NetApp (NASDAQ:NTAP) Stock Rating Lowered by Lake Street Capital

NetApp (NASDAQ:NTAP) was downgraded by Lake Street Capital from a “buy” rating to a “hold” rating in a report released on Thursday, May 23rd, MarketBeat Ratings reports. They currently have a $65.00 price objective on the data storage provider’s stock, down from their previous price objective of $69.00. Lake Street Capital’s target price would indicate a potential upside of 6.59% from the company’s previous close.

Other analysts have also issued reports about the company. BidaskClub raised NetApp from a “hold” rating to a “buy” rating in a research note on Wednesday, March 27th. Credit Suisse Group began coverage on NetApp in a research note on Thursday, April 11th. They set an “outperform” rating and a $89.00 price target on the stock. Piper Jaffray Companies cut their price target on NetApp from $90.00 to $81.00 and set an “overweight” rating on the stock in a research note on Friday, May 17th. Bank of America cut their price objective on NetApp from $80.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, May 15th. Finally, Zacks Investment Research raised NetApp from a “sell” rating to a “hold” rating in a research note on Monday, February 18th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $76.32.

NTAP traded down $1.18 during trading on Thursday, reaching $60.98. 1,966,400 shares of the company’s stock were exchanged, compared to its average volume of 2,757,582. NetApp has a fifty-two week low of $54.50 and a fifty-two week high of $88.08. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.45 and a quick ratio of 1.42. The company has a market capitalization of $15.19 billion, a P/E ratio of 15.17, a P/E/G ratio of 0.96 and a beta of 1.51.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.03). NetApp had a return on equity of 71.66% and a net margin of 19.02%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities research analysts expect that NetApp will post 4.38 EPS for the current fiscal year.

In related news, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total transaction of $1,817,700.00. Following the completion of the transaction, the vice president now owns 55,361 shares of the company’s stock, valued at approximately $3,354,322.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $58.76, for a total value of $657,818.20. Following the transaction, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at approximately $4,508,184.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,247 shares of company stock valued at $5,870,980. 0.19% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of NTAP. Group One Trading L.P. boosted its holdings in shares of NetApp by 196.9% in the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 900 shares during the period. Destination Wealth Management lifted its position in NetApp by 53.3% in the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 160 shares during the last quarter. Parallel Advisors LLC lifted its position in NetApp by 83.8% in the first quarter. Parallel Advisors LLC now owns 509 shares of the data storage provider’s stock valued at $35,000 after acquiring an additional 232 shares during the last quarter. Cornerstone Advisors Inc. increased its stake in NetApp by 326.2% in the first quarter. Cornerstone Advisors Inc. now owns 520 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 398 shares during the period. Finally, Bremer Trust National Association acquired a new position in NetApp in the fourth quarter valued at $33,000. 96.62% of the stock is owned by institutional investors and hedge funds.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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