NetApp (NASDAQ:NTAP) Price Target Raised to $132.00

NetApp (NASDAQ:NTAP) had its target price lifted by Barclays from $119.00 to $132.00 in a research report report published on Friday,Benzinga reports. The firm currently has an equal weight rating on the data storage provider’s stock.

Other research analysts have also recently issued research reports about the company. UBS Group increased their price objective on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Stifel Nicolaus increased their price objective on NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Susquehanna reiterated a “positive” rating and set a $155.00 price target on shares of NetApp in a research report on Monday, August 26th. Bank of America raised their target price on NetApp from $115.00 to $121.00 and gave the company an “underperform” rating in a research report on Friday. Finally, TD Cowen lifted their price target on shares of NetApp from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, NetApp presently has an average rating of “Hold” and a consensus target price of $134.00.

NetApp Stock Down 3.4 %

Shares of NTAP opened at $122.34 on Friday. The stock has a market capitalization of $25.05 billion, a price-to-earnings ratio of 22.49, a price-to-earnings-growth ratio of 3.26 and a beta of 1.24. The business’s 50 day simple moving average is $121.87 and its 200-day simple moving average is $122.69. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91. NetApp has a 1 year low of $77.56 and a 1 year high of $135.45.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.09. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. NetApp had a return on equity of 119.68% and a net margin of 17.78%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the company earned $1.23 EPS. As a group, equities analysts expect that NetApp will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.08 annualized dividend and a yield of 1.70%. NetApp’s dividend payout ratio (DPR) is 38.24%.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 705 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total transaction of $88,971.00. Following the sale, the executive vice president now directly owns 11,694 shares in the company, valued at $1,475,782.80. This represents a 5.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $126.11, for a total value of $1,071,935.00. Following the transaction, the chief executive officer now directly owns 292,778 shares of the company’s stock, valued at $36,922,233.58. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,049 shares of company stock valued at $2,807,851 over the last 90 days. 0.47% of the stock is owned by insiders.

Institutional Trading of NetApp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management acquired a new position in NetApp in the second quarter valued at approximately $26,000. Northwest Investment Counselors LLC purchased a new position in shares of NetApp during the third quarter worth about $27,000. Redwood Wealth Management Group LLC acquired a new position in shares of NetApp in the second quarter valued at approximately $32,000. New Covenant Trust Company N.A. acquired a new position in NetApp in the 1st quarter valued at $28,000. Finally, Robbins Farley purchased a new position in NetApp during the second quarter worth about $44,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

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.