NetApp (NASDAQ:NTAP) Price Target Raised to $138.00

NetApp (NASDAQ:NTAPFree Report) had its price objective lifted by Stifel Nicolaus from $130.00 to $138.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

NTAP has been the topic of a number of other reports. Citigroup lifted their target price on shares of NetApp from $110.00 to $120.00 and gave the stock a neutral rating in a research note on Tuesday, May 21st. UBS Group upped their price objective on NetApp from $93.00 to $96.00 and gave the company a neutral rating in a report on Friday, March 1st. Argus raised their target price on NetApp from $130.00 to $140.00 and gave the stock a buy rating in a research note on Wednesday, June 5th. TD Cowen upped their price target on NetApp from $135.00 to $145.00 and gave the company a buy rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised NetApp from an underweight rating to a neutral rating and raised their price objective for the stock from $95.00 to $125.00 in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, NetApp presently has an average rating of Hold and a consensus price target of $117.81.

Check Out Our Latest Stock Report on NTAP

NetApp Stock Down 0.9 %

NTAP stock opened at $126.17 on Wednesday. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 1.74. The firm has a 50-day moving average of $110.24 and a two-hundred day moving average of $98.58. NetApp has a 12 month low of $70.82 and a 12 month high of $127.97. The company has a market cap of $25.97 billion, a price-to-earnings ratio of 27.19, a PEG ratio of 5.07 and a beta of 1.25.

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

NetApp announced that its Board of Directors has authorized a stock buyback program on Thursday, May 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

NetApp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be paid a $0.52 dividend. This is a boost from NetApp’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, July 5th. NetApp’s dividend payout ratio (DPR) is presently 43.10%.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 871 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was 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 directly owns 9,601 shares of the company’s stock, valued at $989,095.02. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $103.16, for a total transaction of $876,860.00. Following the completion of the sale, the chief executive officer now owns 252,702 shares in the company, valued at $26,068,738.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the transaction, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at $989,095.02. The disclosure for this sale can be found here. Insiders have sold a total of 17,871 shares of company stock worth $1,828,830 in the last quarter. 0.37% of the stock is owned by company insiders.

Institutional Trading of NetApp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NTAP. Mirae Asset Global Investments Co. Ltd. grew its position in shares of NetApp by 65.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 88,615 shares of the data storage provider’s stock valued at $7,812,000 after buying an additional 35,172 shares during the last quarter. Nordea Investment Management AB boosted its stake in NetApp by 26.1% in the fourth quarter. Nordea Investment Management AB now owns 317,073 shares of the data storage provider’s stock valued at $27,855,000 after acquiring an additional 65,644 shares in the last quarter. Vest Financial LLC boosted its stake in NetApp by 24.1% in the fourth quarter. Vest Financial LLC now owns 147,518 shares of the data storage provider’s stock valued at $13,005,000 after acquiring an additional 28,609 shares in the last quarter. Savant Capital LLC grew its holdings in shares of NetApp by 7.5% during the fourth quarter. Savant Capital LLC now owns 3,037 shares of the data storage provider’s stock worth $268,000 after purchasing an additional 211 shares during the last quarter. Finally, TD Asset Management Inc increased its position in shares of NetApp by 127.0% during the fourth quarter. TD Asset Management Inc now owns 1,698,277 shares of the data storage provider’s stock worth $149,720,000 after purchasing an additional 950,204 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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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.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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