NetApp (NASDAQ:NTAP) Receives “Buy” Rating from Maxim Group

Maxim Group restated their buy rating on shares of NetApp (NASDAQ:NTAP) in a report published on Monday morning, AnalystRatings.com reports. They currently have a $65.00 price objective on the data storage provider’s stock.

A number of other research firms have also recently commented on NTAP. Longbow Research cut shares of NetApp from a buy rating to a neutral rating in a research note on Monday, July 29th. Loop Capital cut their price target on shares of NetApp to $60.00 and set a buy rating for the company in a research note on Friday. Credit Suisse Group set a $79.00 price target on shares of NetApp and gave the stock an outperform rating in a research note on Thursday, May 23rd. Piper Jaffray Companies cut shares of NetApp from an overweight rating to a neutral rating and cut their price target for the stock from $75.00 to $48.00 in a research note on Friday. Finally, Citigroup cut shares of NetApp from a neutral rating to a sell rating and cut their price target for the stock from $67.00 to $55.00 in a research note on Monday, July 8th. Six investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $66.90.

NTAP stock opened at $45.97 on Monday. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 1.05. NetApp has a one year low of $44.79 and a one year high of $88.08. The stock has a market cap of $11.03 billion, a PE ratio of 11.43, a PEG ratio of 0.72 and a beta of 1.48. The business has a 50 day moving average of $59.38.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.03). NetApp had a return on equity of 71.66% and a net margin of 19.02%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period in the prior year, the firm earned $1.05 EPS. NetApp’s quarterly revenue was down 3.2% on a year-over-year basis. On average, sell-side analysts forecast that NetApp will post 4.38 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.18%. 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. NetApp’s payout ratio is presently 47.76%.

In related 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 transaction of $657,818.20. Following the completion of the sale, the senior vice president now directly owns 76,722 shares in the company, valued at approximately $4,508,184.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Ronald J. Pasek sold 58,052 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were 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 of the company’s stock, valued at $7,182,922.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 161,092 shares of company stock valued at $9,676,120. Company insiders own 0.19% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in NetApp by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 4,082,660 shares of the data storage provider’s stock valued at $243,266,000 after buying an additional 169,398 shares during the last quarter. Bank of Montreal Can raised its holdings in NetApp by 35.2% during the 1st quarter. Bank of Montreal Can now owns 2,572,566 shares of the data storage provider’s stock valued at $178,383,000 after buying an additional 670,441 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in NetApp by 7.4% during the 1st quarter. OppenheimerFunds Inc. now owns 2,273,957 shares of the data storage provider’s stock valued at $157,677,000 after buying an additional 157,272 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in NetApp by 226.4% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,715,806 shares of the data storage provider’s stock worth $118,975,000 after purchasing an additional 1,190,167 shares in the last quarter. Finally, FMR LLC raised its holdings in NetApp by 24.3% in the 1st quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock worth $117,816,000 after purchasing an additional 332,665 shares in the last quarter. Institutional investors own 98.63% 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.

See Also: Book Value Per Share – BVPS

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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