Piper Jaffray Companies Raises NetApp (NTAP) Price Target to $86.00

NetApp (NASDAQ:NTAP) had its price target raised by Piper Jaffray Companies from $77.00 to $86.00 in a research note released on Tuesday. They currently have an overweight rating on the data storage provider’s stock.

Several other brokerages have also commented on NTAP. Morgan Stanley boosted their price target on shares of NetApp from $62.00 to $64.00 and gave the stock an equal weight rating in a report on Friday, April 6th. Pivotal Research set a $62.00 target price on shares of NetApp and gave the stock a hold rating in a report on Wednesday, February 28th. DA Davidson set a $79.00 target price on shares of NetApp and gave the stock a buy rating in a report on Friday, April 6th. Cross Research lowered shares of NetApp from a buy rating to a hold rating in a report on Monday, April 2nd. Finally, William Blair raised shares of NetApp from a market perform rating to an outperform rating in a report on Tuesday, April 17th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $67.50.

Shares of NetApp opened at $77.31 on Tuesday, according to MarketBeat Ratings. The firm has a market capitalization of $20.11 billion, a P/E ratio of 25.86, a P/E/G ratio of 1.56 and a beta of 1.25. The company has a quick ratio of 1.86, a current ratio of 1.89 and a debt-to-equity ratio of 0.75. NetApp has a one year low of $37.55 and a one year high of $79.15.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 EPS for the quarter, topping the consensus estimate of $1.01 by $0.04. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.60 billion. NetApp had a net margin of 1.29% and a return on equity of 33.87%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.86 EPS. equities research analysts expect that NetApp will post 3.54 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Shareholders of record on Friday, July 6th will be given a $0.40 dividend. The ex-dividend date is Thursday, July 5th. This represents a $1.60 dividend on an annualized basis and a yield of 2.07%. This is a boost from NetApp’s previous quarterly dividend of $0.20. NetApp’s dividend payout ratio is presently 26.76%.

In other NetApp news, CEO George Kurian sold 38,241 shares of the company’s stock in a transaction dated Thursday, June 21st. The shares were sold at an average price of $78.24, for a total value of $2,991,975.84. Following the transaction, the chief executive officer now owns 142,218 shares of the company’s stock, valued at $11,127,136.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Henri P. Richard sold 2,525 shares of the company’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $77.89, for a total transaction of $196,672.25. The disclosure for this sale can be found here. Insiders sold 187,652 shares of company stock worth $13,495,439 in the last ninety days. 0.47% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its position in shares of NetApp by 15.7% during the first quarter. Commonwealth Equity Services LLC now owns 5,618 shares of the data storage provider’s stock worth $346,000 after purchasing an additional 762 shares in the last quarter. Annex Advisory Services LLC lifted its position in shares of NetApp by 3.6% during the first quarter. Annex Advisory Services LLC now owns 24,037 shares of the data storage provider’s stock worth $1,483,000 after purchasing an additional 830 shares in the last quarter. American Century Companies Inc. lifted its position in shares of NetApp by 4.9% during the first quarter. American Century Companies Inc. now owns 19,929 shares of the data storage provider’s stock worth $1,229,000 after purchasing an additional 931 shares in the last quarter. Piermont Capital Management Inc. lifted its position in shares of NetApp by 9.1% during the first quarter. Piermont Capital Management Inc. now owns 11,810 shares of the data storage provider’s stock worth $729,000 after purchasing an additional 990 shares in the last quarter. Finally, Hanseatic Management Services Inc. lifted its position in shares of NetApp by 4.1% during the fourth quarter. Hanseatic Management Services Inc. now owns 25,705 shares of the data storage provider’s stock worth $1,422,000 after purchasing an additional 1,015 shares in the last quarter. 90.87% of the stock is currently owned by institutional investors and hedge funds.

About NetApp

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.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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