NetApp’s (NASDAQ:NTAP) Hold Rating Reiterated at Royal Bank of Canada

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NetApp (NASDAQ:NTAP)‘s stock had its “hold” rating reissued by investment analysts at Royal Bank of Canada in a research note issued to investors on Monday, December 11th. They currently have a $60.00 price target on the data storage provider’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 6.57% from the company’s previous close.

A number of other research firms have also recently commented on NTAP. Citigroup lifted their price target on shares of NetApp from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. ValuEngine upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research note on Thursday, November 16th. Susquehanna Bancshares restated a “positive” rating and set a $50.00 price target (up from $48.00) on shares of NetApp in a research report on Wednesday, August 16th. DA Davidson boosted their price target on shares of NetApp from $53.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, November 14th. Finally, BMO Capital Markets upgraded shares of NetApp from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $43.00 to $62.00 in a research report on Thursday, November 16th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $49.39.

NetApp (NTAP) opened at $56.30 on Monday. NetApp has a 1 year low of $35.08 and a 1 year high of $58.99. The firm has a market cap of $15,040.00, a PE ratio of 24.16, a P/E/G ratio of 1.82 and a beta of 1.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. NetApp had a net margin of 12.31% and a return on equity of 25.32%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the firm earned $0.60 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. equities analysts expect that NetApp will post 2.72 earnings per share for the current year.

In related news, VP Joel D. Reich sold 3,371 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $53.17, for a total transaction of $179,236.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $43.89, for a total transaction of $86,726.64. Following the transaction, the executive vice president now owns 15,836 shares in the company, valued at approximately $695,042.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 200,060 shares of company stock worth $10,087,997. Corporate insiders own 0.47% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Exane Derivatives raised its position in NetApp by 59,850.0% in the third quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock worth $105,000 after acquiring an additional 2,394 shares during the period. First Personal Financial Services increased its stake in shares of NetApp by 27,540.0% in the third quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock worth $121,000 after purchasing an additional 2,754 shares in the last quarter. Krilogy Financial LLC purchased a new stake in shares of NetApp in the second quarter worth $122,000. Quantbot Technologies LP purchased a new position in NetApp during the third quarter valued at $131,000. Finally, FTB Advisors Inc. grew its stake in NetApp by 50.2% during the third quarter. FTB Advisors Inc. now owns 4,544 shares of the data storage provider’s stock valued at $199,000 after acquiring an additional 1,519 shares in the last quarter. Institutional investors and hedge funds own 94.71% of the company’s stock.

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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.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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