NetApp Inc. (NTAP) Trading Up 1.5%
Shares of NetApp Inc. (NASDAQ:NTAP) were up 1.5% during trading on Wednesday . The stock traded as high as $25.55 and last traded at $25.53, with a volume of 1,420,215 shares traded. The stock had previously closed at $25.16.
Several research firms recently issued reports on NTAP. Royal Bank Of Canada reduced their price target on shares of NetApp from $29.00 to $26.00 and set a “sector perform” rating for the company in a research report on Tuesday, May 24th. Pacific Crest reissued a “sector weight” rating on shares of NetApp in a research report on Thursday, May 26th. Robert W. Baird reissued a “neutral” rating and issued a $26.00 price target on shares of NetApp in a research report on Monday, June 27th. Credit Suisse Group AG reissued a “hold” rating on shares of NetApp in a research report on Thursday, May 19th. Finally, Longbow Research reissued a “neutral” rating on shares of NetApp in a research report on Monday, April 18th. Ten analysts have rated the stock with a sell rating, twenty-four have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $26.31.
The company’s 50-day moving average price is $24.70 and its 200 day moving average price is $24.50. The firm has a market capitalization of $7.08 billion and a P/E ratio of 32.82.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, May 25th. The data storage provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by $0.03. During the same period in the prior year, the company earned $0.65 EPS. The company earned $1.38 billion during the quarter, compared to analysts’ expectations of $1.40 billion. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. Analysts expect that NetApp Inc. will post $2.22 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Investors of record on Monday, July 18th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Thursday, July 14th. This is a positive change from NetApp’s previous quarterly dividend of $0.18.
In related news, VP Joel D. Reich sold 2,500 shares of the stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $24.97, for a total transaction of $62,425.00. Following the completion of the sale, the vice president now owns 8,432 shares in the company, valued at $210,547.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joel D. Reich sold 2,241 shares of the stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $24.35, for a total value of $54,568.35. Following the sale, the vice president now owns 489 shares of the company’s stock, valued at approximately $11,907.15. The disclosure for this sale can be found here.
Other hedge funds have added to or reduced their stakes in the company. Aberdeen Asset Management PLC UK boosted its stake in NetApp by 0.3% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 333,726 shares of the data storage provider’s stock valued at $11,473,000 after buying an additional 1,008 shares in the last quarter. Clifford Swan Investment Counsel LLC boosted its position in NetApp by 3.9% in the fourth quarter. Clifford Swan Investment Counsel LLC now owns 100,700 shares of the data storage provider’s stock valued at $2,672,000 after buying an additional 3,800 shares in the last quarter. Principal Financial Group Inc. boosted its position in NetApp by 142.8% in the fourth quarter. Principal Financial Group Inc. now owns 1,098,397 shares of the data storage provider’s stock valued at $29,140,000 after buying an additional 646,018 shares in the last quarter. Morgan Stanley boosted its position in NetApp by 346.5% in the fourth quarter. Morgan Stanley now owns 1,447,573 shares of the data storage provider’s stock valued at $38,403,000 after buying an additional 1,123,380 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in NetApp during the fourth quarter valued at $1,675,000.
NetApp, Inc (NetApp) is engaged in providing software, systems and services to manage and store customer data. The Company offers a portfolio of products and services to a range of customer workloads across various data types and deployment models. Its data management solutions enable customers on-premises or in a public cloud resource to control, integrate, move and manage it.
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