NetApp, Inc. (NASDAQ:NTAP) Receives $85.71 Consensus Target Price from Analysts

NetApp, Inc. (NASDAQ:NTAP) has been assigned an average rating of “Buy” from the twenty-seven analysts that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $85.71.

A number of research firms recently commented on NTAP. Fox-Davies Capital downgraded shares of NetApp from an “overweight” rating to an “equal weight” rating in a report on Thursday, August 19th. JPMorgan Chase & Co. boosted their price objective on shares of NetApp from $95.00 to $108.00 and gave the company a “neutral” rating in a research report on Wednesday, September 29th. Citigroup boosted their price objective on shares of NetApp from $50.00 to $55.00 and gave the company a “sell” rating in a research report on Thursday, August 26th. Northland Securities boosted their price objective on shares of NetApp from $100.00 to $107.00 and gave the company an “outperform” rating in a research report on Thursday, August 26th. Finally, Raymond James boosted their price objective on shares of NetApp from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Thursday, August 26th.

NetApp stock opened at $90.25 on Monday. The company has a quick ratio of 1.78, a current ratio of 1.81 and a debt-to-equity ratio of 3.66. The firm has a 50-day moving average price of $87.87 and a two-hundred day moving average price of $81.70. The firm has a market capitalization of $20.18 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 2.48 and a beta of 1.32. NetApp has a 52-week low of $41.90 and a 52-week high of $94.32.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Tuesday, August 24th. The data storage provider reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.20. NetApp had a net margin of 14.49% and a return on equity of 151.60%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the firm earned $0.73 EPS. NetApp’s revenue was up 11.9% on a year-over-year basis. Research analysts expect that NetApp will post 4.23 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 27th. Shareholders of record on Friday, October 8th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Thursday, October 7th. NetApp’s dividend payout ratio is currently 60.61%.

In other NetApp news, CEO George Kurian sold 4,250 shares of the stock in a transaction dated Monday, September 27th. The shares were sold at an average price of $93.48, for a total transaction of $397,290.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Carrie Palin sold 1,867 shares of the stock in a transaction dated Tuesday, September 21st. The stock was sold at an average price of $88.73, for a total transaction of $165,658.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,367 shares of company stock worth $933,039. Insiders own 0.28% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of NetApp by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 25,125,986 shares of the data storage provider’s stock valued at $2,055,808,000 after purchasing an additional 132,282 shares during the last quarter. BlackRock Inc. boosted its stake in shares of NetApp by 1.3% in the 2nd quarter. BlackRock Inc. now owns 17,733,925 shares of the data storage provider’s stock valued at $1,450,989,000 after purchasing an additional 225,703 shares during the last quarter. State Street Corp boosted its stake in shares of NetApp by 1.3% in the 2nd quarter. State Street Corp now owns 9,326,580 shares of the data storage provider’s stock valued at $763,101,000 after purchasing an additional 120,155 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of NetApp by 7.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,499,216 shares of the data storage provider’s stock valued at $367,336,000 after purchasing an additional 320,886 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of NetApp by 34.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,850,883 shares of the data storage provider’s stock valued at $315,079,000 after purchasing an additional 982,858 shares during the last quarter. 91.73% of the stock is currently owned by institutional investors.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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