BidaskClub Upgrades NetApp (NASDAQ:NTAP) to Hold
Several other research firms also recently weighed in on NTAP. Bank of America reduced their target price on NetApp from $60.00 to $56.00 and set a neutral rating for the company in a report on Thursday, August 15th. Goldman Sachs Group reissued a buy rating and issued a $61.00 price objective (up from $54.00) on shares of NetApp in a report on Thursday, August 15th. Cross Research downgraded NetApp from a buy rating to a hold rating in a report on Friday, August 2nd. Maxim Group restated a buy rating and set a $70.00 target price (up from $65.00) on shares of NetApp in a research report on Thursday, August 15th. Finally, DA Davidson cut their target price on shares of NetApp to $93.00 and set a buy rating on the stock in a report on Thursday, May 23rd. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $60.55.
Shares of NTAP opened at $54.51 on Friday. The stock has a 50 day moving average price of $49.86 and a 200 day moving average price of $62.10. The company has a quick ratio of 1.39, a current ratio of 1.42 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $12.37 billion, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 1.15 and a beta of 1.53. NetApp has a 52-week low of $44.55 and a 52-week high of $87.65.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be given a $0.48 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.52%. NetApp’s payout ratio is currently 47.76%.
In related news, VP Joel D. Reich sold 3,963 shares of NetApp stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $47.29, for a total value of $187,410.27. Following the sale, the vice president now directly owns 12,249 shares in the company, valued at $579,255.21. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Joel D. Reich sold 23,650 shares of the company’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $61.49, for a total value of $1,454,238.50. Following the transaction, the vice president now directly owns 16,212 shares in the company, valued at approximately $996,875.88. The disclosure for this sale can be found here. Insiders sold a total of 82,808 shares of company stock worth $4,792,561 in the last ninety days. 0.33% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Shelton Capital Management acquired a new stake in shares of NetApp during the 1st quarter valued at approximately $25,000. Hexavest Inc. purchased a new stake in NetApp during the second quarter worth $26,000. Group One Trading L.P. grew its holdings in NetApp by 196.9% in the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 900 shares during the last quarter. Kistler Tiffany Companies LLC grew its holdings in NetApp by 315.4% in the second quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 388 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in shares of NetApp by 83.8% in the first quarter. Parallel Advisors LLC now owns 509 shares of the data storage provider’s stock valued at $35,000 after buying an additional 232 shares in the last quarter. 97.11% of the stock is owned by institutional investors.
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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