NetApp (NASDAQ:NTAP) Price Target Raised to $110.00

NetApp (NASDAQ:NTAP) had its price target lifted by Bank of America from $105.00 to $110.00 in a report issued on Thursday, Benzinga reports. They currently have an underperform rating on the data storage provider’s stock.

NTAP has been the topic of a number of other research reports. Wedbush restated a neutral rating and issued a $120.00 price objective on shares of NetApp in a report on Monday. Wells Fargo & Company increased their price target on shares of NetApp from $120.00 to $135.00 and gave the company an equal weight rating in a report on Wednesday, June 12th. Susquehanna reiterated a positive rating and set a $155.00 price target on shares of NetApp in a report on Monday. Barclays increased their price target on shares of NetApp from $100.00 to $116.00 and gave the company an equal weight rating in a report on Friday, May 31st. Finally, Citigroup increased their price target on shares of NetApp from $120.00 to $130.00 and gave the company a neutral rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $127.67.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $119.20 on Thursday. 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 1.74, a current ratio of 1.19 and a quick ratio of 1.15. The company’s 50-day moving average is $127.67 and its 200 day moving average is $113.33. The stock has a market capitalization of $24.53 billion, a P/E ratio of 25.69, a P/E/G ratio of 4.96 and a beta of 1.27.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.09. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. NetApp had a net margin of 15.73% and a return on equity of 114.54%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 earnings per share. On average, sell-side analysts expect that NetApp will post 5.47 earnings per share for the current year.

NetApp declared that its Board of Directors has approved a share buyback program on Thursday, May 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.74%. NetApp’s dividend payout ratio (DPR) is 44.83%.

Insider Buying and Selling

In related news, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $127.24, for a total value of $954,300.00. Following the transaction, the chief financial officer now directly owns 193,369 shares of the company’s stock, valued at approximately $24,604,271.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Elizabeth M. O’callahan sold 452 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total value of $60,147.64. Following the transaction, the executive vice president now directly owns 11,886 shares of the company’s stock, valued at approximately $1,581,670.02. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $127.24, for a total value of $954,300.00. Following the completion of the transaction, the chief financial officer now directly owns 193,369 shares in the company, valued at $24,604,271.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,786 shares of company stock valued at $5,395,146. 0.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On NetApp

A number of institutional investors have recently bought and sold shares of NTAP. Cetera Investment Advisers raised its holdings in NetApp by 28.2% during the second quarter. Cetera Investment Advisers now owns 36,190 shares of the data storage provider’s stock valued at $4,661,000 after acquiring an additional 7,960 shares during the period. Truist Financial Corp raised its holdings in NetApp by 16.1% during the second quarter. Truist Financial Corp now owns 21,417 shares of the data storage provider’s stock valued at $2,759,000 after acquiring an additional 2,974 shares during the period. Hershey Financial Advisers LLC bought a new stake in NetApp during the second quarter valued at about $45,000. Core Alternative Capital raised its holdings in NetApp by 0.5% during the second quarter. Core Alternative Capital now owns 42,345 shares of the data storage provider’s stock valued at $5,454,000 after acquiring an additional 224 shares during the period. Finally, Quarry LP raised its holdings in NetApp by 11.7% during the second quarter. Quarry LP now owns 876 shares of the data storage provider’s stock valued at $113,000 after acquiring an additional 92 shares during the period. 92.17% of the stock is owned by institutional investors.

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.