NetApp Inc. (NASDAQ:NTAP) Given Consensus Recommendation of “Hold” by Brokerages

Shares of NetApp Inc. (NASDAQ:NTAP) have been assigned a consensus rating of “Hold” from the twenty-nine research firms that are presently covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $66.41.

NTAP has been the topic of several recent research reports. Morgan Stanley decreased their target price on shares of NetApp from $59.00 to $41.00 and set an “underweight” rating on the stock in a research report on Friday. Maxim Group cut their price target on shares of NetApp to $86.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. DA Davidson cut their price target on shares of NetApp to $93.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. ValuEngine downgraded shares of NetApp from a “hold” rating to a “sell” rating in a report on Monday, June 3rd. Finally, BidaskClub downgraded shares of NetApp from a “hold” rating to a “sell” rating in a report on Wednesday, June 19th.

Shares of NetApp stock traded down $11.67 during trading on Friday, hitting $46.04. 17,294,350 shares of the company’s stock traded hands, compared to its average volume of 1,887,479. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 1.05. The business’s fifty day simple moving average is $60.30. NetApp has a twelve month low of $44.79 and a twelve month high of $88.08. The firm has a market cap of $14.04 billion, a P/E ratio of 11.45, a PEG ratio of 0.91 and a beta of 1.48.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.03). NetApp had a net margin of 19.02% and a return on equity of 71.66%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the firm posted $1.05 earnings per share. NetApp’s revenue was down 3.2% on a year-over-year basis. As a group, research analysts predict that NetApp will post 4.38 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th were paid a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, July 3rd. This is an increase from NetApp’s previous quarterly dividend of $0.40. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.17%. NetApp’s payout ratio is currently 47.76%.

In related news, SVP Matthew K. Fawcett sold 38,195 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $61.55, for a total transaction of $2,350,902.25. Following the completion of the sale, the senior vice president now directly owns 38,527 shares of the company’s stock, valued at $2,371,336.85. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Ronald J. Pasek sold 58,052 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the sale, the chief financial officer now directly owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,092 shares of company stock valued at $9,676,120. Insiders own 0.19% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its stake in shares of NetApp by 24.3% during the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock worth $117,816,000 after buying an additional 332,665 shares during the last quarter. Marshall Wace North America L.P. raised its stake in shares of NetApp by 629.5% during the first quarter. Marshall Wace North America L.P. now owns 119,994 shares of the data storage provider’s stock worth $8,321,000 after buying an additional 103,545 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of NetApp by 6,974.9% during the first quarter. Teacher Retirement System of Texas now owns 251,511 shares of the data storage provider’s stock worth $17,440,000 after buying an additional 247,956 shares during the last quarter. MML Investors Services LLC raised its stake in shares of NetApp by 16.4% during the first quarter. MML Investors Services LLC now owns 11,271 shares of the data storage provider’s stock worth $782,000 after buying an additional 1,588 shares during the last quarter. Finally, Argent Capital Management LLC raised its stake in shares of NetApp by 33.2% during the first quarter. Argent Capital Management LLC now owns 18,459 shares of the data storage provider’s stock worth $1,280,000 after buying an additional 4,603 shares during the last quarter. 98.77% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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