NetApp (NASDAQ:NTAP) had its target price reduced by Loop Capital to $60.00 in a research report released on Friday, The Fly reports. They currently have a buy rating on the data storage provider’s stock.
Several other analysts also recently weighed in on NTAP. BidaskClub downgraded NetApp from a hold rating to a sell rating in a report on Wednesday, June 19th. Lake Street Capital downgraded NetApp from a buy rating to a hold rating and decreased their price objective for the company from $69.00 to $65.00 in a report on Thursday, May 23rd. JPMorgan Chase & Co. lifted their price objective on NetApp from $64.00 to $67.00 and gave the company a neutral rating in a report on Tuesday, June 25th. ValuEngine downgraded NetApp from a hold rating to a sell rating in a report on Monday, June 3rd. Finally, Longbow Research downgraded NetApp from a buy rating to a neutral rating in a report on Monday, July 29th. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $67.95.
Shares of NTAP stock traded down $11.67 on Friday, hitting $46.04. The stock had a trading volume of 17,294,350 shares, compared to its average volume of 1,887,479. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.42 and a current ratio of 1.45. The business has a 50 day moving average price of $60.30. The company has a market capitalization of $14.04 billion, a P/E ratio of 11.45, a PEG ratio of 0.91 and a beta of 1.48. NetApp has a one year low of $44.79 and a one year high of $88.08.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th were paid a dividend of $0.48 per share. This is a positive change from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.17%. NetApp’s payout ratio is presently 47.76%.
In other news, CFO Ronald J. Pasek sold 58,052 shares of the business’s stock in a transaction dated 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 owns 122,806 shares in the company, valued at $7,182,922.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joel D. Reich sold 30,000 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total value of $1,817,700.00. Following the sale, the vice president now owns 55,361 shares in the company, valued at approximately $3,354,322.99. The disclosure for this sale can be found here. Insiders have sold 161,092 shares of company stock worth $9,676,120 in the last 90 days. Insiders own 0.19% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Hexavest Inc. purchased a new stake in shares of NetApp during the second quarter worth about $26,000. Group One Trading L.P. boosted its position in NetApp by 196.9% in the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after buying an additional 900 shares during the last quarter. Destination Wealth Management boosted its position in NetApp by 53.3% in the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock valued at $32,000 after buying an additional 160 shares during the last quarter. Parallel Advisors LLC boosted its position in NetApp by 83.8% in the first quarter. Parallel Advisors LLC now owns 509 shares of the data storage provider’s stock valued at $35,000 after buying an additional 232 shares during the last quarter. Finally, Kistler Tiffany Companies LLC boosted its position in NetApp by 315.4% in the second quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after buying an additional 388 shares during the last quarter. Institutional investors and hedge funds own 98.77% of the company’s stock.
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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