NetApp (NASDAQ:NTAP) Hits New 52-Week Low at $64.55

NetApp, Inc. (NASDAQ:NTAPGet Rating) shares reached a new 52-week low on Monday . The stock traded as low as $64.55 and last traded at $65.05, with a volume of 24346 shares trading hands. The stock had previously closed at $66.81.

A number of equities analysts have commented on NTAP shares. Cowen dropped their price objective on shares of NetApp to $85.00 in a research note on Friday, May 27th. Raymond James dropped their price objective on shares of NetApp from $104.00 to $94.00 in a research note on Thursday, June 2nd. Susquehanna Bancshares dropped their price objective on shares of NetApp from $110.00 to $100.00 and set a “positive” rating for the company in a research note on Thursday, June 2nd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of NetApp from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, March 23rd. Finally, UBS Group initiated coverage on shares of NetApp in a research note on Tuesday, April 5th. They issued a “neutral” rating and a $91.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, NetApp presently has a consensus rating of “Buy” and a consensus target price of $94.42.

The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.45 and a current ratio of 1.50. The firm has a market cap of $14.35 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 1.71 and a beta of 1.24. The firm’s fifty day moving average price is $73.59 and its 200 day moving average price is $82.86.

NetApp (NASDAQ:NTAPGet Rating) last posted its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the business posted $0.96 EPS. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. As a group, analysts expect that NetApp, Inc. will post 4.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Stockholders of record on Friday, July 8th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, July 7th. This represents a $2.00 annualized dividend and a dividend yield of 3.10%. NetApp’s dividend payout ratio is currently 48.78%.

In other news, CFO Michael J. Berry acquired 5,000 shares of the business’s stock in a transaction dated Friday, June 3rd. The shares were purchased at an average price of $72.04 per share, with a total value of $360,200.00. Following the transaction, the chief financial officer now directly owns 95,875 shares in the company, valued at $6,906,835. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction that occurred on Monday, March 21st. The stock was sold at an average price of $89.86, for a total transaction of $381,905.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,750 shares of company stock worth $2,124,859. Insiders own 0.28% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in NTAP. North Star Investment Management Corp. grew its position in NetApp by 200.0% during the 4th quarter. North Star Investment Management Corp. now owns 300 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 200 shares during the last quarter. Cyrus J. Lawrence LLC purchased a new stake in NetApp during the 1st quarter worth approximately $28,000. Benjamin Edwards Inc. purchased a new stake in NetApp during the 4th quarter worth approximately $32,000. Gradient Investments LLC purchased a new stake in NetApp during the 4th quarter worth approximately $37,000. Finally, Steward Partners Investment Advisory LLC boosted its holdings in shares of NetApp by 40.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 406 shares of the data storage provider’s stock valued at $37,000 after acquiring an additional 116 shares during the last quarter. 91.91% of the stock is currently owned by institutional investors.

About NetApp (NASDAQ:NTAP)

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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