Susquehanna Increases NetApp Inc. (NTAP) Price Target to $42.00
NetApp Inc. (NASDAQ:NTAP) had its price objective raised by analysts at Susquehanna from $36.00 to $42.00 in a research report issued on Wednesday. The firm presently has a “positive” rating on the data storage provider’s stock. Susquehanna’s price target would indicate a potential upside of 16.80% from the stock’s current price.
A number of other research firms also recently weighed in on NTAP. Credit Suisse Group AG restated a “hold” rating and set a $28.00 target price on shares of NetApp in a research report on Tuesday, August 30th. Robert W. Baird restated a “hold” rating on shares of NetApp in a research report on Friday, September 9th. Goldman Sachs Group Inc. upgraded NetApp from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $26.00 to $32.00 in a research report on Wednesday, August 24th. They noted that the move was a valuation call. BMO Capital Markets reiterated a “hold” rating and issued a $31.00 price objective on shares of NetApp in a report on Sunday, August 21st. Finally, Brean Capital reiterated a “hold” rating on shares of NetApp in a report on Thursday, August 18th. Ten research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have assigned a buy rating to the company’s stock. NetApp has an average rating of “Hold” and an average price target of $28.95.
Shares of NetApp (NASDAQ:NTAP) opened at 35.96 on Wednesday. NetApp has a one year low of $20.66 and a one year high of $36.10. The firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of 32.37 and a beta of 1.56. The stock’s 50 day moving average price is $32.96 and its 200 day moving average price is $27.10.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.10. The company earned $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 earnings per share. Analysts expect that NetApp will post $2.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Wednesday, October 5th. NetApp’s dividend payout ratio (DPR) is 68.47%.
In related news, VP Joel D. Reich sold 2,241 shares of the firm’s stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $24.35, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO George Kurian sold 48,176 shares of the firm’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $34.87, for a total value of $1,679,897.12. Following the sale, the chief executive officer now directly owns 92,746 shares in the company, valued at approximately $3,234,053.02. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Global X Management Co. LLC increased its stake in NetApp by 109.8% in the second quarter. Global X Management Co. LLC now owns 4,485 shares of the data storage provider’s stock valued at $110,000 after buying an additional 2,347 shares during the period. FTB Advisors Inc. increased its position in shares of NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock valued at $126,000 after buying an additional 646 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of NetApp by 3.2% in the second quarter. Thrivent Financial for Lutherans now owns 8,840 shares of the data storage provider’s stock valued at $217,000 after buying an additional 270 shares during the last quarter. First Allied Advisory Services Inc. increased its position in shares of NetApp by 6.7% in the second quarter. First Allied Advisory Services Inc. now owns 10,481 shares of the data storage provider’s stock valued at $249,000 after buying an additional 655 shares during the last quarter. Finally, Creative Planning increased its position in shares of NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock valued at $258,000 after buying an additional 7,484 shares during the last quarter. 89.54% of the stock is currently owned by institutional investors.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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