NetApp (NASDAQ:NTAP) received a $74.00 price target from Pivotal Research in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Pivotal Research’s price target suggests a potential upside of 8.70% from the company’s current price.
A number of other equities research analysts have also recently weighed in on NTAP. DA Davidson cut shares of NetApp from a “buy” rating to a “neutral” rating and boosted their price target for the company from $56.00 to $64.00 in a research report on Tuesday, January 23rd. Morgan Stanley raised shares of NetApp from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $41.00 to $64.00 in a research report on Tuesday, January 23rd. UBS boosted their price target on shares of NetApp from $62.00 to $71.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Zacks Investment Research cut shares of NetApp from a “buy” rating to a “hold” rating in a research report on Thursday, February 1st. Finally, ValuEngine upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $64.31.
Shares of NTAP opened at $68.08 on Wednesday. NetApp has a 1-year low of $37.43 and a 1-year high of $72.85. The firm has a market capitalization of $17.96 billion, a P/E ratio of 32.42, a P/E/G ratio of 1.93 and a beta of 1.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.91 and a quick ratio of 1.88.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the previous year, the company earned $0.86 earnings per share. NetApp’s quarterly revenue was up 10.8% compared to the same quarter last year. sell-side analysts predict that NetApp will post 2.92 earnings per share for the current fiscal year.
In other news, VP Joel D. Reich sold 11,641 shares of the business’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $60.02, for a total transaction of $698,692.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Henri P. Richard sold 4,900 shares of the business’s stock in a transaction dated Tuesday, April 10th. The stock was sold at an average price of $66.00, for a total transaction of $323,400.00. Following the transaction, the executive vice president now owns 6,984 shares in the company, valued at $460,944. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,754 shares of company stock worth $4,742,818. Company insiders own 0.47% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Moneta Group Investment Advisors LLC boosted its holdings in NetApp by 441.0% during the first quarter. Moneta Group Investment Advisors LLC now owns 1,650 shares of the data storage provider’s stock worth $102,000 after buying an additional 1,345 shares in the last quarter. Fortis Advisors LLC purchased a new stake in NetApp during the first quarter worth about $127,000. IFP Advisors Inc boosted its holdings in NetApp by 45.3% during the fourth quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock worth $142,000 after buying an additional 801 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in NetApp by 227.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock worth $182,000 after buying an additional 2,282 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new stake in NetApp during the fourth quarter worth about $210,000. 91.04% of the stock is currently owned by hedge funds and other institutional investors.
NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.
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