Morgan Stanley Raises NetApp (NASDAQ:NTAP) Price Target to $127.00

NetApp (NASDAQ:NTAPFree Report) had its target price hoisted by Morgan Stanley from $106.00 to $127.00 in a report issued on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the data storage provider’s stock.

Several other analysts also recently weighed in on the stock. Bank of America lifted their target price on shares of NetApp from $85.00 to $100.00 and gave the company an underperform rating in a report on Wednesday, May 29th. UBS Group boosted their target price on NetApp from $93.00 to $96.00 and gave the stock a neutral rating in a research report on Friday, March 1st. TD Cowen raised their price target on NetApp from $120.00 to $135.00 and gave the company a buy rating in a report on Friday, May 31st. Stifel Nicolaus lifted their price target on NetApp from $120.00 to $130.00 and gave the company a buy rating in a research note on Friday, May 31st. Finally, Wells Fargo & Company increased their price objective on NetApp from $100.00 to $120.00 and gave the stock an equal weight rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $117.81.

View Our Latest Analysis on NetApp

NetApp Stock Down 0.9 %

NTAP opened at $126.17 on Wednesday. NetApp has a 52 week low of $70.82 and a 52 week high of $127.97. The business has a 50 day moving average price of $110.24 and a two-hundred day moving average price of $98.58. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 1.74. The company has a market cap of $25.97 billion, a PE ratio of 27.19, a P/E/G ratio of 5.07 and a beta of 1.25.

NetApp (NASDAQ:NTAPGet Free Report) last released its quarterly earnings results on Thursday, May 30th. The data storage provider reported $1.80 EPS for the quarter, topping the consensus estimate of $1.48 by $0.32. NetApp had a return on equity of 114.54% and a net margin of 15.73%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the business earned $1.20 earnings per share. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, research analysts anticipate that NetApp will post 5.49 EPS for the current year.

NetApp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, July 5th. This represents a $2.08 dividend on an annualized basis and a yield of 1.65%. This is a boost from NetApp’s previous quarterly dividend of $0.50. NetApp’s payout ratio is presently 43.10%.

NetApp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to buy up to 4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $101.44, for a total transaction of $862,240.00. Following the completion of the transaction, the chief executive officer now directly owns 261,202 shares in the company, valued at approximately $26,496,330.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $101.44, for a total transaction of $862,240.00. Following the completion of the sale, the chief executive officer now owns 261,202 shares in the company, valued at approximately $26,496,330.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total transaction of $89,730.42. Following the completion of the transaction, the executive vice president now owns 9,601 shares in the company, valued at $989,095.02. The disclosure for this sale can be found here. Insiders have sold 17,871 shares of company stock worth $1,828,830 over the last ninety days. 0.37% of the stock is currently owned by insiders.

Institutional Trading of NetApp

Several hedge funds and other institutional investors have recently bought and sold shares of NTAP. Norges Bank acquired a new stake in shares of NetApp during the fourth quarter worth $232,502,000. First Trust Advisors LP boosted its stake in NetApp by 57.5% in the 4th quarter. First Trust Advisors LP now owns 5,643,780 shares of the data storage provider’s stock worth $497,556,000 after buying an additional 2,059,574 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in NetApp by 254.8% in the 1st quarter. Los Angeles Capital Management LLC now owns 2,304,512 shares of the data storage provider’s stock valued at $241,905,000 after buying an additional 1,654,942 shares during the period. TD Asset Management Inc grew its holdings in NetApp by 127.0% in the 4th quarter. TD Asset Management Inc now owns 1,698,277 shares of the data storage provider’s stock valued at $149,720,000 after buying an additional 950,204 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new position in shares of NetApp during the 4th quarter valued at about $74,257,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Company Profile

(Get Free Report)

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.

See Also

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.