Wells Fargo & Co Boosts NetApp (NTAP) Price Target to $62.00

NetApp (NASDAQ:NTAP) had its price objective raised by Wells Fargo & Co from $54.00 to $62.00 in a research note released on Thursday morning. They currently have a market perform rating on the data storage provider’s stock.

A number of other brokerages also recently commented on NTAP. Morgan Stanley upgraded shares of NetApp from an underweight rating to an equal weight rating and lifted their price target for the stock from $41.00 to $64.00 in a report on Tuesday, January 23rd. DA Davidson downgraded shares of NetApp from a buy rating to a neutral rating and lifted their price target for the stock from $56.00 to $64.00 in a report on Tuesday, January 23rd. UBS Group raised their target price on shares of NetApp from $62.00 to $71.00 and gave the stock a buy rating in a research report on Friday, January 26th. ValuEngine raised shares of NetApp from a hold rating to a buy rating in a research report on Friday, February 2nd. Finally, Zacks Investment Research cut shares of NetApp from a buy rating to a hold rating in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and seventeen have assigned a buy rating to the stock. NetApp presently has a consensus rating of Buy and an average target price of $56.31.

Shares of NetApp (NASDAQ NTAP) opened at $56.51 on Thursday. The company has a market cap of $15,076.42, a PE ratio of 20.25, a PEG ratio of 1.80 and a beta of 1.33. NetApp has a twelve month low of $37.43 and a twelve month high of $64.06. The company has a current ratio of 1.91, a quick ratio of 1.64 and a debt-to-equity ratio of 0.71.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, February 14th. The data storage provider reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.08. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.49 billion. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. During the same period in the previous year, the firm posted $0.82 earnings per share. research analysts predict that NetApp will post 2.8 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, April 6th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, April 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.42%. NetApp’s payout ratio is currently -1,000.00%.

In other news, CEO George Kurian sold 3,826 shares of the business’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $63.01, for a total transaction of $241,076.26. Following the transaction, the chief executive officer now directly owns 20,637 shares of the company’s stock, valued at $1,300,337.37. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas Michael Nevens sold 20,000 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $55.67, for a total transaction of $1,113,400.00. Following the transaction, the director now directly owns 17,000 shares in the company, valued at $946,390. The disclosure for this sale can be found here. Over the last three months, insiders have sold 136,342 shares of company stock worth $7,429,481. Corporate insiders own 0.47% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MetLife Investment Advisors LLC acquired a new position in shares of NetApp during the fourth quarter worth $4,617,000. Vident Investment Advisory LLC lifted its position in shares of NetApp by 6.6% during the fourth quarter. Vident Investment Advisory LLC now owns 65,025 shares of the data storage provider’s stock worth $3,597,000 after purchasing an additional 4,047 shares in the last quarter. Millennium Management LLC lifted its position in shares of NetApp by 39.6% during the fourth quarter. Millennium Management LLC now owns 1,233,888 shares of the data storage provider’s stock worth $68,259,000 after purchasing an additional 350,081 shares in the last quarter. Sciencast Management LP acquired a new position in shares of NetApp during the fourth quarter worth $793,000. Finally, Cornerstone Capital Management Holdings LLC. lifted its position in shares of NetApp by 89.7% during the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 209,641 shares of the data storage provider’s stock worth $11,595,000 after purchasing an additional 99,120 shares in the last quarter. 96.67% of the stock is currently owned by institutional investors and hedge funds.

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About NetApp

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

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