NetApp, Inc. (NASDAQ:NTAP) Receives $129.06 Average PT from Analysts

Shares of NetApp, Inc. (NASDAQ:NTAP) have been assigned a consensus recommendation of “Hold” from the sixteen ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $129.06.

A number of brokerages recently issued reports on NTAP. Wedbush reiterated a “neutral” rating and set a $120.00 target price on shares of NetApp in a research report on Monday, August 26th. Barclays increased their price target on NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 29th. UBS Group lifted their price objective on NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. TD Cowen raised their target price on NetApp from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Finally, Stifel Nicolaus upped their price target on shares of NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th.

Insider Activity at NetApp

In other news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $130.36, for a total value of $1,108,060.00. Following the sale, the chief executive officer now directly owns 314,274 shares in the company, valued at $40,968,758.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $130.36, for a total value of $1,108,060.00. Following the transaction, the chief executive officer now directly owns 314,274 shares in the company, valued at approximately $40,968,758.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,637 shares of company stock valued at $1,376,474. 0.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NTAP. Hollencrest Capital Management bought a new position in NetApp during the second quarter worth about $26,000. Redwood Wealth Management Group LLC acquired a new stake in shares of NetApp in the second quarter valued at approximately $32,000. J.Safra Asset Management Corp increased its holdings in shares of NetApp by 706.3% during the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 226 shares during the last quarter. Rise Advisors LLC bought a new stake in NetApp in the 1st quarter valued at $27,000. Finally, New Covenant Trust Company N.A. bought a new position in NetApp during the first quarter worth $28,000. Institutional investors own 92.17% of the company’s stock.

NetApp Trading Down 2.6 %

Shares of NetApp stock opened at $121.24 on Friday. The company’s fifty day moving average price is $123.18 and its two-hundred day moving average price is $117.43. The firm has a market capitalization of $24.95 billion, a PE ratio of 26.13, a price-to-earnings-growth ratio of 4.61 and a beta of 1.23. NetApp has a 52-week low of $70.82 and a 52-week high of $135.01. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.84 EPS. On average, analysts expect that NetApp will post 5.71 EPS for the current year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.72%. NetApp’s payout ratio is 44.83%.

About NetApp

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.