Brokerages Set NetApp, Inc. (NASDAQ:NTAP) PT at $92.00

NetApp, Inc. (NASDAQ:NTAPGet Rating) has been given an average rating of “Moderate Buy” by the twenty-one brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $92.00.

NTAP has been the subject of several recent analyst reports. Susquehanna Bancshares cut their price objective on shares of NetApp from $110.00 to $100.00 and set a “positive” rating for the company in a research report on Thursday, June 2nd. OTR Global upgraded shares of NetApp to a “positive” rating in a research report on Tuesday, July 26th. StockNews.com upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research report on Friday, July 15th. Susquehanna cut their price objective on shares of NetApp from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, June 2nd. Finally, UBS Group dropped their price target on shares of NetApp from $91.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, July 29th.

Insider Buying and Selling

In related news, President Cesar Cernuda sold 18,000 shares of NetApp stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $64.68, for a total value of $1,164,240.00. Following the completion of the transaction, the president now owns 61,075 shares in the company, valued at $3,950,331. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO George Kurian sold 2,125 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $69.38, for a total transaction of $147,432.50. Following the completion of the sale, the chief executive officer now owns 163,575 shares in the company, valued at approximately $11,348,833.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cesar Cernuda sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $64.68, for a total transaction of $1,164,240.00. Following the sale, the president now owns 61,075 shares of the company’s stock, valued at approximately $3,950,331. The disclosure for this sale can be found here. Insiders sold 24,375 shares of company stock worth $1,598,633 over the last 90 days. 0.26% of the stock is owned by insiders.

Institutional Trading of NetApp

Institutional investors have recently modified their holdings of the stock. Cyrus J. Lawrence LLC purchased a new stake in shares of NetApp during the 1st quarter worth approximately $28,000. Steward Partners Investment Advisory LLC raised its position in 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 purchasing an additional 116 shares during the last quarter. First Horizon Advisors Inc. raised its position in NetApp by 237.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 482 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 339 shares during the last quarter. CENTRAL TRUST Co raised its position in NetApp by 43.0% in the 1st quarter. CENTRAL TRUST Co now owns 552 shares of the data storage provider’s stock valued at $46,000 after purchasing an additional 166 shares during the last quarter. Finally, Kempen Capital Management N.V. purchased a new stake in NetApp in the 1st quarter valued at $48,000. Hedge funds and other institutional investors own 88.45% of the company’s stock.

NetApp Stock Performance

NASDAQ:NTAP opened at $72.45 on Thursday. The company’s 50-day moving average price is $70.57 and its 200-day moving average price is $73.55. The company has a current ratio of 1.38, a quick ratio of 1.31 and a debt-to-equity ratio of 3.63. The company has a market cap of $15.75 billion, a P/E ratio of 17.33, a P/E/G ratio of 1.83 and a beta of 1.19. NetApp has a twelve month low of $61.26 and a twelve month high of $96.82.

NetApp (NASDAQ:NTAPGet Rating) last posted its quarterly earnings results on Wednesday, August 24th. The data storage provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.10. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.55 billion. NetApp had a net margin of 14.71% and a return on equity of 128.71%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period last year, the firm posted $0.99 earnings per share. On average, sell-side analysts forecast that NetApp will post 4.45 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, October 26th. Investors of record on Friday, October 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.00 dividend on an annualized basis and a yield of 2.76%. NetApp’s dividend payout ratio is currently 47.85%.

NetApp Company Profile

(Get Rating)

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, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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