Morgan Stanley Downgrades NetApp (NASDAQ:NTAP) to Equal Weight

Morgan Stanley cut shares of NetApp (NASDAQ:NTAPGet Rating) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday morning, Marketbeat reports. The brokerage currently has $91.00 target price on the data storage provider’s stock, down from their previous target price of $102.00.

NTAP has been the topic of several other research reports. StockNews.com initiated coverage on NetApp in a research note on Thursday, March 31st. They issued a hold rating on the stock. Wedbush reissued a neutral rating and issued a $85.00 price objective on shares of NetApp in a research note on Wednesday, March 23rd. Wells Fargo & Company dropped their price objective on NetApp from $95.00 to $90.00 and set an equal weight rating on the stock in a research note on Thursday, February 24th. Bank of America cut NetApp from a buy rating to a neutral rating and dropped their price objective for the stock from $100.00 to $96.00 in a research note on Thursday, March 24th. Finally, Susquehanna reissued a buy rating and issued a $110.00 price objective on shares of NetApp in a research note on Wednesday, March 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, NetApp has a consensus rating of Buy and a consensus price target of $99.26.

NTAP opened at $76.39 on Tuesday. The stock has a market cap of $17.00 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 2.09 and a beta of 1.23. The stock’s 50 day moving average price is $84.55 and its 200-day moving average price is $88.25. NetApp has a one year low of $72.04 and a one year high of $96.82. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.51 and a current ratio of 1.55.

NetApp (NASDAQ:NTAPGet Rating) last released its earnings results on Wednesday, February 23rd. The data storage provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.13. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.61 billion. NetApp had a return on equity of 126.47% and a net margin of 16.34%. The company’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 earnings per share. As a group, analysts predict that NetApp will post 4.25 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 27th. Investors of record on Friday, April 8th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, April 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.62%. NetApp’s dividend payout ratio (DPR) is 45.25%.

In other NetApp news, President Cesar Cernuda sold 14,000 shares of the stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $80.79, for a total transaction of $1,131,060.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO George Kurian sold 4,250 shares of the stock in a transaction dated Monday, March 21st. The stock was sold at an average price of $89.86, for a total value of $381,905.00. The disclosure for this sale can be found here. Insiders sold a total of 26,750 shares of company stock valued at $2,252,933 in the last 90 days. 0.28% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank grew its position in NetApp by 60.2% during the 3rd quarter. Toronto Dominion Bank now owns 199,204 shares of the data storage provider’s stock worth $17,882,000 after purchasing an additional 74,894 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of NetApp during the 3rd quarter valued at about $10,073,000. Calamos Advisors LLC grew its position in shares of NetApp by 4.0% during the 4th quarter. Calamos Advisors LLC now owns 87,667 shares of the data storage provider’s stock valued at $8,064,000 after acquiring an additional 3,394 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in shares of NetApp by 31.7% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 101,347 shares of the data storage provider’s stock valued at $9,097,000 after acquiring an additional 24,391 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of NetApp by 51.2% during the 3rd quarter. Goldman Sachs Group Inc. now owns 1,510,229 shares of the data storage provider’s stock valued at $135,558,000 after acquiring an additional 511,574 shares during the period. 92.14% of the stock is currently owned by institutional investors.

About NetApp (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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