NetApp (NASDAQ:NTAP) Price Target Raised to $135.00 at TD Cowen

NetApp (NASDAQ:NTAPFree Report) had its price objective lifted by TD Cowen from $120.00 to $135.00 in a research report released on Friday morning, MarketBeat.com reports. The firm currently has a buy rating on the data storage provider’s stock.

Several other brokerages also recently issued reports on NTAP. Wedbush upped their price objective on NetApp from $100.00 to $120.00 and gave the company a neutral rating in a research report on Tuesday. Bank of America increased their target price on NetApp from $85.00 to $100.00 and gave the stock an underperform rating in a research report on Wednesday. Citigroup increased their target price on NetApp from $110.00 to $120.00 and gave the stock a neutral rating in a research report on Tuesday, May 21st. Barclays increased their target price on NetApp from $80.00 to $100.00 and gave the stock an equal weight rating in a research report on Friday, March 1st. Finally, Morgan Stanley increased their target price on NetApp from $92.00 to $106.00 and gave the stock an equal weight rating in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, NetApp presently has a consensus rating of Hold and a consensus price target of $112.75.

View Our Latest Analysis on NTAP

NetApp Stock Up 3.4 %

Shares of NASDAQ:NTAP opened at $120.43 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. NetApp has a 52-week low of $66.01 and a 52-week high of $121.48. The stock’s fifty day simple moving average is $106.66 and its 200-day simple moving average is $95.45. The company has a market capitalization of $24.85 billion, a P/E ratio of 25.95, a P/E/G ratio of 3.00 and a beta of 1.27.

NetApp (NASDAQ:NTAPGet Free Report) last issued its quarterly earnings data on Thursday, May 30th. The data storage provider reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.32. NetApp had a return on equity of 123.24% and a net margin of 15.73%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the business earned $1.20 earnings per share. The business’s revenue was up 5.5% on a year-over-year basis. As a group, equities research analysts forecast that NetApp will post 5.46 earnings per share for the current fiscal year.

NetApp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.73%. This is a positive change from NetApp’s previous quarterly dividend of $0.50. NetApp’s dividend payout ratio (DPR) is 43.10%.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the completion of the sale, the executive vice president now owns 9,601 shares in the company, valued at approximately $989,095.02. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the completion of the sale, the executive vice president now owns 9,601 shares in the company, valued at approximately $989,095.02. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total value of $770,625.00. Following the sale, the chief financial officer now owns 152,409 shares of the company’s stock, valued at approximately $15,660,024.75. The disclosure for this sale can be found here. Insiders sold a total of 40,371 shares of company stock worth $4,139,505 in the last 90 days. 0.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NTAP. Norges Bank bought a new position in NetApp during the 4th quarter worth approximately $232,502,000. First Trust Advisors LP lifted its holdings in NetApp by 57.5% during the 4th quarter. First Trust Advisors LP now owns 5,643,780 shares of the data storage provider’s stock worth $497,556,000 after buying an additional 2,059,574 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in NetApp by 254.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 2,304,512 shares of the data storage provider’s stock worth $241,905,000 after buying an additional 1,654,942 shares during the last quarter. TD Asset Management Inc lifted its holdings in NetApp by 127.0% during the 4th quarter. TD Asset Management Inc now owns 1,698,277 shares of the data storage provider’s stock worth $149,720,000 after buying an additional 950,204 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in NetApp during the 4th quarter worth approximately $74,257,000. Institutional investors own 92.17% of the company’s stock.

About NetApp

(Get Free Report)

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, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

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