NetApp (NASDAQ:NTAP) Downgraded by Cross Research

Cross Research lowered shares of NetApp (NASDAQ:NTAP) from a buy rating to a hold rating in a research report sent to investors on Friday, BenzingaRatingsTable reports.

A number of other equities research analysts also recently commented on NTAP. Piper Jaffray Companies downgraded NetApp from an overweight rating to a neutral rating and cut their price objective for the company from $75.00 to $48.00 in a research report on Friday. Citigroup downgraded NetApp from a neutral rating to a sell rating and cut their price objective for the company from $67.00 to $55.00 in a research report on Monday, July 8th. Bank of America downgraded NetApp from a buy rating to a neutral rating in a research report on Friday. Maxim Group cut their price objective on NetApp to $86.00 and set a buy rating for the company in a research report on Thursday, May 23rd. Finally, Lake Street Capital downgraded NetApp from a buy rating to a hold rating and cut their price objective for the company from $69.00 to $65.00 in a research report on Thursday, May 23rd. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $66.90.

NTAP traded down $0.91 during trading on Friday, reaching $45.13. The stock had a trading volume of 153,374 shares, compared to its average volume of 2,041,571. The stock has a market cap of $11.05 billion, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 0.72 and a beta of 1.48. The company has a quick ratio of 1.42, a current ratio of 1.45 and a debt-to-equity ratio of 1.05. NetApp has a 1-year low of $44.79 and a 1-year high of $88.08. The stock has a 50 day simple moving average of $60.30.

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

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th were paid a dividend of $0.48 per share. This is an increase from NetApp’s previous quarterly dividend of $0.40. This represents a $1.92 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend was Wednesday, July 3rd. NetApp’s payout ratio is 47.76%.

In other news, SVP Matthew K. Fawcett sold 11,195 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.76, for a total value of $657,818.20. Following the transaction, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at $4,508,184.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joel D. Reich sold 30,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total transaction of $1,817,700.00. Following the completion of the transaction, the vice president now directly owns 55,361 shares in the company, valued at $3,354,322.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 161,092 shares of company stock worth $9,676,120. Company insiders own 0.19% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of NTAP. Amundi Pioneer Asset Management Inc. increased its stake in shares of NetApp by 226.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,715,806 shares of the data storage provider’s stock worth $118,975,000 after acquiring an additional 1,190,167 shares during the last quarter. Artisan Partners Limited Partnership bought a new stake in NetApp during the first quarter valued at about $52,475,000. Bank of Montreal Can boosted its holdings in NetApp by 35.2% during the first quarter. Bank of Montreal Can now owns 2,572,566 shares of the data storage provider’s stock valued at $178,383,000 after acquiring an additional 670,441 shares during the period. AJO LP boosted its holdings in NetApp by 594.6% during the first quarter. AJO LP now owns 417,379 shares of the data storage provider’s stock valued at $28,941,000 after acquiring an additional 357,290 shares during the period. Finally, FMR LLC boosted its holdings in NetApp by 24.3% during the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock valued at $117,816,000 after acquiring an additional 332,665 shares during the period. 98.63% of the stock is currently 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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