NetApp Inc. (NTAP) Shares Gap Up to $27.62
Shares of NetApp Inc. (NASDAQ:NTAP) gapped up before the market opened on Thursday . The stock had previously closed at $27.60, but opened at $27.62. NetApp shares last traded at $28.15, with a volume of 1,477,853 shares trading hands.
Several analysts have weighed in on the company. BTIG Research assumed coverage on NetApp in a research note on Tuesday, April 26th. They set a “neutral” rating on the stock. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of NetApp in a research note on Sunday, May 29th. Summit Redstone reiterated a “sell” rating on shares of NetApp in a research note on Tuesday, June 21st. OTR Global upgraded NetApp from a “negative” rating to a “mixed” rating in a research note on Thursday. Finally, Zacks Investment Research downgraded NetApp from a “buy” rating to a “hold” rating in a research note on Tuesday, May 3rd. Ten analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and three have assigned a buy rating to the company. NetApp presently has an average rating of “Hold” and an average price target of $26.31.
The firm has a market cap of $7.87 billion and a P/E ratio of 36.51. The firm’s 50 day moving average price is $25.61 and its 200-day moving average price is $24.87.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, May 25th. The data storage provider reported $0.55 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by $0.03. During the same period in the previous year, the business earned $0.65 EPS. The business earned $1.38 billion during the quarter, compared to the consensus estimate of $1.40 billion. The business’s revenue was down 10.4% compared to the same quarter last year. On average, equities analysts predict that NetApp Inc. will post $2.22 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Shareholders of record on Monday, July 18th were issued a $0.19 dividend. The ex-dividend date of this dividend was Thursday, July 14th. This represents a $0.76 annualized dividend and a yield of 2.70%. This is a boost from NetApp’s previous quarterly dividend of $0.18.
In other news, VP Joel D. Reich sold 2,500 shares of the company’s stock in a transaction on 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 directly owns 8,432 shares in the company, valued at approximately $210,547.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Matthew K. Fawcett sold 17,808 shares of the company’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $24.98, for a total value of $444,843.84. Following the sale, the senior vice president now owns 14,715 shares of the company’s stock, valued at $367,580.70. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in NetApp by 2.5% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 39,700 shares of the data storage provider’s stock worth $1,053,000 after buying an additional 951 shares during the last quarter. Andra AP fonden increased its stake in NetApp by 30.9% in the fourth quarter. Andra AP fonden now owns 111,100 shares of the data storage provider’s stock worth $2,947,000 after buying an additional 26,200 shares during the last quarter. BlackRock Advisors LLC increased its stake in NetApp by 25.8% in the fourth quarter. BlackRock Advisors LLC now owns 397,020 shares of the data storage provider’s stock worth $10,534,000 after buying an additional 81,548 shares during the last quarter. Bridgewater Associates LP increased its stake in NetApp by 82.4% in the fourth quarter. Bridgewater Associates LP now owns 819,846 shares of the data storage provider’s stock worth $21,751,000 after buying an additional 370,273 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake 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 worth $29,140,000 after buying an additional 646,018 shares during the last quarter.
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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