NetApp, Inc. (NTAP) Given New $50.00 Price Target at Royal Bank Of Canada
NetApp, Inc. (NASDAQ:NTAP) had its price objective lifted by Royal Bank Of Canada from $45.00 to $50.00 in a research report report published on Monday morning. Royal Bank Of Canada currently has a sector perform rating on the data storage provider’s stock.
Other analysts have also recently issued research reports about the company. Barclays PLC raised NetApp from an underweight rating to an overweight rating and raised their price objective for the stock from $38.00 to $52.00 in a research report on Thursday, November 9th. Zacks Investment Research cut NetApp from a buy rating to a hold rating in a research report on Thursday, October 5th. Maxim Group reissued a buy rating and issued a $56.00 price objective on shares of NetApp in a research report on Friday, October 27th. Robert W. Baird reissued a hold rating and issued a $46.00 price objective (up previously from $44.00) on shares of NetApp in a research report on Wednesday, October 4th. Finally, Oppenheimer Holdings, Inc. reissued a hold rating on shares of NetApp in a research report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $46.00.
Shares of NetApp (NASDAQ:NTAP) traded down $0.38 during midday trading on Monday, reaching $45.62. The company’s stock had a trading volume of 2,232,273 shares, compared to its average volume of 2,921,085. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.47 and a quick ratio of 1.44. The company has a market cap of $12,500.57, a PE ratio of 19.47, a PEG ratio of 1.63 and a beta of 1.16. NetApp has a 1-year low of $33.83 and a 1-year high of $47.20.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.07. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 EPS. analysts forecast that NetApp will post 2.49 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, October 5th. This represents a $0.80 annualized dividend and a yield of 1.75%. NetApp’s dividend payout ratio (DPR) is currently 38.65%.
In other NetApp news, Director Richard P. Wallace sold 34,000 shares of the business’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the completion of the sale, the director now directly owns 24,132 shares in the company, valued at approximately $1,050,465.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO George Kurian sold 4,570 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $37.98, for a total value of $173,568.60. Following the sale, the chief executive officer now owns 23,028 shares of the company’s stock, valued at $874,603.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,343 shares of company stock valued at $3,302,273. 0.47% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the company. CAPROCK Group Inc. boosted its holdings in shares of NetApp by 0.8% during the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock worth $211,000 after purchasing an additional 44 shares during the last quarter. Contravisory Investment Management Inc. boosted its holdings in shares of NetApp by 0.6% during the 2nd quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock worth $283,000 after purchasing an additional 45 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of NetApp by 0.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock worth $328,000 after purchasing an additional 58 shares during the last quarter. Breton Hill Capital Ltd. boosted its holdings in shares of NetApp by 0.3% during the 2nd quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock worth $692,000 after purchasing an additional 59 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of NetApp by 0.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock worth $673,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 93.91% 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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