AP fonden now owns 95,700 shares of the data storage provider’s stock valued at $5,025,000 after purchasing an additional 400 shares in the last quarter. Millennium Management LLC grew its position in shares of NetApp by 411.8% during the third quarter. Millennium Management LLC now owns 600,711 shares of the data storage provider’s stock valued at $31,543,000 after purchasing an additional 483,335 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of NetApp during the third quarter valued at about $134,000. Finally, Comerica Bank grew its position in shares of NetApp by 14.4% during the third quarter. Comerica Bank now owns 83,506 shares of the data storage provider’s stock valued at $4,631,000 after purchasing an additional 10,484 shares in the last quarter. 98.26% 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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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