NetApp Inc. (NASDAQ:NTAP) announced a quarterly dividend on Wednesday, February 13th, Zacks reports. Shareholders of record on Friday, April 5th will be given a dividend of 0.40 per share by the data storage provider on Wednesday, April 24th. This represents a $1.60 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, April 4th.
NetApp has increased its dividend by an average of 20.3% per year over the last three years and has increased its dividend every year for the last 5 years. NetApp has a payout ratio of 40.9% meaning its dividend is sufficiently covered by earnings. Analysts expect NetApp to earn $4.41 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 36.3%.
Shares of NTAP stock traded up $0.02 during mid-day trading on Friday, hitting $77.69. The company’s stock had a trading volume of 1,557,410 shares, compared to its average volume of 2,243,933. The stock has a market capitalization of $19.19 billion, a P/E ratio of 25.98, a P/E/G ratio of 1.36 and a beta of 1.40. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.56 and a quick ratio of 1.53. NetApp has a 52-week low of $54.50 and a 52-week high of $88.08.
A number of brokerages have commented on NTAP. BidaskClub upgraded NetApp from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 13th. Credit Suisse Group assumed coverage on NetApp in a research note on Thursday, April 11th. They issued an “outperform” rating and a $89.00 price objective for the company. Lake Street Capital dropped their price objective on NetApp to $69.00 and set a “buy” rating for the company in a research note on Thursday, February 14th. Wells Fargo & Co dropped their price objective on NetApp from $80.00 to $70.00 and set a “market perform” rating for the company in a research note on Thursday, February 14th. Finally, William Blair lowered NetApp from an “outperform” rating to a “market perform” rating and set a $61.95 price objective for the company. in a research note on Thursday, February 14th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $77.88.
In other NetApp news, VP Joel D. Reich sold 20,000 shares of the firm’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $64.04, for a total transaction of $1,280,800.00. Following the transaction, the vice president now directly owns 744 shares in the company, valued at approximately $47,645.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Henri P. Richard sold 5,050 shares of the firm’s stock in a transaction on Friday, February 1st. The stock was sold at an average price of $66.01, for a total value of $333,350.50. Following the transaction, the executive vice president now owns 56,707 shares in the company, valued at $3,743,229.07. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.
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NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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