NetApp (NASDAQ:NTAP) Downgraded by Susquehanna Bancshares to “Neutral”

Susquehanna Bancshares lowered shares of NetApp (NASDAQ:NTAPGet Rating) to a neutral rating in a research report released on Monday, Stock Target Advisor reports. Susquehanna Bancshares currently has $75.00 price target on the data storage provider’s stock, down from their previous price target of $100.00.

Several other research analysts also recently commented on NTAP. Northland Securities cut their target price on NetApp from $124.00 to $101.00 in a report on Thursday, June 2nd. Cowen cut their target price on NetApp to $85.00 in a report on Friday, May 27th. Susquehanna downgraded NetApp from a positive rating to a neutral rating and cut their target price for the stock from $100.00 to $75.00 in a report on Monday. Barclays lifted their target price on NetApp from $88.00 to $95.00 and gave the stock an overweight rating in a report on Thursday, August 25th. Finally, JPMorgan Chase & Co. lifted their price objective on NetApp from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Monday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, NetApp presently has a consensus rating of Hold and an average price target of $89.22.

NetApp Trading Down 1.6 %

NASDAQ NTAP opened at $67.61 on Monday. The company has a quick ratio of 1.31, a current ratio of 1.38 and a debt-to-equity ratio of 3.63. NetApp has a twelve month low of $61.26 and a twelve month high of $96.82. The company has a market cap of $14.70 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 1.76 and a beta of 1.19. The business’s fifty day moving average is $71.22 and its 200 day moving average is $73.19.

NetApp (NASDAQ:NTAPGet Rating) last released its quarterly earnings data on Wednesday, August 24th. The data storage provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.10. NetApp had a return on equity of 128.71% and a net margin of 14.71%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter last year, the business posted $0.99 EPS. NetApp’s revenue for the quarter was up 9.2% on a year-over-year basis. As a group, sell-side analysts expect that NetApp will post 4.45 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Thursday, October 6th. NetApp’s payout ratio is 47.85%.

Insider Activity at NetApp

In related news, CEO George Kurian sold 2,125 shares of the business’s stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $70.00, for a total value of $148,750.00. Following the completion of the sale, the chief executive officer now directly owns 165,700 shares of the company’s stock, valued at approximately $11,599,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other NetApp news, President Cesar Cernuda sold 18,000 shares of NetApp stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $69.82, for a total transaction of $1,256,760.00. Following the completion of the transaction, the president now owns 78,463 shares in the company, valued at approximately $5,478,286.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 2,125 shares of NetApp stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $70.00, for a total value of $148,750.00. Following the transaction, the chief executive officer now owns 165,700 shares of the company’s stock, valued at approximately $11,599,000. The disclosure for this sale can be found here. Insiders sold 22,250 shares of company stock valued at $1,552,943 in the last three months. Corporate insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On NetApp

Hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. acquired a new position in NetApp during the 1st quarter valued at about $2,039,000. Marshall Wace LLP boosted its stake in shares of NetApp by 2,180.2% in the 4th quarter. Marshall Wace LLP now owns 261,946 shares of the data storage provider’s stock worth $24,094,000 after buying an additional 250,458 shares during the last quarter. Csenge Advisory Group boosted its stake in shares of NetApp by 12.6% in the 1st quarter. Csenge Advisory Group now owns 5,296 shares of the data storage provider’s stock worth $440,000 after buying an additional 591 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of NetApp by 65.0% in the 1st quarter. SG Americas Securities LLC now owns 29,863 shares of the data storage provider’s stock worth $2,479,000 after buying an additional 11,767 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in shares of NetApp by 21.2% in the 4th quarter. Schroder Investment Management Group now owns 133,457 shares of the data storage provider’s stock worth $12,276,000 after buying an additional 23,337 shares during the last quarter. Institutional investors and hedge funds own 88.45% of the company’s stock.

NetApp Company Profile

(Get Rating)

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, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.

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