NetApp (NASDAQ:NTAP) Upgraded at Deutsche Bank Aktiengesellschaft

NetApp (NASDAQ:NTAPGet Rating) was upgraded by investment analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research report issued on Tuesday, The Fly reports.

Several other research firms also recently issued reports on NTAP. Morgan Stanley cut their target price on NetApp from $91.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 2nd. Cowen reduced their price objective on NetApp to $85.00 in a research note on Friday, May 27th. UBS Group started coverage on NetApp in a research report on Tuesday, April 5th. They issued a “neutral” rating and a $91.00 target price on the stock. Wedbush reduced their price target on shares of NetApp from $85.00 to $80.00 and set a “neutral” rating for the company in a research report on Thursday, June 2nd. Finally, Barclays dropped their price objective on shares of NetApp from $102.00 to $88.00 and set an “overweight” rating on the stock in a report on Thursday, June 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $94.42.

Shares of NetApp stock opened at $64.47 on Tuesday. NetApp has a 52-week low of $64.33 and a 52-week high of $96.82. The firm’s 50 day moving average price is $73.20 and its 200-day moving average price is $82.70. The company has a quick ratio of 1.45, a current ratio of 1.50 and a debt-to-equity ratio of 2.85. The company has a market cap of $14.35 billion, a P/E ratio of 15.72, a PEG ratio of 1.71 and a beta of 1.24.

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

In other NetApp news, CEO George Kurian sold 4,250 shares of the firm’s stock in a transaction dated Monday, March 21st. The shares were sold at an average price of $89.86, for a total transaction of $381,905.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael J. Berry purchased 5,000 shares of the firm’s stock in a transaction on Friday, June 3rd. The stock was acquired at an average cost of $72.04 per share, for a total transaction of $360,200.00. Following the completion of the purchase, the chief financial officer now owns 95,875 shares in the company, valued at approximately $6,906,835. The disclosure for this purchase can be found here. Insiders have sold 12,750 shares of company stock worth $993,799 over the last 90 days. 0.28% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in NTAP. Wellington Management Group LLP grew its stake in NetApp by 70.3% during the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock valued at $691,339,000 after purchasing an additional 3,439,053 shares in the last quarter. Norges Bank bought a new position in shares of NetApp during the fourth quarter worth about $204,555,000. Acadian Asset Management LLC increased its stake in shares of NetApp by 187.4% in the fourth quarter. Acadian Asset Management LLC now owns 1,528,645 shares of the data storage provider’s stock valued at $140,587,000 after purchasing an additional 996,785 shares during the period. Millennium Management LLC raised its stake in NetApp by 3,085.7% during the 4th quarter. Millennium Management LLC now owns 678,082 shares of the data storage provider’s stock valued at $62,377,000 after acquiring an additional 656,797 shares in the last quarter. Finally, Ardevora Asset Management LLP acquired a new stake in NetApp in the first quarter worth about $53,709,000. Hedge funds and other institutional investors own 91.91% of the company’s stock.

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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