NetApp (NASDAQ:NTAP) Shares Gap Down to $120.43

NetApp, Inc. (NASDAQ:NTAPGet Free Report) gapped down before the market opened on Monday . The stock had previously closed at $120.43, but opened at $117.93. NetApp shares last traded at $116.72, with a volume of 601,742 shares.

Analyst Ratings Changes

A number of research analysts have recently commented on NTAP shares. Wells Fargo & Company increased their target price on shares of NetApp from $100.00 to $120.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. Barclays upped their price objective on NetApp from $100.00 to $116.00 and gave the company an “equal weight” rating in a research note on Friday, May 31st. UBS Group lifted their target price on shares of NetApp from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Morgan Stanley lifted their price objective on NetApp from $92.00 to $106.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. upgraded shares of NetApp from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $95.00 to $125.00 in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, NetApp has an average rating of “Hold” and a consensus price target of $112.75.

Read Our Latest Stock Report on NTAP

NetApp Stock Performance

The company’s 50 day moving average price is $107.22 and its 200-day moving average price is $96.27. The stock has a market cap of $24.56 billion, a P/E ratio of 25.65, a price-to-earnings-growth ratio of 4.82 and a beta of 1.25. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.15 and a current ratio of 1.19.

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, topping analysts’ consensus estimates of $1.48 by $0.32. NetApp had a net margin of 15.73% and a return on equity of 114.54%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm posted $1.20 EPS. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities analysts forecast that NetApp, Inc. will post 5.46 EPS for the current fiscal year.

NetApp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be issued a dividend of $0.52 per share. This is a positive change from NetApp’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Friday, July 5th. NetApp’s dividend payout ratio (DPR) is 43.10%.

Insider Buying and Selling at NetApp

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $101.44, for a total transaction of $862,240.00. Following the sale, the chief executive officer now directly owns 261,202 shares in the company, valued at approximately $26,496,330.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total transaction of $862,240.00. Following the completion of the sale, the chief executive officer now owns 261,202 shares in the company, valued at approximately $26,496,330.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the transaction, the executive vice president now owns 9,601 shares in the company, valued at approximately $989,095.02. The disclosure for this sale can be found here. Insiders sold 40,371 shares of company stock worth $4,139,505 in the last quarter. 0.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NetApp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NTAP. ORG Partners LLC raised its position in shares of NetApp by 14,650.0% in the fourth quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock valued at $26,000 after purchasing an additional 293 shares during the period. First Horizon Advisors Inc. raised its holdings in NetApp by 58.7% during the 4th quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 115 shares during the period. Rise Advisors LLC purchased a new stake in shares of NetApp during the first quarter worth $27,000. J.Safra Asset Management Corp boosted its holdings in shares of NetApp by 706.3% in the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 226 shares during the period. Finally, New Covenant Trust Company N.A. bought a new stake in shares of NetApp during the 1st quarter valued at $28,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Company Profile

(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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