NetApp Inc. (NTAP) Hits New 52-Week High at $34.98
NetApp Inc. (NASDAQ:NTAP) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $34.98 and last traded at $34.81, with a volume of 2,928,784 shares traded. The stock had previously closed at $34.71.
Several equities research analysts have issued reports on the company. Goldman Sachs Group Inc. reissued an “in-line” rating and set a $23.00 target price (down previously from $26.00) on shares of NetApp in a research note on Friday. BMO Capital Markets reissued a “hold” rating and set a $31.00 target price on shares of NetApp in a research note on Sunday. Brean Capital reissued a “hold” rating on shares of NetApp in a research note on Thursday. Wells Fargo & Co. reissued a “market perform” rating on shares of NetApp in a research note on Friday. Finally, Zacks Investment Research raised NetApp from a “sell” rating to a “hold” rating and set a $40.00 target price for the company in a research note on Friday. Eleven research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have given a buy rating to the company. NetApp has a consensus rating of “Hold” and an average target price of $28.45.
The firm has a market cap of $9.67 billion and a P/E ratio of 31.21. The stock has a 50-day moving average of $26.69 and a 200-day moving average of $25.26.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.10. The firm earned $1.29 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the previous year, the company earned $0.29 earnings per share. The business’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities analysts forecast that NetApp Inc. will post $2.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.76 annualized dividend and a dividend yield of 2.19%.
In other news, SVP Matthew K. Fawcett sold 17,808 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $24.98, for a total transaction of $444,843.84. Following the transaction, the senior vice president now owns 14,715 shares of the company’s stock, valued at $367,580.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the vice president now directly owns 8,432 shares in the company, valued at approximately $210,547.04. The disclosure for this sale can be found here.
An institutional investor recently raised its position in NetApp stock. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in NetApp Inc. (NASDAQ:NTAP) by 2.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 39,700 shares of the data storage provider’s stock after buying an additional 951 shares during the period. Mitsubishi UFJ Kokusai Asset Management CO. LTD.’s holdings in NetApp were worth $1,053,000 at the end of the most recent reporting 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.
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