Drexel Hamilton Reiterates Buy Rating for NetApp, Inc. (NTAP)

NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “buy” rating reaffirmed by investment analysts at Drexel Hamilton in a research note issued to investors on Tuesday.

Several other equities analysts have also weighed in on the stock. RBC Capital Markets restated a “sector perform” rating and set a $0.75 price objective on shares of NetApp in a research report on Tuesday. Piper Jaffray Companies upgraded shares of NetApp from a “neutral” rating to an “overweight” rating and set a $46.00 price objective for the company in a research report on Tuesday. BTIG Research restated a “neutral” rating on shares of NetApp in a research report on Tuesday. Credit Suisse Group restated a “sell” rating and set a $29.00 price objective on shares of NetApp in a research report on Friday. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of NetApp from a “neutral” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Monday, January 30th. Eleven analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eight have issued a buy rating to the company’s stock. NetApp has an average rating of “Hold” and a consensus target price of $34.21.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

Shares of NetApp (NASDAQ:NTAP) opened at 39.58 on Tuesday. NetApp has a 52 week low of $21.88 and a 52 week high of $39.84. The firm has a market cap of $10.90 billion, a P/E ratio of 35.92 and a beta of 1.50. The stock has a 50 day moving average of $36.95 and a 200 day moving average of $34.68.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.06. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.36 billion. NetApp had a net margin of 5.89% and a return on equity of 15.66%. NetApp’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter last year, the company earned $0.61 EPS. Equities analysts forecast that NetApp will post $2.57 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 25th. Stockholders of record on Friday, January 6th were given a dividend of $0.19 per share. The ex-dividend date was Wednesday, January 4th. This represents a $0.76 annualized dividend and a dividend yield of 1.92%. NetApp’s payout ratio is currently 69.09%.

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In other news, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction dated Monday, January 30th. The stock was sold at an average price of $38.50, for a total transaction of $154,000.00. Following the completion of the transaction, the chief executive officer now directly owns 32,396 shares in the company, valued at approximately $1,247,246. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gerald Held sold 20,000 shares of the business’s stock in a transaction dated Thursday, December 8th. The stock was sold at an average price of $36.45, for a total value of $729,000.00. Following the transaction, the director now owns 5,259 shares of the company’s stock, valued at $191,690.55. The disclosure for this sale can be found here. Insiders have sold a total of 28,393 shares of company stock valued at $1,040,524 over the last 90 days. Corporate insiders own 0.49% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. State Street Corp raised its position in NetApp by 2.3% in the fourth quarter. State Street Corp now owns 12,938,754 shares of the data storage provider’s stock valued at $456,344,000 after buying an additional 289,680 shares during the last quarter. BlackRock Fund Advisors raised its position in NetApp by 2.9% in the third quarter. BlackRock Fund Advisors now owns 5,001,396 shares of the data storage provider’s stock valued at $179,150,000 after buying an additional 142,765 shares during the last quarter. Thompson Siegel & Walmsley LLC raised its position in NetApp by 18.3% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 2,604,222 shares of the data storage provider’s stock valued at $91,851,000 after buying an additional 403,752 shares during the last quarter. Sirios Capital Management L P raised its position in NetApp by 4.6% in the third quarter. Sirios Capital Management L P now owns 2,603,938 shares of the data storage provider’s stock valued at $93,273,000 after buying an additional 114,565 shares during the last quarter. Finally, Morgan Stanley raised its position in NetApp by 212.4% in the third quarter. Morgan Stanley now owns 2,315,447 shares of the data storage provider’s stock valued at $82,941,000 after buying an additional 1,574,330 shares during the last quarter. Institutional investors own 92.52% of the company’s stock.

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.

5 Day Chart for NASDAQ:NTAP

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