NetApp, Inc. (NASDAQ:NTAP) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Wednesday.
NTAP has been the topic of several other reports. Robert W. Baird raised their target price on NetApp from $43.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, April 4th. Zacks Investment Research raised NetApp from a “sell” rating to a “hold” rating in a report on Monday, May 8th. FBN Securities upgraded NetApp from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $45.00 to $50.00 in a research report on Thursday, May 25th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of NetApp in a research report on Friday, April 7th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $37.00 price target on shares of NetApp in a research report on Friday, May 26th. Four investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $41.52.
NetApp (NTAP) traded up 0.36% on Wednesday, hitting $44.76. The stock had a trading volume of 4,500,129 shares. NetApp has a 12 month low of $25.77 and a 12 month high of $45.24. The company’s 50 day moving average is $39.92 and its 200-day moving average is $39.79. The stock has a market cap of $12.16 billion, a P/E ratio of 24.73 and a beta of 1.19.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, May 24th. The data storage provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.82 by $0.04. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.44 billion. NetApp had a return on equity of 21.66% and a net margin of 9.22%. NetApp’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $0.55 earnings per share. Analysts forecast that NetApp will post $3.03 EPS for the current year.
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In related news, CEO George Kurian sold 59,697 shares of the business’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $39.93, for a total transaction of $2,383,701.21. Following the completion of the transaction, the chief executive officer now directly owns 87,295 shares of the company’s stock, valued at approximately $3,485,689.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Henri P. Richard sold 3,952 shares of the business’s stock in a transaction on Friday, July 14th. The stock was sold at an average price of $42.20, for a total value of $166,774.40. The disclosure for this sale can be found here. Insiders sold 115,542 shares of company stock valued at $4,626,344 over the last ninety days. Insiders own 0.49% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE boosted its position in NetApp by 11.7% in the second quarter. US Bancorp DE now owns 95,404 shares of the data storage provider’s stock valued at $3,821,000 after buying an additional 10,003 shares during the last quarter. BTIM Corp. boosted its position in NetApp by 4.5% in the second quarter. BTIM Corp. now owns 118,219 shares of the data storage provider’s stock valued at $4,735,000 after buying an additional 5,099 shares during the last quarter. Bedrijfstakpensioenfonds Voor DE Media PNO bought a new position in NetApp during the second quarter valued at approximately $1,156,000. Aperio Group LLC boosted its position in NetApp by 6.6% in the second quarter. Aperio Group LLC now owns 120,090 shares of the data storage provider’s stock valued at $4,810,000 after buying an additional 7,400 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in NetApp by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock valued at $673,000 after buying an additional 100 shares during the last quarter. 91.24% of the stock is owned by hedge funds and other institutional investors.
NetApp Company Profile
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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