A number of other research analysts also recently weighed in on the company. Royal Bank Of Canada increased their target price on NetApp from $45.00 to $50.00 and gave the company a “sector perform” rating in a report on Monday, November 13th. Morgan Stanley reissued an “underweight” rating on shares of NetApp in a report on Saturday, September 23rd. ValuEngine cut NetApp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BMO Capital Markets upgraded NetApp from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $43.00 to $62.00 in a research report on Thursday, November 16th. Finally, Maxim Group restated a “buy” rating and issued a $56.00 price target on shares of NetApp in a research report on Friday, October 27th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. NetApp has a consensus rating of “Hold” and an average target price of $49.04.
NetApp (NASDAQ NTAP) traded down $0.10 during trading on Wednesday, reaching $56.41. The company’s stock had a trading volume of 4,081,015 shares, compared to its average volume of 3,275,549. The company has a quick ratio of 1.64, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. NetApp has a twelve month low of $34.72 and a twelve month high of $57.75. The company has a market capitalization of $15,076.40, a P/E ratio of 21.24, a price-to-earnings-growth ratio of 1.83 and a beta of 1.27.
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, beating analysts’ consensus estimates of $0.69 by $0.12. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share. equities analysts expect that NetApp will post 2.72 EPS for the current fiscal year.
In related news, CEO George Kurian sold 75,000 shares of the business’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $52.50, for a total transaction of $3,937,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total value of $83,011.76. Following the transaction, the executive vice president now owns 17,812 shares in the company, valued at $748,282.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,060 shares of company stock worth $9,205,680. 0.47% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Visionary Asset Management Inc. acquired a new stake in NetApp during the 3rd quarter worth about $200,000. Belpointe Asset Management LLC acquired a new position in shares of NetApp in the 3rd quarter valued at about $471,000. IFM Investors Pty Ltd acquired a new position in shares of NetApp in the 3rd quarter valued at about $423,000. Afam Capital Inc. lifted its holdings in shares of NetApp by 139.2% in the 3rd quarter. Afam Capital Inc. now owns 19,009 shares of the data storage provider’s stock valued at $832,000 after buying an additional 11,063 shares during the period. Finally, Neuberger Berman Group LLC lifted its holdings in shares of NetApp by 42.7% in the 3rd quarter. Neuberger Berman Group LLC now owns 11,699 shares of the data storage provider’s stock valued at $512,000 after buying an additional 3,498 shares during the period. 93.93% of the stock is owned by institutional investors.
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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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