NetApp, Inc. (NTAP) Rating Increased to Buy at ValuEngine
NetApp, Inc. (NASDAQ:NTAP) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research note issued on Thursday.
NTAP has been the subject of a number of other reports. Citigroup Inc. boosted their price objective on NetApp from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $50.00 price objective (up from $48.00) on shares of NetApp in a report on Wednesday, August 16th. DA Davidson boosted their price objective on NetApp from $53.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday. BMO Capital Markets raised NetApp from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $43.00 to $62.00 in a report on Thursday. Finally, Raymond James Financial, Inc. reissued a “market perform” rating on shares of NetApp in a report on Sunday, August 20th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. NetApp has an average rating of “Hold” and a consensus target price of $48.68.
NetApp (NASDAQ NTAP) opened at $52.95 on Thursday. NetApp has a 52 week low of $34.72 and a 52 week high of $54.72. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.47. The firm has a market capitalization of $14,330.00, a P/E ratio of 19.17, a P/E/G ratio of 1.60 and a beta of 1.16.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the business earned $0.60 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. analysts anticipate that NetApp will post 2.49 earnings per share for the current year.
In related news, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total value of $83,011.76. Following the sale, the executive vice president now owns 17,812 shares in the company, valued at $748,282.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard P. Wallace sold 34,000 shares of the stock in a transaction on Friday, September 29th. The stock was sold at an average price of $43.53, for a total value of $1,480,020.00. Following the completion of the sale, the director now owns 24,132 shares in the company, valued at approximately $1,050,465.96. The disclosure for this sale can be found here. Insiders sold 74,343 shares of company stock worth $3,302,273 in the last quarter. 0.47% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in NetApp by 1.8% during the second quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock valued at $1,089,939,000 after purchasing an additional 481,365 shares in the last quarter. BlackRock Inc. raised its position in NetApp by 7.5% during the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock valued at $867,006,000 after purchasing an additional 1,517,967 shares in the last quarter. Boston Partners purchased a new stake in NetApp during the third quarter valued at about $315,629,000. Bank of New York Mellon Corp raised its position in NetApp by 25.2% during the third quarter. Bank of New York Mellon Corp now owns 4,061,906 shares of the data storage provider’s stock valued at $177,748,000 after purchasing an additional 817,147 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in NetApp by 781.1% during 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 purchasing an additional 2,960,542 shares in 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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