NetApp Inc. (NASDAQ:NTAP)‘s stock had its “underweight” rating reiterated by equities researchers at Barclays PLC in a research report issued on Tuesday.
NTAP has been the topic of a number of other reports. Wells Fargo & Co. reiterated a “market perform” rating on shares of NetApp in a report on Friday, August 19th. Deutsche Bank AG downgraded shares of NetApp from a “hold” rating to a “sell” rating and dropped their target price for the stock from $35.66 to $25.00 in a report on Monday, September 26th. They noted that the move was a valuation call. Goldman Sachs Group Inc. upgraded shares of NetApp from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $26.00 to $32.00 in a report on Wednesday, August 24th. They noted that the move was a valuation call. Robert W. Baird reissued a “hold” rating on shares of NetApp in a research report on Friday, September 9th. Finally, Credit Suisse Group AG reissued a “hold” rating and issued a $28.00 target price on shares of NetApp in a research report on Tuesday, August 30th. Eleven research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $32.54.
NetApp (NASDAQ:NTAP) opened at 36.61 on Tuesday. The firm’s 50-day moving average is $34.16 and its 200-day moving average is $29.95. The stock has a market cap of $10.18 billion, a P/E ratio of 33.22 and a beta of 1.49. NetApp has a 1-year low of $20.66 and a 1-year high of $39.00.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.06. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the firm earned $0.61 EPS. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, analysts forecast that NetApp will post $2.56 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Friday, January 6th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $0.76 dividend on an annualized basis and a yield of 2.08%. NetApp’s payout ratio is presently 69.09%.
In other NetApp news, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $35.16, for a total transaction of $140,640.00. Following the transaction, the chief executive officer now directly owns 40,570 shares in the company, valued at approximately $1,426,441.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert T. Wall sold 22,944 shares of the company’s stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $35.45, for a total transaction of $813,364.80. Following the transaction, the director now owns 36,048 shares in the company, valued at $1,277,901.60. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Efficient Market Advisors LLC acquired a new position in NetApp during the third quarter worth about $251,000. LPL Financial LLC acquired a new position in NetApp during the third quarter worth about $609,000. Cornerstone Capital Management Holdings LLC. increased its position in NetApp by 1,008.7% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 694,606 shares of the data storage provider’s stock worth $24,879,000 after buying an additional 631,953 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in NetApp by 8.8% in the third quarter. Ameritas Investment Partners Inc. now owns 11,735 shares of the data storage provider’s stock worth $420,000 after buying an additional 948 shares during the last quarter. Finally, Verition Fund Management LLC increased its position in NetApp by 34.1% in the third quarter. Verition Fund Management LLC now owns 12,104 shares of the data storage provider’s stock worth $434,000 after buying an additional 3,076 shares during the last quarter. Institutional investors own 90.41% of the company’s stock.