NetApp, Inc. (NASDAQ:NTAP) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Several other research firms have also weighed in on NTAP. Stifel Nicolaus reiterated a “hold” rating and issued a $37.00 price objective on shares of NetApp in a research note on Friday, May 26th. Drexel Hamilton reiterated a “buy” rating and issued a $62.00 price objective on shares of NetApp in a research note on Wednesday, May 24th. Zacks Investment Research upgraded shares of NetApp from a “sell” rating to a “hold” rating in a research note on Monday, May 8th. Credit Suisse Group upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $35.00 to $37.00 in a research note on Thursday, May 25th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $45.00 price objective on shares of NetApp in a research note on Friday, June 9th. Four analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $41.63.

NetApp (NASDAQ NTAP) opened at 41.49 on Friday. The firm has a market cap of $11.27 billion, a price-to-earnings ratio of 22.92 and a beta of 1.21. NetApp has a one year low of $28.32 and a one year high of $45.24. The firm has a 50 day moving average of $41.95 and a 200-day moving average of $40.60.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.04. NetApp had a net margin of 9.22% and a return on equity of 21.66%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the business earned $0.55 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. Equities research analysts forecast that NetApp will post $3.03 EPS for the current fiscal year.

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In other news, SVP Matthew K. Fawcett sold 6,792 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $39.58, for a total value of $268,827.36. Following the completion of the transaction, the senior vice president now owns 2,117 shares in the company, valued at approximately $83,790.86. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO George Kurian sold 4,000 shares of the stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $40.12, for a total transaction of $160,480.00. Following the completion of the transaction, the chief executive officer now owns 65,123 shares of the company’s stock, valued at approximately $2,612,734.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 117,518 shares of company stock valued at $4,726,762. Corporate insiders own 0.47% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. OxFORD Asset Management LLP boosted its stake in shares of NetApp by 61.1% in the second quarter. OxFORD Asset Management LLP now owns 101,896 shares of the data storage provider’s stock worth $4,081,000 after buying an additional 38,649 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in NetApp by 1,111.8% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 369,600 shares of the data storage provider’s stock valued at $14,803,000 after buying an additional 339,100 shares during the last quarter. Renaissance Technologies LLC boosted its stake in NetApp by 781.1% in the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after buying an additional 2,960,542 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in NetApp by 34.5% in the second quarter. Parametric Portfolio Associates LLC now owns 903,168 shares of the data storage provider’s stock valued at $36,172,000 after buying an additional 231,627 shares during the last quarter. Finally, Advisor Group Inc. boosted its stake in NetApp by 14.4% in the second quarter. Advisor Group Inc. now owns 43,281 shares of the data storage provider’s stock valued at $1,730,000 after buying an additional 5,453 shares during the last quarter. Institutional investors own 91.25% of the company’s stock.

About NetApp

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.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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