NetApp’s (NTAP) Hold Rating Reiterated at Jefferies Group
Jefferies Group restated their hold rating on shares of NetApp Inc. (NASDAQ:NTAP) in a research report report published on Wednesday morning. Jefferies Group currently has a $34.00 target price on the data storage provider’s stock, up from their previous target price of $29.00.
NTAP has been the topic of a number of other research reports. Wells Fargo & Co. reiterated a market perform rating on shares of NetApp in a report on Friday, August 19th. Deutsche Bank AG cut shares of NetApp from a hold rating to a sell rating and cut their price target for the company from $35.66 to $25.00 in a report on Monday, September 26th. They noted that the move was a valuation call. Goldman Sachs Group Inc. upgraded shares of NetApp from a sell rating to a neutral rating and increased their price target for the company from $26.00 to $32.00 in a report on Wednesday, August 24th. They noted that the move was a valuation call. Robert W. Baird reiterated a hold rating on shares of NetApp in a report on Friday, September 9th. Finally, Credit Suisse Group AG reiterated a hold rating and set a $28.00 price target on shares of NetApp in a report on Tuesday, August 30th. Ten analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $30.16.
NetApp (NASDAQ:NTAP) opened at 35.82 on Wednesday. The firm’s 50 day moving average is $34.31 and its 200 day moving average is $27.48. The company has a market cap of $9.98 billion, a PE ratio of 32.24 and a beta of 1.58. NetApp has a 52-week low of $20.66 and a 52-week high of $36.10.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.10. NetApp had a net margin of 5.87% and a return on equity of 15.82%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the company posted $0.29 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Analysts forecast that NetApp will post $2.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.12%. The ex-dividend date is Wednesday, October 5th. NetApp’s dividend payout ratio is presently 68.47%.
In other NetApp news, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $35.45, for a total transaction of $813,364.80. Following the completion of the sale, the director now directly owns 36,048 shares in the company, valued at approximately $1,277,901.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO George Kurian sold 48,176 shares of NetApp stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $34.87, for a total transaction of $1,679,897.12. Following the sale, the chief executive officer now owns 92,746 shares of the company’s stock, valued at $3,234,053.02. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. boosted its stake in shares of NetApp by 58.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,192,099 shares of the data storage provider’s stock valued at $32,532,000 after buying an additional 441,417 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of NetApp by 0.6% in the first quarter. Legal & General Group Plc now owns 1,320,761 shares of the data storage provider’s stock valued at $36,042,000 after buying an additional 8,301 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of NetApp by 1.6% in the first quarter. Geode Capital Management LLC now owns 2,781,488 shares of the data storage provider’s stock valued at $75,775,000 after buying an additional 43,931 shares during the last quarter. Creative Planning boosted its stake 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. Finally, National Pension Service boosted its stake in shares of NetApp by 4.4% in the first quarter. National Pension Service now owns 225,705 shares of the data storage provider’s stock valued at $6,159,000 after buying an additional 9,591 shares during the last quarter. Institutional investors and hedge funds own 89.54% of the company’s stock.
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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