Piper Jaffray Companies Lowers NetApp (NASDAQ:NTAP) to Neutral

Piper Jaffray Companies downgraded shares of NetApp (NASDAQ:NTAP) from an overweight rating to a neutral rating in a report published on Friday, BenzingaRatingsTable reports. The firm currently has $48.00 price target on the data storage provider’s stock, down from their previous price target of $75.00.

Other analysts also recently issued research reports about the company. Maxim Group decreased their price target on NetApp to $86.00 and set a buy rating for the company in a research note on Thursday, May 23rd. JPMorgan Chase & Co. upped their price target on NetApp from $64.00 to $67.00 and gave the stock a neutral rating in a research note on Tuesday, June 25th. Longbow Research downgraded NetApp from a buy rating to a neutral rating in a research note on Monday, July 29th. Bank of America decreased their price target on NetApp from $78.00 to $74.00 and set a buy rating for the company in a research note on Thursday, May 23rd. Finally, Loop Capital decreased their price target on NetApp to $72.00 and set a buy rating for the company in a research note on Monday, July 22nd. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $66.90.

Shares of NTAP traded down $0.85 during trading hours on Friday, hitting $45.19. 142,349 shares of the company were exchanged, compared to its average volume of 2,041,571. The company has a market capitalization of $11.05 billion, a P/E ratio of 11.22, a PEG ratio of 0.72 and a beta of 1.48. The company’s 50 day simple moving average is $60.30. NetApp has a 52 week low of $44.79 and a 52 week high of $88.08. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.42 and a current ratio of 1.45.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.64 billion. NetApp had a return on equity of 71.66% and a net margin of 19.02%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.05 EPS. On average, equities analysts expect that NetApp will post 4.38 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Investors 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. The ex-dividend date was Wednesday, July 3rd. This represents a $1.92 annualized dividend and a yield of 4.25%. NetApp’s dividend payout ratio is presently 47.76%.

In other NetApp news, VP Joel D. Reich sold 30,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the vice president now owns 55,361 shares of the company’s stock, valued at approximately $3,354,322.99. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Ronald J. Pasek sold 58,052 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $58.49, for a total value of $3,395,461.48. Following the completion of the transaction, the chief financial officer now directly owns 122,806 shares of the company’s stock, valued at approximately $7,182,922.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 161,092 shares of company stock valued at $9,676,120. 0.19% of the stock is owned by corporate insiders.

Institutional investors have recently bought and sold shares of the business. Hexavest Inc. acquired a new position in NetApp in the 2nd quarter valued at approximately $26,000. Group One Trading L.P. raised its holdings in NetApp by 196.9% in the 1st quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after acquiring an additional 900 shares in the last quarter. Destination Wealth Management raised its holdings in NetApp by 53.3% in the 1st quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 160 shares in the last quarter. Parallel Advisors LLC raised its holdings in NetApp by 83.8% in the 1st quarter. Parallel Advisors LLC now owns 509 shares of the data storage provider’s stock valued at $35,000 after acquiring an additional 232 shares in the last quarter. Finally, Kistler Tiffany Companies LLC raised its holdings in NetApp by 315.4% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 388 shares in the last quarter. 98.63% of the stock is owned by hedge funds and other institutional investors.

About NetApp

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.

See Also: Marijuana Stocks

Analyst Recommendations for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.