NetApp, Inc. (NASDAQ:NTAP) had its target price lifted by analysts at Barclays PLC from $35.00 to $38.00 in a research report issued to clients and investors on Thursday. The firm presently has an “underweight” rating on the data storage provider’s stock. Barclays PLC’s target price would suggest a potential downside of 3.43% from the company’s previous close.
Several other brokerages have also issued reports on NTAP. Zacks Investment Research lowered NetApp from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd. BidaskClub lowered NetApp from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Royal Bank Of Canada reissued a “hold” rating on shares of NetApp in a research note on Friday, April 28th. OTR Global raised NetApp to a “positive” rating in a research note on Monday, May 15th. Finally, Drexel Hamilton reissued a “buy” rating and issued a $62.00 price target on shares of NetApp in a research note on Wednesday, May 24th. Three equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. NetApp has a consensus rating of “Hold” and a consensus target price of $43.69.
Shares of NetApp (NASDAQ:NTAP) opened at 39.35 on Thursday. The company has a 50 day moving average of $42.09 and a 200-day moving average of $40.72. NetApp has a 12 month low of $30.36 and a 12 month high of $45.24. The firm has a market capitalization of $10.62 billion, a P/E ratio of 19.00 and a beta of 1.21.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the business posted $0.46 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. Analysts predict that NetApp will post $3.13 EPS for the current year.
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In other news, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $43.41, for a total transaction of $85,778.16. Following the completion of the transaction, the executive vice president now owns 19,788 shares in the company, valued at approximately $858,997.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $40.12, for a total value of $160,480.00. Following the transaction, the chief executive officer now owns 65,123 shares of the company’s stock, valued at approximately $2,612,734.76. The disclosure for this sale can be found here. Insiders have sold a total of 117,518 shares of company stock valued at $4,726,762 in the last quarter. 0.47% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of NTAP. National Pension Service increased its position in NetApp by 24,106.4% in the first quarter. National Pension Service now owns 278,131 shares of the data storage provider’s stock valued at $11,654,000 after buying an additional 276,982 shares during the last quarter. Bank of Montreal Can increased its position in NetApp by 22.3% in the first quarter. Bank of Montreal Can now owns 178,969 shares of the data storage provider’s stock valued at $7,491,000 after buying an additional 32,658 shares during the last quarter. DnB Asset Management AS increased its position in NetApp by 12.1% in the first quarter. DnB Asset Management AS now owns 31,497 shares of the data storage provider’s stock valued at $1,318,000 after buying an additional 3,400 shares during the last quarter. Oakbrook Investments LLC increased its position in NetApp by 83.7% in the first quarter. Oakbrook Investments LLC now owns 23,050 shares of the data storage provider’s stock valued at $965,000 after buying an additional 10,500 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in NetApp during the first quarter valued at $489,000. Institutional investors own 90.10% of the company’s stock.
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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