NetApp Inc. (NASDAQ:NTAP) Given Average Rating of “Hold” by Brokerages

NetApp Inc. (NASDAQ:NTAP) has received an average rating of “Hold” from the twenty-eight ratings firms that are covering the firm, MarketBeat reports. Five analysts have rated the stock with a sell recommendation, sixteen have given a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $49.56.

Several equities analysts recently weighed in on NTAP shares. Morgan Stanley lifted their price target on NetApp from $32.00 to $34.00 and gave the company an “underweight” rating in a research note on Thursday, May 28th. Northland Securities restated a “buy” rating and issued a $51.00 price target on shares of NetApp in a research note on Thursday, May 28th. Loop Capital lowered NetApp from a “buy” rating to a “hold” rating and cut their price target for the company from $70.00 to $43.00 in a research note on Monday, April 27th. Barclays lifted their price target on NetApp from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Thursday, May 28th. Finally, Cowen cut their price target on NetApp from $58.00 to $45.00 and set a “market perform” rating for the company in a research note on Thursday, May 28th.

Shares of NASDAQ NTAP traded up $0.35 during trading on Tuesday, reaching $44.37. 2,331,012 shares of the company traded hands, compared to its average volume of 2,585,107. The firm’s fifty day simple moving average is $44.19 and its 200 day simple moving average is $49.17. The stock has a market cap of $9.73 billion, a P/E ratio of 12.53, a PEG ratio of 1.38 and a beta of 1.31. NetApp has a 12-month low of $34.66 and a 12-month high of $65.38. The company has a current ratio of 1.18, a quick ratio of 1.14 and a debt-to-equity ratio of 4.74.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, May 27th. The data storage provider reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.15. NetApp had a return on equity of 168.65% and a net margin of 15.13%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the business posted $1.22 EPS. The company’s revenue was down 12.0% on a year-over-year basis. As a group, research analysts expect that NetApp will post 2.69 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 4.33%. The ex-dividend date is Thursday, July 9th. NetApp’s dividend payout ratio is currently 54.39%.

Institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC acquired a new position in NetApp in the fourth quarter valued at approximately $809,000. Sowell Financial Services LLC raised its position in NetApp by 40.8% in the fourth quarter. Sowell Financial Services LLC now owns 642 shares of the data storage provider’s stock valued at $40,000 after purchasing an additional 186 shares during the period. PNC Financial Services Group Inc. raised its position in NetApp by 1.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 21,705 shares of the data storage provider’s stock valued at $1,351,000 after purchasing an additional 404 shares during the period. Banque Cantonale Vaudoise purchased a new stake in NetApp in the fourth quarter valued at approximately $280,000. Finally, Aptus Capital Advisors LLC raised its position in NetApp by 74.1% in the fourth quarter. Aptus Capital Advisors LLC now owns 37,888 shares of the data storage provider’s stock valued at $2,340,000 after purchasing an additional 16,123 shares during the period. Institutional investors and hedge funds own 90.17% of the company’s stock.

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.

Read More: Guidelines for Successful Channel Trading

Analyst Recommendations for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.