Stifel Nicolaus Reaffirms Buy Rating for NetApp (NASDAQ:NTAP)

Stifel Nicolaus reaffirmed their buy rating on shares of NetApp (NASDAQ:NTAPFree Report) in a report issued on Friday, Benzinga reports. They currently have a $120.00 target price on the data storage provider’s stock, up from their prior target price of $105.00.

Several other analysts have also issued reports on the company. Wedbush increased their price objective on NetApp from $75.00 to $85.00 and gave the stock a neutral rating in a report on Wednesday, November 29th. Wells Fargo & Company boosted their price objective on shares of NetApp from $72.00 to $86.00 and gave the stock an equal weight rating in a research report on Wednesday, November 29th. Raymond James reissued a market perform rating on shares of NetApp in a research report on Tuesday, January 16th. JPMorgan Chase & Co. cut shares of NetApp from a neutral rating to an underweight rating and lowered their target price for the stock from $89.00 to $87.00 in a report on Monday, January 8th. Finally, TD Cowen boosted their target price on shares of NetApp from $100.00 to $120.00 and gave the company an outperform rating in a report on Friday. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $96.69.

Read Our Latest Research Report on NTAP

NetApp Price Performance

NTAP stock opened at $103.33 on Friday. The business’s 50-day moving average is $88.05 and its two-hundred day moving average is $82.18. The firm has a market capitalization of $21.33 billion, a P/E ratio of 23.48, a P/E/G ratio of 2.47 and a beta of 1.27. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 1.11. NetApp has a 1 year low of $59.73 and a 1 year high of $112.48.

NetApp (NASDAQ:NTAPGet Free Report) last released its earnings results on Thursday, February 29th. The data storage provider reported $1.94 EPS for the quarter, beating the consensus estimate of $1.69 by $0.25. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period in the prior year, the firm posted $1.02 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. Analysts anticipate that NetApp will post 4.85 earnings per share for the current fiscal year.

NetApp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Investors of record on Friday, April 5th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, April 4th. This represents a $2.00 annualized dividend and a dividend yield of 1.94%. NetApp’s dividend payout ratio is 45.45%.

Insider Activity

In related news, EVP Elizabeth M. O’callahan sold 871 shares of NetApp stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $86.27, for a total transaction of $75,141.17. Following the completion of the transaction, the executive vice president now owns 10,856 shares of the company’s stock, valued at $936,547.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $85.82, for a total value of $643,650.00. Following the sale, the chief financial officer now directly owns 165,422 shares of the company’s stock, valued at approximately $14,196,516.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $86.27, for a total transaction of $75,141.17. Following the sale, the executive vice president now directly owns 10,856 shares in the company, valued at approximately $936,547.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,242 shares of company stock valued at $796,746. Insiders own 0.37% of the company’s stock.

Institutional Trading of NetApp

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of NetApp by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 25,823,258 shares of the data storage provider’s stock worth $2,143,331,000 after buying an additional 294,399 shares during the period. BlackRock Inc. lifted its stake in NetApp by 0.8% in the second quarter. BlackRock Inc. now owns 18,241,407 shares of the data storage provider’s stock valued at $1,393,643,000 after buying an additional 147,330 shares during the last quarter. Capital International Investors grew its holdings in NetApp by 12.8% during the second quarter. Capital International Investors now owns 13,694,095 shares of the data storage provider’s stock worth $1,046,202,000 after acquiring an additional 1,557,335 shares during the period. State Street Corp grew its holdings in NetApp by 2.2% in the second quarter. State Street Corp now owns 9,321,206 shares of the data storage provider’s stock valued at $712,140,000 after purchasing an additional 201,316 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in NetApp by 70.3% during the first quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock worth $691,339,000 after buying an additional 3,439,053 shares during the period. 90.25% of the stock is currently owned by institutional investors.

NetApp Company Profile

(Get Free Report)

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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