NetApp Inc. (NTAP) Trading 1.5% Higher
NetApp Inc. (NASDAQ:NTAP) shares traded up 1.5% 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 analysts have weighed in on the company. Royal Bank Of Canada reiterated a “hold” rating on shares of NetApp in a research report on Thursday, March 31st. Macquarie cut NetApp from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $30.00 to $22.00 in a research report on Monday, March 21st. Deutsche Bank AG lowered NetApp to a “hold” rating in a report on Thursday, April 14th. Zacks Investment Research raised NetApp from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 1st. Finally, Barclays PLC reissued an “underweight” rating and set a $23.00 target price on shares of NetApp in a report on Thursday, May 26th. Ten analysts have rated the stock with a sell rating, twenty-four have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $26.31.
The stock’s 50-day moving average is $24.69 and its 200 day moving average is $24.48. The company has a market cap of $7.14 billion and a P/E ratio of 33.13.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, May 25th. The data storage provider reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.58 by $0.03. The company earned $1.38 billion during the quarter, compared to the consensus estimate of $1.40 billion. NetApp’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.65 EPS. Equities analysts forecast that NetApp Inc. will post $2.22 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Monday, July 18th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.98%. The ex-dividend date is Thursday, July 14th. This is an increase from NetApp’s previous quarterly dividend of $0.18.
In other NetApp news, SVP Matthew K. Fawcett sold 17,808 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 14,715 shares in the company, valued at approximately $367,580.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Joel D. Reich sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $25.96, for a total value of $129,800.00. Following the completion of the sale, the vice president now owns 2,730 shares of the company’s stock, valued at approximately $70,870.80. The disclosure for this sale can be found here.
A number of large investors have added to or reduced their stakes in NTAP. Vanguard Group Inc. boosted its stake in NetApp by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 24,776,599 shares of the data storage provider’s stock valued at $657,324,000 after buying an additional 219,599 shares during the period. Morgan Stanley boosted its stake 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 during the period. Principal Financial Group Inc. boosted 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 valued at $29,140,000 after buying an additional 646,018 shares during the period. California Public Employees Retirement System boosted its stake in NetApp by 0.9% in the fourth quarter. California Public Employees Retirement System now owns 949,616 shares of the data storage provider’s stock valued at $25,193,000 after buying an additional 8,400 shares during the period. Finally, GAM Holding AG boosted its stake in NetApp by 6.1% in the fourth quarter. GAM Holding AG now owns 564,453 shares of the data storage provider’s stock valued at $14,975,000 after buying an additional 32,624 shares during the period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.