NetApp, Inc. (NTAP) Given Average Rating of “Hold” by Brokerages


NetApp, Inc. (NASDAQ:NTAP) has received a consensus rating of “Hold” from the thirty-eight brokerages that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, twenty-two have issued a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $48.63.

A number of equities research analysts have recently issued reports on NTAP shares. BidaskClub raised shares of NetApp from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Longbow Research raised shares of NetApp from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, August 15th. Piper Jaffray Companies set a $50.00 price target on shares of NetApp and gave the stock a “buy” rating in a report on Monday, August 14th. Maxim Group raised shares of NetApp from a “hold” rating to a “buy” rating and increased their price target for the stock from $46.00 to $56.00 in a report on Monday, August 14th. Finally, Lake Street Capital increased their price target on shares of NetApp from $43.00 to $49.00 and gave the stock a “buy” rating in a report on Thursday, August 17th.

In other news, SVP Matthew K. Fawcett sold 29,845 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $46.60, for a total transaction of $1,390,777.00. Following the sale, the senior vice president now owns 31,962 shares in the company, valued at approximately $1,489,429.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO George Kurian sold 4,570 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the sale, the chief executive officer now owns 23,028 shares in the company, valued at approximately $874,603.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,343 shares of company stock worth $3,302,273. Company insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of NetApp by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock worth $1,089,939,000 after purchasing an additional 481,365 shares during the last quarter. BlackRock Inc. raised its position in shares of NetApp by 7.5% in the 2nd quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock worth $867,006,000 after purchasing an additional 1,517,967 shares during the last quarter. Boston Partners purchased a new position in shares of NetApp in the 3rd quarter worth about $315,629,000. Bank of New York Mellon Corp raised its position in shares of NetApp by 25.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,061,906 shares of the data storage provider’s stock worth $177,748,000 after purchasing an additional 817,147 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of NetApp by 781.1% in the 2nd quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock worth $133,750,000 after purchasing an additional 2,960,542 shares during the last quarter. 93.91% of the stock is owned by hedge funds and other institutional investors.

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Shares of NetApp (NASDAQ:NTAP) traded up $0.20 during trading hours on Thursday, reaching $45.82. 4,393,500 shares of the company’s stock were exchanged, compared to its average volume of 2,924,687. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.47 and a quick ratio of 1.44. The company has a market capitalization of $14,090.00, a price-to-earnings ratio of 19.17, a PEG ratio of 1.60 and a beta of 1.16. NetApp has a 12-month low of $34.38 and a 12-month high of $47.20.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The firm 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 firm posted $0.60 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. sell-side analysts expect that NetApp will post 2.49 EPS for the current year.

About NetApp

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.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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