NetApp, Inc. (NASDAQ:NTAP) Given Average Rating of “Hold” by Brokerages

Shares of NetApp, Inc. (NASDAQ:NTAP) have received a consensus rating of “Hold” from the sixteen brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $129.06.

A number of research firms have recently issued reports on NTAP. Citigroup boosted their target price on NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. UBS Group upped their price objective on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. TD Cowen raised their target price on NetApp from $135.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, June 12th. Susquehanna reaffirmed a “positive” rating and set a $155.00 price target on shares of NetApp in a research note on Monday, August 26th. Finally, Evercore ISI raised their price objective on shares of NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research note on Monday, August 12th.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 452 shares of NetApp stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $133.07, for a total transaction of $60,147.64. Following the completion of the sale, the executive vice president now directly owns 11,886 shares in the company, valued at $1,581,670.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total transaction of $60,147.64. Following the transaction, the executive vice president now owns 11,886 shares of the company’s stock, valued at approximately $1,581,670.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Lorenzo Daniel De sold 1,685 shares of NetApp stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,637 shares of company stock worth $1,376,474. Corporate insiders own 0.37% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Hollencrest Capital Management acquired a new position in NetApp during the second quarter worth approximately $26,000. Redwood Wealth Management Group LLC purchased a new stake in shares of NetApp during the 2nd quarter valued at $32,000. J.Safra Asset Management Corp increased its holdings in shares of NetApp by 706.3% during the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after buying an additional 226 shares during the last quarter. Rise Advisors LLC purchased a new position in shares of NetApp in the 1st quarter worth $27,000. Finally, New Covenant Trust Company N.A. acquired a new position in NetApp in the first quarter valued at $28,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Stock Down 0.3 %

Shares of NASDAQ:NTAP opened at $122.71 on Friday. NetApp has a 1-year low of $70.82 and a 1-year high of $135.01. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91. The stock has a market cap of $25.25 billion, a P/E ratio of 26.45, a P/E/G ratio of 4.61 and a beta of 1.23. The firm has a fifty day moving average price of $122.81 and a 200 day moving average price of $117.78.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 earnings per share. Sell-side analysts predict that NetApp will post 5.71 EPS for the current year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Friday, October 4th. NetApp’s payout ratio is 44.83%.

About NetApp

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.