Citigroup restated their sell rating on shares of NetApp (NASDAQ:NTAP) in a report issued on Friday, The Fly reports. The brokerage currently has a $40.00 target price on the data storage provider’s stock, down from their prior target price of $55.00.

A number of other analysts also recently issued reports on NTAP. ValuEngine downgraded shares of NetApp from a hold rating to a sell rating in a report on Monday, June 3rd. Longbow Research downgraded shares of NetApp from a buy rating to a neutral rating in a report on Monday, July 29th. Stifel Nicolaus lowered their price target on shares of NetApp from $75.00 to $60.00 and set a buy rating on the stock in a report on Friday, August 2nd. BidaskClub raised shares of NetApp from a strong sell rating to a sell rating in a report on Friday. Finally, Cowen reissued an underperform rating and set a $40.00 price target (down from $53.00) on shares of NetApp in a report on Thursday, August 15th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the stock. NetApp currently has a consensus rating of Hold and a consensus target price of $59.52.

Shares of NASDAQ NTAP opened at $47.01 on Friday. The company’s fifty day moving average price is $55.21 and its 200 day moving average price is $63.98. NetApp has a 1 year low of $44.55 and a 1 year high of $88.08. The company has a market capitalization of $11.10 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 0.95 and a beta of 1.48. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.42 and a current ratio of 1.42.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.19. NetApp had a net margin of 16.74% and a return on equity of 77.11%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the firm posted $1.04 earnings per share. The firm’s quarterly revenue was down 16.1% compared to the same quarter last year. On average, equities analysts expect that NetApp will post 3.35 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s payout ratio is 47.76%.

In other news, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $58.76, for a total value of $657,818.20. Following the transaction, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at $4,508,184.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total transaction of $1,817,700.00. Following the completion of the transaction, the vice president now directly owns 55,361 shares in the company, valued at $3,354,322.99. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 161,092 shares of company stock worth $9,676,120. Insiders own 0.33% of the company’s stock.

Large investors have recently bought and sold shares of the company. FMR LLC lifted its stake in shares of NetApp by 24.3% in the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock worth $117,816,000 after buying an additional 332,665 shares in the last quarter. Marshall Wace North America L.P. increased its position in NetApp by 629.5% during the first quarter. Marshall Wace North America L.P. now owns 119,994 shares of the data storage provider’s stock worth $8,321,000 after purchasing an additional 103,545 shares during the last quarter. Teacher Retirement System of Texas increased its position in NetApp by 6,974.9% during the first quarter. Teacher Retirement System of Texas now owns 251,511 shares of the data storage provider’s stock worth $17,440,000 after purchasing an additional 247,956 shares during the last quarter. MML Investors Services LLC increased its position in NetApp by 16.4% during the first quarter. MML Investors Services LLC now owns 11,271 shares of the data storage provider’s stock worth $782,000 after purchasing an additional 1,588 shares during the last quarter. Finally, Argent Capital Management LLC increased its position in NetApp by 33.2% during the first quarter. Argent Capital Management LLC now owns 18,459 shares of the data storage provider’s stock worth $1,280,000 after purchasing an additional 4,603 shares during the last quarter. 93.62% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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The Fly

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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